Thread regarding Wells Fargo & Co. layoffs

Executive Churn

Many of us with degrees have hears the phases of team building.

Forming
Storming
Norming
Performing

It's fairly standard stuff and as I was thinking about my new team and how its not really doing any of these, (although I suppose technically its in forming) I couldn't help but think about what I am seeing for the C Suite executives through two downs.

Almost every leader we have is brand new at this point. They have been hired into a vaccuum of culture with a mandate to create one on the fly.

As I perceive their performance to date it has been a cascade of shuffling as they try to make sense of chaos and mini cultures based on self preservation have taken shape.

While I applaud the efforts to keep the wheels on, I still to this day cannot put my finger on what our strategy is and how each line and support function map to that strategy.

IT seems to be doing the best so far but its a strategy independent of lines. Paltry attempts to create line liaisons have occurred but it appears to just be a mechanism to inform business of what is being done, not a partnership driven by strategy.

Our agile support functions seem to be stuck in neutral and I am not sure its thier fault. I would say they have done best they can without the clear push of needs from the business to refine how work comes in and is processed.

I get the sense that LOBs are in crisis mode as they lose market share on product offerings that are just modifications of existing products. There should already be innovation teams and product owners fighting for offerings to make it to development. I am just not seeing it. I see existing maintenance and modification being the bulk of work.

Its my observation that new executives are being brought in with the usual bait and switch tactics and get her and are paralyzed by the sheer dysfunction and amorphous goals in a culture that is tearing itself apart to try and meet staff reductions that also are not tied to a strategy.

I would freeze too, before I assessed the situation and did cost benefit and what I can do versus what I should do.

Their newness also robs them of context and by extension a boldness to speak to real needs with the courage to say no.

I could be offbase, but I have never seen the complete replacement of an entire leadership caste this fast, and a simple metaphor to me is this: if I put a bunch of new naval cadets on a ship with general training in how a ship works then tell them to sail the ship into war but they are encouraged to make it hard on the engineers so 15% of ghem quit, how successful could they really be?

The ship might sail and it might even get to fight, but it will fall into disrepair and its people will ve exhausted doing what used to be done by a team. They will fight for resources and respect but in the end, they too will get tired. And leave for a ship with a captain and crew that can help them succeed.

We are not even done with forming and storming is overriding the first phase of getting people aligned to problems.

We are sinking our own ship and encouraging people to jump overboard.

by
| 1216 views | | 5 replies (last July 22, 2021) | Reply
Post ID: @OP+1bX6XD9F

5 replies (most recent on top)

I’ve also wondered if this is setting the stage for major elimination of large parts of the banking industry (broader than wf) when CBDCs arrive.

by
| | Reply
Post ID: @osm+1bX6XD9F

"We are sinking our own ship and encouraging people to jump overboard." Yes, something isn't right. Almost like a salvage operation before an M&A. Unless they have a major concern about Central Bank Digital Currency (CBDC) potential for eliminating banks.

by
| | Reply
Post ID: @ivm+1bX6XD9F

Offshore support id definately worse and they seem very reticent to admit defeat and escalate to L2 in the states. I had an issue and knew what it was from prior experience elsewhere.

I told the L1 guy and he went through scripts despite being provided the screenshots showing the authentication error cascading across systems.

After three calls where I got different reps each time and two restarts, I finally got.sent to L2 who got to me 3 days later but once on the phone solved the issue in two minutes.

How did this save the company money having me down this long and involving four people?

by
| | Reply
Post ID: @htb+1bX6XD9F

OP, you are in the right ballpark.

Look at tech. How many of the C-level tech executives have a technical degree? One or two.

This is probably the best illustration of a systemic problem. The solution is to import more such folks from JPM? You gotta be kidding .

by
| | Reply
Post ID: @urb+1bX6XD9F

well good points and 99.9% of new leaders have JP Morgan Chase experience if that helps answer your questions. And they all seemed to be offered greater roles and I am sure greater $$$ to make the moves. Its also ironic to see SMEs in technology being replaced by offshore and development slows down and support is worse

by
| | Reply
Post ID: @eur+1bX6XD9F

Post a reply

: