I have full faith and confidence that Wells Fargo will F it up no matter how many employees we get the number down to.
Reduce # of employees, hire more senior execs at all-time high salaries. Reduce # of employees, spend billions on stock buy backs to artificially and temporarily increase stock price. Reduce # of employees, and spend on fines for whatever fraud or failure will be discovered next. Reduce # of employees, spend on a new expensive fake marketing and PR campaign. Reduce # of employees and blow it all on some destined-to- fail CEO pet project like “Transformation 2020.” Reduce # of employees by closing and selling brick and mortar buildings at record low prices, then a competitor will innovate a new way to profit from brick and mortar locations so we will buy them all back at record high prices. Reduce # of employees but still no investments in technology, we have a massive failure that lasts days/weeks and costs us billions in lawsuits and fines. Reduce the # of employees, lose clients due to unresolvable customer-service issues.
Have no fear, friends. Wells Fargo will continue to find ways to F it up no matter what steps the Board takes. They are not focusing on the core problems that got us here. We are the business equivalent of your local Neiman Marcus: pompous, not on steady ground going in to a pandemic, not in touch with customer’s quickly changing needs, never invested enough in technology, an outdated business model.
We might be considered Too-Big -To-Fail, but we are also Too-Broken-To-Fix.