Thread regarding Wells Fargo & Co. layoffs

Town Hall Yesterday

The initial phrase that comes to mind is "out of touch". Charlie is in a completely different ball park than us as employees. He had a great opportunity to provide so much more information around layoffs and expense cutting....i.e. how many were displaced in the last couple of months?; how many more do we expect before the end of the year?; how do those layoffs fit in to the overall expense cutting progress so far?; how are the other items on the expense cutting list (besides layoffs) progressing?. Answers to these and other simple questions would give us at least some confidence that the exec team is approaching this holistically and is providing transparency as to the progress. Charlie's grade = F

Another important concept that Charlie (and the exec team) is missing. They obviously have not heard of "Maslow's Hierarchy of Needs". Simply translated.....nobody cares about their personal prestige and societal status if they are starving to death. Translated to a WF example.....employees don't give a rats a** about D & I if they feel their job/livelihood is disappearing. The exec team NEEDS to focus on this and provide as much information as feasible before spewing off at the mouth about other topics. They continue their blah blah blah discussions apparently oblivious to what is going on around them. Grade = F

Smart CEOs recognize that employee moral and psyche DOES impact productivity/efficiency and quality. Until they wake up and realize this WF will continue down its toxic and mediocre path.

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| 2412 views | | 10 replies (last October 31, 2020) | Reply
Post ID: @OP+17GM0Y1G

10 replies (most recent on top)

He's a short timer. When will any of you understand this? He doesn't care about the company and improving it and staying for a long time, because he is really invested in the outcome. He could care less. He is in and out making his millions and off to the next company or maybe even retirement on his island. He doesn't care!!

He doesn't care that he isn't good at public speaking. He does care that he looks wrinkle-free and his do is at its best.

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Post ID: @1qek+17GM0Y1G

Too busy getting botox and at the salon getting his hair dyed white. What a vain, pathetic man.

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Post ID: @1hrq+17GM0Y1G

It was so clear he was reading from the script to make sure he checked off some of the boxes he has been so widely criticized on. And then to end with some questions! No doubt that Charlie told her which ones to choose and oh yea more boxes to check off. Pathetic performance. One of the worst I have ever witnessed.

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Post ID: @1uqm+17GM0Y1G

Sir, this is an Arby’s.

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Post ID: @yai+17GM0Y1G

I agree with OP 100%. I completely disagree with and have no trust or respect for anyone who attempts to support Charlie. I liken it to manipulative people who support a cult leader and try to convince you not to question him. Or you can leave the cult and lose your family.

Same faulty trance-like message from the yes-men here: Either fall in line with the new management team, or leave and lose the career you’ve worked hard for, your income and the friends you’ve made over the years. Don’t fall for it.

There is a third choice. That third choice is to speak out. Build up the drumbeat for a new CEO. Charlie’s management style will ultimately continue to negatively affect shareholders. Believe me, he’s on the rocks already. No CEO can survive the stock disintegrating by 60% for long. And no shareholder wants to wait around another 2 or more years until the asset cap is removed.

Charlie will not succeed with his current callous arrogant approach. He is too pompous to understand the power of getting your employees behind you. Build the drumbeat. Give it a year and he will be gone.

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Post ID: @vmv+17GM0Y1G

"There has been 0 visibility on the holistic approach." - given that the CFO only started here a few weeks ago, what were you expecting? He deserves a 100 days to find his feet and flesh out some plans with the OC and the Board I would think.

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Post ID: @fnq+17GM0Y1G

This board (thelayoff.com) has definitely been infiltrated by WF comms people. The number of posts pumping sunshine and CS have increased dramatically since the massive layoff stories hit the media this past week.

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Post ID: @dup+17GM0Y1G

OP here. qnx. I appreciate your perspective but employee layoffs are not the only item on the expense cutting list to get to the $10B. There has been 0 visibility on the holistic approach. Charlie making high level general statements around cutting 20-25% of the workforce does nothing to help individuals in their anxiety about losing their job....you need more details.
It sounds like you would be comfortable having your mechanic say...."It will cost you around $2000 to fix your car"....period....no additional information. You obviously want to know more details before making any decisions.....similar principle.

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Post ID: @bue+17GM0Y1G

I thought he addressed the cost cutting just fine.

They have been upfront that 20 to 25% would need to be cut over the the next 3 years or so. He plans to use attrition as much as possible. Plus some units may be sold off.

Said that employees would receive notice and severance.

I can tell you my org lost people and it would have been more had we not given up open positions.

It’s simple math. Take 75k and divide that by 3 and divide that by 12 and we end up with about 2k positions being cut per month. There could be some bigger months but this is going to take time.

Simply keep an eye out for the total employee count and when that drops 75k from today’s count we will be close to being done.

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Post ID: @qnx+17GM0Y1G

Thank you for expressing that so well! It's exactly what I've felt everytime he and other leaders speak. Totally tone deaf to the fear that we have of losing our livelihoods.

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Post ID: @lki+17GM0Y1G

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