https://www.nasdaq.com/articles/can-wells-fargo-bounce-back-in-2021-2021-01-11
8 replies (most recent on top)
SVB AMA Jan 19
Happy New Year to all of you. Remain safe and healthy at this point in time.
Long weekend. Thanks to teams involved in relaunch of PPP (COVID related stuff).
1300 loan applications in. Thank you for helping the economy in the US.
2001 (he meant 2021) will be a defining year.
We have money, support, talent, and leadership.
Paul is here, from a bank in Switzerland. Warm welcome.
Paul talks.
Has 100 VM's in his house.
(Somewhat hard to understand his accent)
Formula One fan. Teams working together and related technology.
He likes "spauwts". Trained with some team. Buffalo?
Microsoft Teams. Typical collaboration gobbledegook and buzzwords.
It's a chat. Groups, Channels.
Everybody gets the same information (I'll believe THAT when I see it).
Scale up model, not carving into stone. 2022 the company will be on Teams.
(sounds like "Teams" is their shiny new toy. Maybe it'll get them off their "agile" kick.)
BYOD. Pushes cost to us. Risk vs reward?
"Emotional subject because people are losing something".
My phone is my phone of choice.
Not more risk.
Container means personal stuff and work stuff doesn't "leak" together (if anyone believes this, I've got some waterfront property in Florida to sell you).
Carry one phone instead of two (so people can call your personal phone at 2am every so often - been there, done that - NO THANKS!).
Return to the office. This is the focus.
Read a bunch of questions, gave no answers.
RTO only when it's safe to return.
Vaccination program is struggling.
Discourage going to office right now.
Infections happening at offices. WFH if you don't need to go to office.
CDC messages. Legislation. Industry & other companies.
WF require people to get vaccinations? In the works. Legal issues. Sounds like WF would require it if they could, but maybe they can't force it.
Hot topic for operating committee. Framework to help LOB's come to a decision. Not a one-size-fits-all.
Different companies doing different things. Twitters/Facebooks say WFH forever. Google/MS backtracking on that stance. Concerned about culture, etc.
JP Morgan, BoA both want everybody back to office ASAP. (since WF follows JPM's lead, I bet this is what Chuckie will want).
Survey. Goes to 1000 people. 40% of the people respond.
15 questions about what you think.
Sentiment has crystalized. Was going down, now going up (as of end of year).
Please take survey if you get it.
96% of people say they're willing to put in Great Effort.
74% believe leadership communicates effectively, which is better than industry.
People don't think WF values employee input.
People don't think they can achieve their career objectives at WF. Lower than in the industry.
We want to be even or stay better than the market.
We have 7 months of survey history now.
Happy Birthday Holly situation.
Not the sender's fault.
Was only supposed to be to 7 people.
3rd party system. 25,000 distribution lists.
All Active and All Inactive people got put into the list overnight.
Mailstorm tool.
400 servers out of service. Queues draining and blocking across 450 servers.
It cannot happen again.
Reply All lead to more Reply All (ha ha ha).
Hard work to figure out afterwards.
He called the sender and spoke with her and made sure she knew it wasn't her fault.
Expenses. Net-net of global ups and downs. Digital and AIML, and more gobbledegook.
Down in defender spend. Down on consultant spend.
Stopping work, or having employees do it.
83 vendors then, to 10 now.
Lowered budget numbers where numbers existed, but where there was no plan.
Reduced management, less layers, less lines of communication.
Our expenses actually went up in 2020. They'll go down in 2021.
Displacements.
Yes. There will be some this year in Q2 and Q3.
Nothing too massive.
People will be informed in a way that they understand.
Will be severance.
Need to do that within the COVID timeframe.
Access will be revoked immediatly.
Only do displacements if we can't solve through attrition, closing open positions, or reducing consultants.
He admits he knows the numbers, but he cannot share those numbers. Non-public information that he can't talk about.
Cloud. High level strategy communicated last year.
Hybrid cloud. Multiple cloud providers (so we don't get Parlered, in case Google or Amazon decides that we're evil).
We had blinders on at first. Need to modernize. What is the capacity? Working all that out.
March 2021 they'll submit the business case and numbers to the Op Committee.
Our current stuff is antiquated and won't work. Need to invest there.
Test landing zone is in place now.
Objectives for 2021.
We already know what the objectives are (so how about sharing them with us....?)
Leadership letter normally gets written.
The objectives will be cascaded down in Feb.
They are important for sense of direction, and sense of belonging.
Engagement while outsourcing is happening. Doesn't really work.
Plural Sight had VDI issues in India.
Customer Journey Model. Leap of Faith. Sounds like it was a reorg.
Somebody else now owns onboarding of customers.
Customers have many accounts, and they spend across the whole spectrum. (uh oh.....)
What is the common footprint of a customer. How do we move on that. (uh oh......)
Some of WF is ahead of the pack, other BU's have to catch up.
Sometimes we do things to our customers because our systems are sore. How can we do better.
Need to be consistent, make the journey better.
Skills development.
Plural sight looks good.
People don't have time for career development.
We have 2400 hours per year. Minus vacation. Minus sick days. Minus meetings.
There is 40 hours a year for training. Includes mandatory training.
So every person has 32 hours available for training.
A 2021 objective will be to use those hours.
Plan your workload accordingly.
Track this time in stamp.
Solar Winds.
Orion software.
We don't use it.
There's things he can't talk about.
A patch had been hacked.
Banks were not targeted.
Concerning, and highly sophisticated. A wake up call.
We are communicating agile.
Transformation leaders for each CIO.
A big thing if you do it right.
Will talk more about it later.
Thank you for questions.
Fill out the survey if you get it.
2021 will be great.
Bye bye.
WF is disparately impacted by the constantly low interest rate environment. They need to diversify away from interest rate risk and into more of a fee income model. Investment banking provides that
Last poster, I agree.
The issue has been due to middle management, and likely upper management constantly putting on the brakes. Sounds like leadership is the big issue.
Then a new issue has arose, most of workers here in tech skills are useless with things we dont need anymore nor are they interested in learning anything
Good point about WFC trying to get in at the top. Reminds me of WCHV acquiring Golden West to begin competing with Citigroup and Bank of America at the top of the housing bubble.
I wish we would build our own brand and build excellence in a segment of the market where other banks cannot compete with us. Lead, rather than follow. Innovate rather than copy. Seems like we’re always playing catch-up, and suffering incredible defeats as a result.
I laugh when i read these posts, so many with so little knowledge. If most of you only knew. Wells Fargo's strategy was never to be a player in investment banking. Investment Banking and Trading are fly by night operations with competitors who don't understand the risk they take. GS and JPM may look great one day, the next their out of business. CS trying to jump into at the top of a market bubble just shows a lot. When rates go up your going to see most of tech crash.
Post ID: @lkt+18WysjG8 Yes that is true, but Thomas Keller would not want his name and reputation changed by affiliating himself with Texas Roadhouse.
Texas Roadhouse can have upscale dining if they steal the staff and manager at the French Laundry in California :)
I’m not saying it can’t happen, but the plan to bulk up Investment Banking feels like a pipe dream. We’ve never been known to be a player in that market. There are too many other firms, that already have the prestigious reputation in that segment, whom we will be attempting to compete with. It’s like Texas Roadhouse trying to offer elevated fine dining. I love Texas Roadhouse, but they know what they do well and aren’t trying to be something they are not.