Back in September of 2016, when the sales practice scandal was exposed in all its shameful dirt and details, they let Stumpf go and made the egregious mistake of naming a long-time insider and confidante of Stumpf, Tim Sloan as the "new" CEO - not as interim until a real bona-fide external leader could be recruited. So now you add on 3 years of lame leadership AFTER the ban was exposed. Now here we are stuck with the likes of a paper weight Charlie Scharf. It all starts at the top. Wells was just fat, dumb, happy, oblivious and arrogant for so long.
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Tim Sloan would have been named CEO when John Stumpf turned 65 and retired anyhow per board policy. That's the thing with insiders - nothing changed tactically or strategically.
John Stumpf, the 2013 Banker of the Year
Criming and bad management.
Seems like Groundhog Day with this topic.
Sloan did nothing but dig us in deeper to the hole that his predecessors created.
I've never seen someone so enamored with his picture as Tim Sloan. Every time someone would go to the Teamworks home page, there would be his picture with his mouth open smiling.
We can see by the continued scrutiny of WF by regulators and there findings that not enough was done to remedy situations that Sloan continued the same old ways.
The thing that really got to me was that he bragged about how WF openly discriminated in terms of pay scale. I'm surprised there wasn't a class action lawsuit against WF.
My paperweight is insulted that you just called it a Charlie Scharf.