What is the now long term plan and "vision" of the future of Wells Fargo after the plan to eliminate most of the dedicated, long term employees? Is it to be Non Existent in the future? Seems like the current goal.
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“ endless litigation and other costs outside of our control” were not out of your control. If you can’t do the time don’t do the crime...
Denial ain’t just a river in Egypt...
@xox+17FT3rVJ wall street is showing their lack of confidence in Charles. Look at the stock price.
With five line of business CEOs, it's hard to have one vision for Wells Fargo that resonates. Like him or not, Scharf's job is to get Wells Fargo out of regulatory hell, cut costs, and set the company up to live to see better days. He'll probably get another year to see results, but after that, the board, and mostly Wall Street will give a vote of confidence or not. If you look at the earnings calls and analyst questions, they are mostly around expense reduction plans, so they're not asking too much about his vision.
No vision. They collect their millions. In and out.
No further vision than that. The yes-men enjoy acting like they are smarter than you, but you got it about right.
How much did our efficiency ratio spike due to the endless litigation and other costs outside of our control? it was not bad prior and once those costs are gone i have to think it would come down...I don't disagree that WF is people heavy and this needed to happen to an extent. It was already in the works for 26k cuts. 40k more cuts before the cap is lifted makes me think there is no plan other than that...Cut, sell off and when the cap is lifted BOOM! immediate stock gratification....but long term what is the impact?
I know this is tough to hear because it's painful but here goes. Any bank with an efficiency ratio of 78% will not survive. These problems have been growing inside the company like sickness and radical intervention is needed to save the patient.
It's possible this all began when WF was purchased by Norwest and worsened when Wachovia was "welcomed to the stagecoach."
M&A is a tough business and properly integrating new companies is no easy task. Yes, many of us are paying the price for a history of incompetence. We can s— our thumbs or march forward. The choice is ours.
Thank your new boss Charlie! Glad he is history over here! Although his legacy remains unfortunately.