The analyst call was deeply disappointing. You could tell that the analysts were disappointed in our CEOs responses to their questions around when the asset cap is going to be lifted and plans for revenue growth. Responses from our CEO were tepid and vague. You could tell be time of analysts voices and questions that they asked that they are losing faith and patience with our CEOs turnaround no strategy, no plan. The stock price says it all - $25 a share yesterday, $24 a share today. Sad!
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Chainsaw tone on the call was much better this time. Last quarter especially he was extremely rude, basically telling the analysts to pound sound. Still has a ways to go but this one was much better overall interaction tone wise.
I wouldn’t be shocked to see the 401k match drop to 4%
It's not just the analyst. I'd say a large percentage of employees who have been here for any length of time have zero confidence at this point. I am surprised at the number of people making 6 figures who have left without anything already lined up for their next job and those looking for the first exit ramp they can find.
No, that comment is specific to the fact that there are some health benefits that quietly vanished. Used to be WF made a good contribution to HSAs annually for everyone in high deductible plans, now only some people get it. They also decreased the HSA dollars you could “earn” through Rally. It was done very quietly.
It wouldn’t shock me though if the two personal holidays vanished.
John Stumpf is one of many reasons why Wells is in such bad shape.
It was all the crimes.
Crimes. For years. So many many crimes.
Uneventful call without detail or timelines. One thing I did gather was that there are more business lines for sale...the ones that are low-return or not core. That's a good thing, in my opinion.
@hsq, so you mean after Sloan left, the bank holidays decreased?
Tim Sloan was better for employees. We got more bank holidays that were standard elsewhere, a decent performance plan setup, and some improvements to health benefits that have since quietly vanished.
Scharf needs to answer the asset cap question, what the heck is going on with that?
John Stumpf knew how to make PHANTOM money.
Cafe - don’t you really mean Stump knew how to create the illusion of making money through fictitious accounts?
Now you know why he spends so much time talking about required black hire quotas. I wish John Stumpf was CEO again, he knew how to make money.