Charlie was paid millions of dollars to turn this company around and he has done absolutely nothing! I have been the finance industry for 25 plus years working in multiple executive leader roles. My last 10 years has been with Wells and I have never seen a so called major bank in such disarray. The wheels have officially fallen of the wagon and the horses broke loose. Charlie is so far in over his head and has no clue what to do. There is no longer any real leadership of any lines of business as end the company is on the brink of imploding in on itself. At this rate I would be surprised if our company can even survive another 2 years. We need real leadership now!
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It takes a bit of time to put an efficient and massive displacement process. It really does require quite a bit of work to gear up for it. Look at what Henry Ford did to the Dodge brothers. Same thing... just tooling up for a different process.
He's only been around for about a year hasn't he? You don't "fix" a company as big as Wells with as many issues as it does in a year.
There's a bunch of stuff that's in the works that frankly has been needed for years – spans and layers being one of them. It may should callous, but there shouldn't be such a high number of managers with few direct reports.
He should have been walked for his insensitive brand impactful statement that there isn't any Black talent available.....instead...WFB doubled down and pushed a major PR campaign to cover it up....what a SOB....you and I would have been fired for less.
He wasn’t hired to turn the company around but to root out and remove the corrupt leaders, to provide transparency and responsiveness to regulators and to reduce expense ratios to industry norms... i.e. displacements. In other words, his job is to reduce a large corrupt institution into a smaller more manageable toxic institution.
No major like Schwab, Goldman Sachs or Morgan Stanley is going to merge with Wells Fargo. The brandname is toxic, much as Merrill Lynch which set the standard over 3 decades of scandal. Wells Fargo is destined to be sold as carefully audited parts under close regulatory scrutiny.
If Asset Cap is lifted by next year and efficiency ratio is in line with other major banks then I think WF can thrive and double in Stock Value from where it is today. Also, if they can merge with a major brokerage like Charles Schwab or GS or Morgan Stanley then I see their Market Value and stock being the most valuable of any Financial Institution. That’s a big if of course and everything for WF has to go right in order for this to happen.