@2xco+18pC21p Charlie actually is the victim here. Sellers did not disclose incomplete projects and outstanding and actually represented that there were no agreements that would be binding on…or adversely affect Scharf, the purchaser.
I hope that we all can agree that he was victimized and deserves redress through the courts. It’s not whining to sue over a several million dollar swindle.
He doesn't care about the company or the "employees" at all! He is here for the payout he will receive after he cuts thousands of employees and improves the efficiency ratio he keeps yapping about. I actually wish he would be in hiding more - the sight of the crooked, condescending smile on his face on Teamworks every day is disturbing!
And today there is a post on TW about Charlie visiting employees in Charlotte :)
Is anyone actually thinking that someone this naive and whiny is capable of turning WF around?
https://nypost.com/2018/09/10/bank-of-new-york-mellon-ceo-sues-over-18-5m-penthouse-deal/
CEO actually does care about the engagement/morale of the employees. The lower that they can drive employee morale, the more likely that many will leave on their own without associated severance costs. It’s important to save that money cause it’s expensive to cut headcount.
This place is toxic beyond belief. I felt it at a low level, i can only imagine what a high ranking person feels. I would be in hiding too. They do anything to make people not only quit but to destroy them and their health which we all know what this leads to. Of course he had to bring in new people, no way the ones here would do anything to help. This is no joke.
I recommend he replaces everyone here and get people who has the right skills to do the work and layoff the 80k.
He’s not in hiding when he’s out maskless with the many pretty people in the city, and I swear, some of them are girls.
Employee morale is a concern of companies that are looking to attract top talent, keep them happy, and grow the business.
Does that sound like Wells Fargo?
Of course not. Wells Fargo is on the opposite track. They’re all about cutting non-core businesses, closing locations, and reducing headcount.
Morale is not a factor. Just doesn’t matter.
Seems he is just breaking it off and selling pieces at at time
Scharf cannot sell Wells Fargo to Goldman or JPM
GS does not have remotely enough money to buy WF. WF has a balance sheet that’s double the size of Goldman’s
JPM cannot buy WF, there is a cap on total deposits and the the regulators would NEVER allow this much consolidation.
I don't agree with your third point re: selling the company to GS or JPM. You do have to wonder why Wells doesn't take a hint from other companies and move it's headquarters out of SF. This would be a quick win for Charlie and the company through tax, real estate and salary savings.
Breaking news: there's this thing called COVID-19...
Lots of people across the nation have been "in hiding" since April or so. It's not limited to executives or WF employees. Executives and managers can conduct a lot of their work by phone/txt/email/Skype/teams, so that's what they've been doing. Rest assured there will be plenty of CEO townhalls and rah rah meetings in your future.
As far as the task before the CEO goes, sure, reducing costs and resolving our regulatory issues / asset cap is job 1 and 2, and it should be. That task may or may not be effectively executed, time will tell, but it's clearly a reasonable approach for a bank in our position. I mean, what are we supposed to do, waste money and not worry about the asset cap? Makes no sense.
Shareholders come before employees... Sad but true...
I think many would agree with both those points. He is a short timer hired to make the stock price look good, that’s why he doesn’t worry about dealing with the fallout...and believe me with the terrible decisions on who to layoff there will be.
Chainsaw Charlie has a few goals.
Why would he care how we feel as employees. It does not benefit him.