We're gonna need a bigger boat!
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Sure, C.T. follows C.F. and quadruples his package with every move, just as his benefactor’s father did by hooking him up with J.D.. It’s all in numerous WSJ articles and hey, it beats working for a living...
I believe he is in charge of orchestrating the transformation.
Anyone figure out yet what Connor Tolkien actually does?
It's telling that a few weeks after Scharf screws the pooch on D&I, we're having D&I week.
The CEO's image is completely destroyed. WF needs to cut yet another loss and find someone that actually has a vision.
“Scharf-nado 3: Oh Hell No”
Every week is Scharf week.
He’s playing many for a fool. The Board of Directors, the analysts, the regulators, the shareholders, the employees who think he’s the golden ticket to getting Wells Fargo on track. No action, no answers, no guidance -he’s keeping everyone in the dark. Similar to Tolstedt’s strategy. I’m not accusing him of fraud, like Carrie, but I am accusing him of withholding the relevant information which allows fiduciaries to ask the important questions. Too much power and trust in one person’s hands. And he can walk alway with his $36 million leaving us in worse shape than before he started.
As of right now, the only people who have benefited from Charlie at the helm are Charlie and his new management team. And our current BOD who gets to collect their checks until shareholders and regulators start pressing them. Certainly not the employees or the shareholders. Shareholders have lost 57% of their principal and 80% of their dividend. Employees have lost job security and the money in WFC stock in their 401Ks. On top of that, we have lost the intangibles of working for a team that is growing and prospering.
Even if we give Charlie the benefit of the doubt and say that his intentions were pure when he started: I think he is failing now and no one has ANY clue what to do about it. Thus, the deflection of the most important questions after one year at the helm. They are hoping we are all distracted with the elections and the pandemic. But every day that goes by with no real action or strategy is another day we fall further behind.
My last thought, and the one that is most concerning, is that we may not be able to be fixed. The technology might be so out of date that it needs to be completely sc-apped. No CEO wants to take that bullet. But how do you even fix that at this point? Is there a system somewhere we can buy? No. And if there were, how long do customers have to be offline to switch over to a new system? So we just keep putting bandaids on old technology and kicking the can down the road. And Compliance is a hot mess. We need good strong leaders and experienced employees to get that turned around. That depth of experience may not be willing to come work here. And, again, good oversight also requires good technology.
I am beginning to conclude that our prior management has painted us in to a corner in which there is no good way out. Not without a lot more pain for shareholders and employees than we already are considering.
I smell gasoline and hear buzzing
The CHARbroiler is getting warmed up.