It sure looks like that’s what he is doing. Perhaps that was what BOD wanted and hired him to do. Otherwise, they would of fired him by now. Considering the market share of WF is down almost 60 percent since he was hired. And he already started selling off parts of WF. It is possible that he is setting up WF to be bought by another Bank.
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Um, we are also down because people closed accounts because Charlie is a racist. Had the BOD fired him for it, we would have had an increase for ethical reasons. Oh ya, Wells Fargo is supposed to be ethical, yet we’re led by someone who isn’t.
How is he still here after saying there are no talented black people? How is he getting a pass????? He said it. He thinks black people are
less than. SHAME on the BOD and especially the black BOD members. I guess that kool aid takes real good?
Exactly, so it isn’t fair to say our 60% decline is ‘caused by the pandemic’. It is a factor, but one every other financial service is dealing with. Instead we’ve dropped almost twice the rate of our competitors.
1urj+17BB1qff. All the other banks are down around 35 Percent on average since the pandemic. WF is down 55 percent. I think there are 4 factors weighing down on WF at the same time.
- Asset Cap
- Low Interest Rates
- Pandemic
- C.S
If it was just the pandemic, all the other big banks would also be down the same. However they are not.
God knows I can't stand the man, but to hold him accountable for a 60% drop in stock price caused by a global pandemic is unreasonable and unfair.
@1lza+17BB1qff. I agree, it would be a challenge approving the merger of WF and one of the other 4 listed. But, I think it’s possible. In order to level the playing field between JPM or BOA, Wells needs to merge. I think regulators will approve since Wells will go under the Managment of the company who acquired them. Wells name would away and I don’t think Regulators would be against that.
@1lza+17BB1qff, none of those would ever be approved. All of those are considered too big to fail, and absorbing wells would make that even worse. The antitrust issues alone would doom those.
Top 4 merger scenario IMO.
- Citi and Wells
- Goldman and Wells
- Morgan and Wells
- Schwab and Wells
@1hnl+17BB1qff. What’s a Parish bank? Also, i do not think Regulators would allow a foreign bank to take over one of the biggest US Banks. HSBC is much more of a hot mess then even Wells. Take a look at their history.
Sorry – giving Chuck a pass for not regularly and honestly talking directly to employees. He is NOT walking the walk of transparency and candor with staff. And he is NO motivational leader. This deeply damages the brand from inside out.
He alone owns how he is handling the WAY in which he's doing what he's doing.
This matters much more that WHAT he's doing.
Yes – it's obvious by his actions.
What other options do we have, given that we're run by incompetent leadership?
The one global merger that would make most sense is HSBC. Wait till you analyze further ... HSBC is a global parish bank. Wells is the US version of that. Together they will be able to capture the global footprint quite well actually. The regulators will very happily approve it after making some noise mainly for sure . No savings immediately needed. 100K jobs will go over 4 years.
I think Regulators would allow Citi to
Take over Wells once the Cap is lifted and once Charlie cleaned up house and sold off many parts of the bank. Citi/Wells merger would allow them to compete with BOA and JPM. If you combine the market share of Wells and Citi it would still be less the BOA and much less then JPM. So a merger of Citi/Wells IMO would be approved by the Regulators.
In pieces. Make a bunch of $ on deals then leave us with what’s left.
: @1xck+17BB1qff. Please elaborate. Just because employees are speculating that CS is here to sell the company, doesn’t mean it’s dumb imo. These speculations are not without merit and in fact there is more chance of him trying to sell WF then not. So, if you think it’s dumb then perhaps you should not read the thread and move on with your not dumb life.
So nothings has changed. These posts are still incredibly dumb
The situations that led to mergers in the financial services meltdown are extremely different.
Wachovia experienced a multi billion dollar run on deposits
Countrywide was using lending facilities to fund transactions that were either frozen or dried up
Bear and other broker dealer firms experienced not only frozen liquidity but also intentional destruction through credit default swaps and short selling
Wells Fargo is highly liquid and is subject to new capital ratios required by Dodd Frank.
The asset cap needs to be lifted, but I don’t see any evidence that Scharf has any expertise in this area. Running off assets and selling chunks is one way to change the assortment of assets on the balance sheet. But WF is very very valuable as an efficiently run commercial and consumer bank, what’s more, less competition among large banks is really not desirable from any perspective.
The stock price isn’t Charlie’s fault, it’s the product of a decades long era of mismanagement and corruption. If you want to dunk on Charlie for his many flaws go ahead, but the stock price is largely not his doing.
That's how Bear Stearns and wamu ended up with Chase. Wachovia went to WF. Countrywide and Merrill went to BofA. And Lehman went to Barclays.
It's all the Fed's doing. Asset cap pretty much sealed our fate as a bank for sale.
- in my opinion.
Chainsaw may not be popular with the rank and file, but there’s a lot he can’t control. The stock price is down in part because of the interest rate environment. He can’t control that. And he can’t control the pandemic that caused layoffs to be postponed. So it’s hard to assume that the BOD is unhappy with his performance so far. From their POV he might be doing just fine.
He wasn’t hired to boost employee morale.
probably a part of it. get out of so many different businesses that aren't making money. but as a whole, no one can buy them - bofa, hsbc, jpm, cap one... they themselves would never get thru the regulatory hurdles and no one right now would take them with all of the issues.
I could see that.
that would make sense to me;