Thread regarding Wells Fargo & Co. layoffs

I didn’t say Shrewsbury said anything before Charlie got here. You have me confused with somebody else. I will say that if you hire someone with a reputation as an axe man, you probably have some intentions in that CEO that you’re not broadcasting to the general public. Speaking as someone who still has the scars from the dotcom startup bloodbaths of roughly 20 years ago, you learn to read between the lines.

@1bib+17EAcK3l it's hilarious that to prove your point that Shrewsbury talked about layoffs before CS got here, you post an article published in June of this year.

I don't think anyone will deny that discussions about layoffs began while Sloan was here, but no where near the magnitude (50k - 66k) brought on by CS' incompetence.

Oh, he’s woke enough. Hang out on a few of his excursions and escapades and you’ll see that he accepts everybody and every thing. No problem there...

Post ID: @1bib+17EAcK3l

Okay. I do see more of where you were coming from now. Thank you for replying respectfully.

I was coming from a perspective of “How do YOU know what the Board has told Charlie they want him to accomplish? Meaning, they might have given him 10 objectives, and he only seems to have the skill-set to focus on one thing: cost cutting.”

But having read your response and the others, I think I read more in to what you were trying to say.

Sorry that I made you put more work in to this than you probably wanted to. I’m ok with people disagreeing. I just want them to be able to back it up. And you did.

(1yqw again)
Here’s the source for the Shrewsbuey (CFO) reference
https://www.desmoinesregister.com/story/money/business/2020/06/11/wells-fargo-cfo-warns-reducing-headcount/5346558002/

If that doesn’t convince you, the months of bloviating about the location strategy should have. That’s a stealth layoff and started before Charlie got here.

Google Tim Sloan and layoffs and pick a hit from 2018
https://www.cnbc.com/2018/09/20/wells-fargo-plans-to-lower-headcount-by-up-to-10percent-in-next-3-years.html

Post ID: @1ptx+17EAcK3l

To be fair, you should be able to back up your counter-argument (or challenge) with facts and evidence in writing. You can’t be persuasive without being able to back up your statements. I’t’s not that it’s not out there, but I couldn’t find it.

Tim Sloan always put forth his 6 long-term goals as:

Customer Service and Advice
Employee Engagement
Shareholder Value
Innovation
Risk Management
Corporate Citizanship

@slr Tim Sloan said it and then the soon to be former CFO whose name I can’t remember. Probably also some financial news talking heads. Definitely Sloan.

NOOOOO... keep goin’ Chuckie. I left after last years layoffs and joined the competition, and I’ve been concerting WF customers as fast as I can.

I have a question for Post ID: @eie+17EAcK3l “He’s doing exactly what they wanted him to do.”

and

Post ID: @uyl+17EAcK3l “He's doing what they paid him to do“

and

Post ID: @rri+17EAcK3l “For what? Doing what they hired him to do?”

My question is: How do you know what the Board hired Charlie to do? Did I miss a meeting, or is that in writing somewhere? You say it so fervently and you all use the same wording. I would really like to know, because I pride myself on reading everything related to Wells Fargo: earnings reports, white papers, news reports, transcripts of annual meetings, listened to all the hearings. Could you please point me in the right direction?

Buffet thinks the need a new CEO.

For those of you who don't think CS has any responsibility for the current situation, I have two words: Asset Cap. His job was to get it lifted. If the cap was lifted, WF could have expanded and jobs could have been saved. All jobs? No, but definitely many jobs. WF announced 26,000 over two years. Now it's looking to be closer to 50,000 to 60,000. CS is responsible for the cap still being in place, and for the stock's 60% nosedive.

The primary thing Charlie’s going to be talking about in tomorrow’s town hall is D&I. He still has to atone for not being woke enough.

Don’t forget, 26000 layoffs were announced by Tim Sloan. Then he left, things were put on hold while they looked for a replacement, then the pandemic hit so layoffs were postponed for PR reasons.

These layoffs are two years behind.

They would be happening under anybody.

Meanwhile Charlie is doing the other part of what he was signed up to do - cutting non-core LOBs to raise cash.

S—s to work at a company that’s going

through all this, but Charlie didn’t make the mess. He’s just the janitor profiting from the cleanup.

After tomorrow’s Townhall everyone will be completely inspired and satisfied with the strategy, insight and empathy Charlie will bring to light. I am being sarcastic here, but hey, Anything is possible!

For what? Doing what they hired him to do? Hard to fire a man for coming in and cutting where everyone said cuts were needed...it stinks. i have lost friends and do not feel safe....but the business has needs and has pains that he inherited. Give the man a chance to work.

I streamed a “48 Hours” episode last night. Two different expert medical examiners testified over 2 completely different causes of death of a victim. Differences of opinion is what makes conversations so interesting and valuable.

My 2 cents worth: Maybe the best answer lies somewhere in the middle. Could Charlie be the right man for the job, with some modifications? I don’t mind that he is taking the time to assess the businesses and hopefully make intelligent decisions as to who/what stays, and who/what goes. That is certainly important to the bottom line. But is that all shareholders get for $36,000,000?

If I were on the Board, I would encourage Charlie to be more. Based on research, the characteristics of a good leader are integrity, communication, gratitude, learning agility, influence, empathy, courage and respect.

Integrity is especially important for a top-level executive who is in charge of turning around a scandal-plagued organization. Communication across the organization directly affects the success of your business strategy. From the top down and the bottom up. Better conversations, not vague conversations which avoid the important topics. Influence is being able to convince people through logical, emotional, or cooperative appeals is an important component of an inspiring and effective leader. Empathy is a critical sign of emotional intelligence and leadership effectiveness. A courageous leader encourages a safe workplace culture where employees speak the truth. A good leader cultivates a climate of respect at work. Treating people with respect is one of the most important traits of a good leader. It will ease tensions and conflict, create trust and improve effectiveness. (Respect is more than the absence of disrespect.)

If I were on the Board, I would encourage our CEO to improve his skill-sets to include some of the traits of a successful leader. It would be a win-win for most stakeholders.

And if he cannot grow as a leader, than it should be time to consider other better options.

@hid+17EAcK3l Why would chainsaw be on Skype? Do you really think he wants to hear from anyone in the bank about what's happening?

The stock price does not mirror the blind faith of the corporate yes-men.

And I’m pretty sure there were plenty of Kool-aid drinking employees at Wachovia, Madoff, Lehman, and Bear Stearns who were still insisting they were right as they were escorted out of the buildings carrying their belongings in a box. “They were just trying to make the business more profitable...”

According to skype he's been offline for 40 days.
He's probably working at his other job.

He's doing what they paid him to do and they are paying him very well.

Post ID: @tuy+17EAcK3l

Are you suggesting to our shareholders that our Board’s main strategy is to leave the future of Wells Fargo in the hands of “the only guy who said yes”?

If I were a forward- thinking executive who enjoyed a challenge, I would be much more willing to come over today than I would have been a year back. In fact, this is the perfect time. I would learn from what I’ve seen take place this past year and I would come in with a whole new and different approach.

In fact, I would be the anti-Charlie. I would not demand $36,000,000 to decimate the lives of 25% of employees. That move automatically should put all parties on notice that we are not dealing with someone of good moral character.

I would come in low as a sign of faith that we are all working together towards a common shared goal. I would establish a rapport and trust with my employees and the stockholders. I would be honest and transparent, which would give the regulators the confidence to lift the asset cap. I would lead by example. I would make it be known that the days of taking advantage of our customers are over. I would want my managers to be 100% knowledgeable and accountable around the businesses they lead, no more excuses. I would focus on the long-term health and viability of the company.

There are more ways than one to accomplish a goal. I don’t think anyone who is really paying attention thinks we are going in the right direction.

Why would they look for a new CEO, He's doing exactly they wanted him to do. Make the bank more efficient and profitable. The problem with WFC is that 270K FTEs were needed to work the ancient systems that are still in use. Which is why they cant let the 25% go all at once. They still need bodies to work these systems.

This job was toxic and that is why it went unfilled for so long. Not too many are willing to die on this hill. Good luck getting your dream candidate.