I've worked at this bank a very long time. Recently i've seen people kicked out who i've known for a very long time to be incompetent mo–ns and a lot of great structure changes. I think Charlie just might be turning the ship the right direction. And my the way im no big Charlie fan. I think he should be taking 1/10 the pay till he can point to something.
38 replies (most recent on top)
@1icp+18kxLH3b, that is an interesting concept. So usually a tech organization has people who keep their skills current with current tech, but here doesnt seem the case. I dont think its a single person issue, but from the top - down. Will take more than a single person wihout a doubt.
I think they have a long way to go to catch up, and beyond that the entire org is missing the right mindset.
@rin+18kxLH3b. I think the top 3 priorities of the new Leadership of Wells is exiting from the Asset Cap, improving Efficiency Ratio to be in line with the Competitors and Investing in Technology. The current Head of Technology is not the right person for the job. But once he gets replaced with someone who actually understands Technology and knows how to improve it, then I think Wells Technology will start improving. It will take 5 to 10 years but I think Wells Technology will be one of the best when the new IT leader is hired.
@1mlt if you read past all the noise and negativity there's glimmers of truth about other things, besides layoffs, that are going on. There's no other place for any of us to connect and share what we know. So it's here. Who cares?
Why do people who love their job and feel confident they won't be laid off even bother to come to this site, let alone post?
Key piece lost in the Moynihan comment was the $35B tech investment.
WF will never do that. And if we did, we would never execute effectively so that the $$ was well spent.
This is a b–ch and whine forum. However i agree this place is getting cleaned up before our eyes.
Regarding Post ID: @mrk+18kxLH3b
Very typical of the Charlie lovers. I don’t get it, and don’t need to get it. My guess is they won’t make it long at Wells Fargo because even Charlie knows that kind of attitude is not good for business. Any business. Professional and courteous wins every time.
mrk- +++
This is true, those who are worried are not the top performing people that are needed and I suspect the majority of complainers on here are their groups slackers. Anytime anyone says something postitive they are labeled a troll, hr, a Charlie henchman etc. it’s sad that you can’t like the work you do here.. I know I perform well and have zero concerns about getting laid off. I won’t say I’m a fan of CS because I don’t agree with his tactics and have yet to see any true good changes from his work here, and am also sick of him brining int basically just jpm hires, like they’re the only talent that’s qualified.
@mrk+18kxLH3b, why are you on a layoff website?
Seriously, you look foolish.
"I am so great, Wells is so great", and yet, here you are.
Why does Wells PR team think posting this nonense on a website where people are concerned about losing their jobs is a good idea?
If you're posting pro-Charlie stuff, what an odd place to do it.
Try gla ss door or link ed in.
So weird that there are cheerleaders on a layoff website.
Post ID: @pry+18kxLH3b here:
I thought of more I want to add. The truth is, I am in it for me. I don’t care about what happens to anyone else. If you all had confidence in yourselves, like I do, you would admit the same thing.
It’s not my problem if the bloat was laid off. If you were as good at your job as me, you would still be working. There are plenty more of you who need to go, IMO. We need a lot more employees like me. You losing your job increases my chances of staying, and that is all that I care about. I’ll step on you/over you to get where I need to go. Sorry- not sorry.
If you don’t like Charlie, that’s too bad. Just leave. If you can’t take the heat, get out of the kitchen. Charlie is the best man for the job. Get with it. The do-gooders will be the first to go. Anyone who disagrees is a mo–n. I think that about covers it.
Have a nice day, you Wells-Fargo hating trolls!
then why Mandy N is still here ? Bringing her old friends over from Chase.
Post ID: @ejd+18kxLH3b I’ll give you that.
Ok timeout everyone...let’s all take a breath
How about this? It’s possible that Charlie is doing some bad things and some good things.
Overall it is still way too early to tell if he is a great ceo or if he is an awful ceo.
But the mass layoffs were going to happen regardless of who they picked as ceo.
@pry+18kxLH3b, hey thanks for sharing this negative post!
Nothing is fixed is the issue! Stock still down 50%, tech still old, processes getting worse. Middle managers even beyond toxic now, worse than ever.
Post ID: @pry+18kxLH3b Like I said: I haven’t engaged with anyone who is Pro-Charlie who doesn’t turn into an angry troll after a few questions. You just proved my point. I’m betting he would say “don’t do him any favors” by standing up for him unless you can carry yourself professionally and positively.
I’m not buying any of it either. All of our Senior Execs looked good at first, but devolved the more we learned about them. Same with our BOD. Who would have thought Betsy Duke, our newer Chairwoman, would be what she turned out to be?
No one, who is a long-term employee of WFC, is that blindly trusting so quickly after everything we’ve been through. Definitely not buying OP’s post, or any of OP’s replies to herself.
I love how the Wells hater trolls are so blinded by their hate they can’t even acknowledge facts anymore and concede that the middle management bloat was nothing but toxic. That Charlie actually did the right thing there by simplifying it.
I imagine you lame haters are the same ppl who started the “let’s sue Wells” thread, but no one can explain the grounds on what they are actually would sue for
And no I am not “related to Charlie” in anyway you delusional mo’rons
Wells has a long way to go but the signs are finally encouraging
Post ID: @fhf+18kxLH3b
Not sure I saw the bit in my post where I was promoting him. I said I was happy to see some forward momentum and if he can't keep things moving forward, they can go ahead and find someone else who can.
Thanks Charlie for sharing! Keep up the positive thinking
Now if you can just get the old processes and tech fixed!
Post ID: @irf+18kxLH3b Who said anything about his personality? And I didn’t call you a name. Maybe you can’t have a legitimate conversation and explain your thinking and intentions. I wonder about someone who has put Charlie on a pedestal before he has done anything to prove himself. Laying off off employees isn’t a bold move. That happened under Sloan.
So far I haven’t found anyone, who is pro -Scharf, who doesn’t turn into an angry troll after a few questions.
The layoff boards are being overrun by WF PR shills.
Post ID: @irf+18kxLH3b
I’m a long time employee and shareholder too. But just because Scharf is not Stumpf or Sloan doesn’t make him a good choice. He could be worse for all you know. Nothing says that he is the next Moynihan. I’m willing to give him a chance but I don’t go out of my way to preach his virtues. I think it’s curious that you promote someone that hasn’t proven himself. I think you know him, personally. Nothing else makes sense.
Post ID: @bik+18kxLH3b
Thanks Eeyore.
Frankly I have no interest in the personality of the CEO but I have a huge interest in finally seeing some forward momentum in productivity and the stock price. Maybe after a year or two, we'll be back in the game. It's horrible to see people getting laid off and I sincerely hope I'm one of them but our previous management team just didn't know how to get things done. If bashing Charlie makes you feel good about yourself, have at it.
So far everyone that I’ve seen gone in my department due to spans and layers were individuals that were not producing anything valuable. They were there to protect themselves and their employment benefits, while slowing everyone down. So, yes thanks Charlie for that!
I’m just a long time employee and shareholder who is glad someone is finally making the right moves
Stumpf and Sloan were absolute disasters. Would you rather see them back at the helm? Yeah, didn’t think so
Correction:
Post ID: @ddb+18kxLH3b.
You are overly eager to be pro Charlie. What’s your motive? You don’t know anything about him. Who goes out of their way to stand up for someone they know nothing about? Unless you have a relationship with him, right?
You are overly eager to be pro Charlie. What’s your motive? You don’t know anything about him. Unless you have a relationship with him, right?
What would you say about Moynihan’s turning around of Bank Of America?
He ruthlessly cut 100,000 employees and made BoA lean and mean in the process. He was named CEO of the year at the start of 2020.
Charlie is just doing the same. Doing what has to be done
“ Over the past 10-plus years, Moynihan and his team—most of whom have remained with him through this entire period—chipped away at the legal issues plaguing BofA in the wake of the Great Recession and instilled rigor and discipline to the institution’s approach to risk. As Moynihan incessantly preached a mantra of “responsible growth,” they shed more than $75 billion in costs, refocused on their consumer businesses, navigated endlessly shifting regulatory requirements, oversaw a $35 billion investment in new technology, and made talent development—especially diversity and inclusion initiatives—a core focus for his workforce of 208,000.
The result: A transformation that grew assets by more than $500 billion (to $2.38 trillion), restored the once-troubled bank to record profitability ($27.43 billion in 2019 versus a $2.2 billion loss in 2010), and, until Covid struck his entire sector hard, generated a 72.9 percent total return for shareholders since 2014—114.1 percent if you exclude 2020. Along the way, he’s become a statesman for the new-look Corporate America, leading highly public efforts to transform capitalism to be more expansive and inclusive.”
@OP: I remember someone at a previous company raving about the CEO’s moves, shareholder price, necessary tough decisions, etc.
He was canned less than 48 hours later and was walked out in tears.
Hate to say it but spans and layers has been a great move.
Our area was so bloated with middle managers with only 1 or 2 directs that it was way too many cooks in the kitchen. All they would do is schedule meeting after meeting, talk a big game and try and delegate to other teams. Just pure useless empire building that didn’t benefit the company.
Now almost all of those middle management layers are gone and we can finally spend most of our time actually doing our jobs
I give credit where credit is due
He’s doing a good job in a tough situation.
The previous execs were all spineless cowards who were part of the problem.
Californians have no clue how to run a bank. Glad we finally got a New Yorker to make the tough decisions
Charlie, you really need to get another hobby with what you’re getting paid.
Which changes were positive?
I still see things as put together in B.C. times. What improvements did you see? I have not seen any change, only layoffs, people let go, people leaving as things are beyond obsolete here, getting older by the minute. Guy here adding more unnecessary process, maybe so he keep his job, not sure. Thing is, we no longer have manager, so not sure who monitors these things, so things only getting worse.
Well as long as YOU think he’s making good moves, I will give him a chance. Whew!
I know a lot of people hate him but in my line of business the changes have been 100% for the positive.
Your post says alot about you as a coworker and as a person. So sad...
You might be next. Be careful way your wish for