It's been exactly 18 months since Charlie took the reins and I see no substantial improvements from where we were before him. The stock has been improving lately but it's still far from the $51 it was when he took over. The only thing he did was to make sure to cut as many employees as he could. That's it. Is that the kind of genius leadership we're paying the big bucks for?
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@1fvr+1a4y5Tus he's the only one that would take the job. Others ran from WF
Charlie is the best CEO Wells has had in over a decade.
If you disagree, answer this simple question...how did he end up here?
Clearly you have not seen Charlie’s Trophy Guitar collection recently. In addition to the Strat and Les Paul he’s acquired a sweet PRS and a k–ler vintage ES-335. Hopefully he will rock out with them at the Town Hall.
@1gp what you said is spot on, but it’s only coming from the employee perspective. The unfortunate thing is that as long as the company is publicly traded, it will always fall under the mercy of shareholders and corporate raiders who don’t give a damn about the corporate culture, they just look at the financial numbers and try to squeeze every single dime out of the company
a very bad CEO and I hope he gets replaced. THe businessess he is selling are ones Wells will have to rebuild in the future to stay viable (what top 5 global bank doesnt have an asset management division??) He has not been able to impress regulators with his cost cuts and all the same risk issues are still here. At what cost is he trimming- I dont believe its all dead weight-
Your reference to stock price exemplefies the problem! Too much focus on stock price (profits too) and not on morale, leadership, common goals and clear, transparent strategies and employee engagement. When you focus on the latter things, growth and profits follow.
@won. Agree. Wells needs to be fixed. As simple as that. Wells package is very nice. Whiners whine.. nothing can please them
@won. Love your post. Finally a fair and insightful post
Charlie may lack the warm and fuzzy folksiness of ole what's his name (Tim Sloane?) but he's making the hard cuts, and not candy coating things, and that's what WF needs. I just got laid off, and I still believe this. No one on my team would ever call me dead weight – I fell victim to spans and layers – i had 8 directs and then that number got cut in half and my TMs who got cut were solid contributors. It's just business. I also think the severance package is quite generous, for someone's who been here 3 years, I'll get essentially 4 months of pay plus a 1 month + of paid out PTO. It's easy to vilify WF, and there's a lot to be critical of, but as hard as this layoff stuff is, it's completely necessary. And while Scharf may not be a visionary CEO to lead WF far into the future, he seems like the right man for the task at hand.
Quite the myopic point of view you have. He's actually done quite a lot in 18 months. Most of the board has been replaced, non core businesses sold off and yes, the long overdue expense reductions are underway. Most of the org has been restructured and maybe, hopefully, our technology will be dragged kicking and screaming into this millennium.
Wells has lots of dead weight
so yes he would be a genius if he gets rid of them all.