Like seriously who would want to work for a failure bank, that is doing it’s best so far to push talented employees away, location strategies that are obsolete, and all the negative news that only the desperate would want to work for such a place.
In a year or two he’ll be gone after making a fortune s—ing any change of recovery from this place and moves on to his next GIG!
You must be blind if you cannot see it!
How do you expect employees to be creative and dedicated to innovation and lead the transformation of the bank if every day you make it dismal with no career path opportunities whatsoever?!!
So if you have a huge pool of talent not in your hub locations and you are spreading the news that move or leave is on the way! Why should they stay? Or stay and do you any good? Are you stupid?
What is their goal from all the mess, confusion and destructive working environment they are creating?
So a Bank headquartered in SF doesn’t have a hub in CA? Why? Money? Then why you have hub in NY?
You are offshoring Risk to India? For cost savings? A kid won’t buy that! Someone must be making good money from that deal! You know why? As you should know that not a single bank that did that had any record of success not to mention that some of those countries sold your customers data in a massive scandal!
This place is a failure and that Charlie is making sure it happens fast.
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All is a waste. We spend so much time training employees in India so they can do everything wrong and we get to fix it. My team only has 5 people in the US and I am the only not in hub. I am also the most knowledgeable but that doesn’t matter. He will cut talent, hire cheap, fail, take huge severance and move on. Exactly what he did at Mellon.
@OP it's funny you mention risk in India. This glassdoor review was by a compliance person in India. Their 'Con' was that policies were too restrictive. https://www.glassdoor.com/Reviews/undefined/Reviews/Employee-Review-Wells-Fargo-RVW36376186.htm
I've worked with people like that. Their idea of compliance is if something is non-conforming, change the policy/procedure/standard or ignore the regulation. In other words, they don't want to manage risk or compliance. Other employees posting from India were upset they didn't have access to systems that didn't relate to their job function or project. It's a time-bomb that we will probably see fallout from in the next 2 - 5 years.
With a complete lack of empathy he is good at cutting expenses, i.e. employees . After 15 years of total mismanagement, corruption and ruination it really is the key needed skill set.
He is a one trick pony who does does what he does. It is not his fault that he is needed.
It took the bank mos and mos to find a new CEO. I’m not sure what is motivating him. But he’s not motivating. I hear he likes woodworking. Which is nice.
We see eye to eye.
We need a complete overhaul, however we need it to be done by a team of people who care about the long -term health of the company. Creating efficiencies through eliminating redundancies and improved technology? I’m all for it. Layoffs that result from creating efficiencies? Yes, unfortunately. Reshaping an organization in a way that will make it healthier and stronger in the end? Yes. Slashing and burning? No. Offshoring? No. Charlie Scharf? No.
Short-term thinking undermines a sustainable business model.
The employees are too expensive and contribute to Wasted efforts costing billions. Read the post right after yours came in. Wake up and smell the coffee. In my three years here , 30 overall in IT I have never come close to such waste.