Thread regarding Wells Fargo & Co. layoffs

@evq. Lessons were learned but the last administration overturned most of the regulations that came out of it. So some people haven’t learned much at all, and some of those people are still “representing” us.

Executives line their pockets whether a company is growing like crazy and raking in zillions in profit or they are going down the tubes, so I'm not sure that's an informative metric about the future. We'll see. I do believe that a leaner company with lower costs will be a better company, the trick is surviving the cuts to be a part of it.

Post ID: @1yfd+1anzCgHH

OP here: I’m not really motivated to go out of my way to give advice to someone who refers to me as Captain Obvious. If it’s all so obvious, it sounds like you should be able to figure it out for yourself.

@lgy+1anzCgHH

Err.... our eggs are kinda sorta actually all in the basket of someone who doesn’t care about his employees or the company he’s running. Any real advice Captain Obvious? Not a great job hunting environment... and with an average of probably 6 months severance + 2 month Warn act time that’s a better secure choice than jumping. I got kids in college, other family obligations and can’t exactly make a bad choice...

Post ID: @clu+1anzCgHH

OP here. You are absolutely right. Good point.

OP, some very good points you raise. One tip: Maybe don’t be a typo n–i when you’ve got a pretty egregious non-typo error in the thread title. I cringed when I noticed it, and cringed again when you called out the “thye” typo. I am a grammar n–i, but normally only in my own head.

Agree with the OP. Trust your family and your long-term friends. It would be incredibly naive to trust Charlie Scharf. I always think the people out here, who are so pro-Charlie, are either his children or his wife 😉.

Having said that, I hope he proves himself worthy of trust, and we can one day say he was a great CEO when we look back.

Charlie is turning the company around.

But the Charlie haters gonna hate.

Sucks for you

Add Enron and WorldCom to the list! The common denominator among them all is arrogant leadership who lacks accountability!

Post ID: @mzy+1anzCgHH

OP here

I just listed the larger financial companies, didn’t include the smaller ones.

I would say the banks who have not failed have had good leadership. We have not, and I’m not sold on Charlie. I am at least 50% concerned that he is sacrificing the long term health of WFC for short-term gains, which is exactly what these companies who failed did.

I worked for Wachovia and had friends who worked for Bear Sterns and Paine Weber, so I have a different perspective. The CEOs of these companies were all lining their pockets and burned their employees and investors. Charlie has done nothing to earn anyone’s unfailing trust.

Just because some other business went belly up doesn't mean this one will. I mean, there's 6000 banks in the US that haven't gone bankrupt. Would a list of them prove anything about future WFC performance? Not really. Neither does a list of failures.

Post ID: @jdn+1anzCgHH

OP here: Yes - you are right. I just prefer to not debate with those who are petty, immature and not willing to deal in facts.

My post is all factual. You may not agree that it can happen here, but neither did the employees/investors think it could happen to the companies I’ve listed. They all had successful profitable respected businesses at one time. I am, obviously, not a person who blindly accepts Charlie as our savior. People thought Stumpf and Sloan were great too, FYI.

Time will tell, but don’t put all your eggs in the basket of someone who doesn’t care about his employees or the company he’s running. Charlie is in it for Charlie, from what I have observed (that’s not a fact, just my opinion). IMO, Charlie will be in and out, and we will once again have to pay for the aftermath.

how is he getting it back on track? the main investor dumped the stock for a good reason - Warren Buffet.

They needed a CIO more with technical side as a priority, this would also include: people, process and technology. Fixing all of these areas. Also moving towards teh future versus following an old bank that wont be able to survive against innovative companies.

The previous leadership (Stumpf, Sloan, Kovacevich ) drove us into the ground.

Charlie is getting us back on the right track

Post ID: @jen+1anzCgHH

It's a public forum so the responses aren't your choice anymore than the nonsense posts are not ours.

OP here:
Post ID: @pen+1anzCgHH

Yes. “Thye” actually work here. I have more respect for Response #1, which is rooted in a fact, then yours which is rooted in pettiness.

I don’t need for people to agree with me , as long as they can provide an intelligent counter-argument.

Wells is fine. Hopefully weeding out people like the OP if thye actually work there.

Nope, Wells Fargo net income for Q1 2021 was 4.7 Billion Dollars. Beating all estimates. Also Wells Fargo has pretty deep pockets close to 50 billion dollars in reserves if the economy goes haywire again.

Lessons were learned when these companies went under.