Thread regarding Wells Fargo & Co. layoffs

@ftf
I'm sure the organization is embarrassed you were an employee too.

Unless Maxine and Elizabeth can monetize this, no field day.

First response has the ring of truth:

“Very simple ceo has high IQ and maybe the lowest EQ of any current ceo in the Fortune 500.”

I was displaced last year with a generous salary continuation and was able to use it as a retirement when it ends. I am more than embarrassed to say I use to work at WFC when I am asked where I use to work. I just say I use to work for a large brokerage firm. Everytime i say WFC I get a disgusted look form people. LOL!

@fvn: just to set the record straight- who here is talking about growing the bank?

We are talking about the Board responsibly providing the bank’s shareholders with more than a one-trick pony for $36,500 million. We have the highest paid bank CEO in the industry. For that amount of money, we should get a CEO who can do more than one thing. It does not show good judgement to accept or support Charlie’s half-baked leadership.

There are plenty of CEOs out there who can manage layoffs, create efficiencies, rally the troops and transform the business at the same time. At the end of the day, Charlie has to turn a profit. And good luck doing that consistently, with low employee morale.

He’s the one that keeps making the front page this past year for the bank’s ongoing and worsening problems: we are still in hot water with regulators, we completely failed with the SBA PPP loans, stock price cut by more than half, dividend cut by 80%, we reported a loss in the second quarter (I don’t think our competition did, but will research if necessary), the mortgage forbearance issue, loaded up the C-Suite with only white privileged man. Come on. It would be foolish to let it continue.

Shareholders deserve better than this. And so do we. Not sure what is in it for you to accept and support a barely engaged leader with an insufficient plan. Sounds like you’ve thrown in the towel. I don’t blame you given the current workplace environment. But everyone of us should be pushing for better.

Those of you talking about growing the bank need to pick up a damn paper. There's an asset cap. Now is the perfect time to cut workers. If they bad mouth you, so what? You are growth-limited. Chainsaw was not brought in for morale. He was brought in because 1) No one wanted the job (we're paying him more than Dimon is making at JPM) 2) Ugly work has to be done. Whoever takes the job will be forever known as the hatchet man. Going forward, anytime CS is hired, companies will have immediate attrition. He will never be known as an innovator or someone who grows the org, just someone that rips off the band-aid and pours on the salt.

Going back to one of the threads here from yesterday, Charlie is completely ignoring the benefits of building a transparent/trusting/loyal relationship with employees.

You can have a network of 265,000 proud employees who are keeping retail and commercial customers so happy that those customers are referring business to WFC. And those happy employees are out in their communities speaking well of WFC and spreading good will.

Or you can have 265,000 disengaged employees trying to survive a toxic culture, who might not be motivated to give exceptional service and are not giving their best because they don’t feel respected and appreciated. They don’t even know if they will have a job next year. We keep getting bad press due to poor performance, such as having to send our small business customers away to other banks because we couldn’t get our act together for the SBA PPP loans. Those customers are not referring new business to WFC. Nor are the customers who call and get an overseas call center. Nor the customers who were disadvantaged with the mortgage forbearance problems. And those same 265,000 disengaged employees might not be out in their communities singing Wells Fargo’s praises. I used to work for another firm that I spoke very highly of whenever asked. Not Wells Fargo.

We do not have the right CEO for the job. He has made it abundantly clear in his first year that he is not interested in, or capable of, fundamentally changing Wells Fargo.

@fbs this may be true but the average person is primarily concerned with their relationship with the bank. If we do right by them as an individual they probably aren’t going anywhere. The negative press just gives us a shorter leash.

Furthermore the type of accounts that generate revenue for the bank are commercial, wholesale and mortgage accounts. People aren’t moving those just because the CEO is a little bias so existing customers are probably here to stay but new customers..that’s interesting

I am concerned that with all this negative press that WF continues to get, and at a time of social unrest and a widening wealth gap, I think it is only a matter of time before existing diverse customers move their business elsewhere, creating a silent run on the bank.

Of course we as employees knew layoffs were needed. We have to go through three levels of approval to get a roll of toilet paper in a week but, we still expect to be treated like people. Chainsaw Charlie (which I love made it in the article) is realizing gutting the backbone of this company isn’t as easy as cutting severance checks while putting a bunch of your friends in high profile positions
This is 2020 the year of employee empowerment. While we can’t unionize we can make our voices heard in the press. The board of directors has a real choice to make. Do they want to continue letting this cold soulless CEO further tarnish the brands reputation among the public , employees and their relatives or put someone in who has the emotional intelligence to make the company more efficient without alienating the public. Because if you look in the news it’s not the employees making the bank look bad anymore it’s the CEO.
Last thing I’ll say is whether you’re on the right side of the aisle or the left Maxine and Elizabeth are going to have a field day with Mr. lack of black talent who commands a $36 million salary but lays off everyday Americans during a pandemic.

Another article fails to point out that the CEO did not put his friends in existing roles, but rather he by and large created brand new roles with fat paychecks for these people. Again, not top grading, but gravy training.

And what they are doing with performance management when the performance year is nearly over is not improving standards it’s a circus of stupidity. I was hopeful at first, but BoD needs to put this guy on a short leash.

Very simple ceo has high IQ and maybe the lowest EQ of any current ceo in the Fortune 500. Times have changed even cost cutting requires skills of persuasion, influence, judgement, teamwork and empathy...none of which our current ceo has.