“As part of our overall path to profitability, we are reorganizing into a lean and focused company. We are combining teams, reducing layers, eliminating non-core businesses and strengthening the focus on profitable growth. Sadly, we will also be saying painful goodbyes to some of our colleagues in this process.
Daunting as it may appear in the moment, it is important that we do this now, so that we can continue on our overall mission of building a successful, profitable business that provides incredible opportunities to our employees, customers, communities and shareholders. This also means more responsibility for the team members continuing on this journey with us. I believe that every resource of the company should be deployed for driving us towards profitable growth and with this announcement; I am taking a 100 percent salary cut. Many of our leaders have also stepped up proactively and offered to take a significant cut in their compensation, which is an excellent sign of how galvanized the team feels in this shared quest for profitability.
Our other top priority is getting the asset cap removed. The plan to do so is....
There are exciting times ahead for this bank. My vision for the future of Wells Fargo is...
Thank you for your hard work during this difficult time. My promise to you is that we will go through this process in the most thoughtful and transparent way possible. We will offer severance to all employees impacted by these changes, as well as job transition help in many locations, and everyone can expect to be treated with the respect they deserve for their contributions to this company.
I will stick around for as long as it takes to answer all your questions.”