Thread regarding Wells Fargo & Co. layoffs

He is saving the bank. Blame the people who created this mess, not the man hired to clean it up, garbage men and plumbers who deal with a lot of sh*t are among the well compensated blue collar jobs. No surprise that we needed to pay up to bring him in. He is succeeding wildly in all aspects except communicating openly to the teams. He just is a cold fish and that’s not going to change.

The new CEO has not done anything to improve my work life. Like many here have said, I too have spent more than 15 years here. I have been working with the same team for the majority of my time here. Unfortunately, the changes to the C level Charlie has made, has impacted our group as managers have been let go, creating instability, everyone for him/herself mentality, and an overall decrease in work culture/happiness. People now just do their job to prove their worthiness and there is no camaraderie any longer.

BUT this is not the CEO's problem, nor does he care about this. He shouldn't. He was hired to perform a specific job of turning around WFC. This includes dealing with the regulators and handling the consent orders, in addition to, embracing tech as the next generation of banking and moving away from brick and mortar branches as digital banking is quickly taking over. WFC as a business went from the darling of the investor community to the doghouse.

The takeaway for us team members is that nothing good is forever. Our experience here in the past was great and the environment was awesome. It is time to move on. It is hard, I know, as human beings to feel vested in this place. The reality is that we are equipment that the business uses/leases to perform a function. It is up to us, as individual professionals, to maximize our earnings potential and find stability elsewhere.

@1ggv. I am in IT and I also was so disgusted and ashamed of what Wells did to our customers. Carrie Tolstedt and Stumpf are disgusting. I still remember the email from Stumps praising how great Carrie is when she retired (more like take the money and run from the crime scene). I am praying that we are truly clean now because you don’t usually know how terrible they are until they leave and with their golden parachute. While its true that Charlie salary is insanely high but those execs who involved with the scandals also walked away with so much money and left even much bigger mess for Wells to deal with for years. Not just the customers being screwed but everyone at Wells are paying for their immoral acts now

Post ID: @1ruc+1bbnaWNn

Point taken. I’m in WFA and my job does specifically help WFA customers, so I’ve always gotten job satisfaction from my role. But having said that, I am disgusted by the bank side and struggle being associated with the name.

@OP. If you are the person who does not work just for the “paycheck” then you should not work for Wells knowing what they did to their customers.

@ftp+1bbnaWNn. Bag holders like you are d-mb. Those who took advantage of plummeted WFC are not.

It all starts making sense if you start thinking of Charlie as Negan.

@ftp - once a loser always a loser!

@ftp+1bbnaWNn. Plummeted WFC was the best buying chance. Bought a bunch of WFC in the low 20s and couldn’t be happier now. Shareholders are not complaining

hey stock price plummetted with this regime, so its not even at where it was, so are you d-mb? They took 20 steps back and 10 forward, they still are in the negative; I would suggest you take some basic match classes!

@paw+1bbnaWNn. A few dead wood I know got laid off, plus a few mangers with only 3 people reported to them got laid off. So far based on what I see all laying off decisions were good decisions. It has to be done and it’s about time

Since when do layoffs equal more efficiency? Can't do it without well developed, thought out processes.

It's not all Charlie. This company is ran by many people. And the culture has not improved at all! It is worse. The TM experience is god awful. I hate how it is. So many awful managers and not leaders. They don't give a Fxxk what experience you have.

@kxi+1bbnaWNn. Drama queen R Us..

Some men just want to watch the world burn.

Not a CS supporter. However understand that he was hired to fix what others royally screwed up. His job is not to be everyone's favorite guy but to get the company back on track. Looking at the facts and results since his joining, hard to argue that he is doing anything other than what was hired for. The comments about him not telling about layoffs, etc. are just ignorant. No company is ever lead by telling people that before making it happen. Look around - a lot of you need to go. Hiring here over the last 10 years has been awful.
But the best response to this question has been stated - own your own career and stop blaming others. CS is not directly impacting anyone's career who is posting on this site.

@mia+1bbnaWNn. You expect CEO to know how quickly you get your job done? Find a company that has 15 employees then the CEO will know how fast you work. Well.. maybe

@ool Absolutely agree, but either way, I'm being paid to improve myself. If I get laid off I can just take a higher class load as I'll have even more spare time.

@mia. I rather for Charlie to tell me up front that there will be laying off than not saying anything.

Post ID: @cba+1bbnaWNn

OP here. I said “hoping” next CEO will be better. I don’t know one way or the other, of course. I spent most of my career at a mid-sized regional brokerage firm with an excellent CEO who set the tone for a team environment and, for the most part, followed a Golden Rule style of leadership. So I know those types of leaders exist, though maybe not for a big bank.

No CEO has ever done anything to positively change my life at any job I've ever had. That's not really their role anyway, so I don't begrudge them for it. CSs job is to ensure the future viability of the company. The board has a vision for how to get there, and the primary things to do now are reducing headcount to get more efficient and to make the regulators happy so they get off our backs. It may be a good vision, it may suck, but that's their plan. CS, like every CEO before him, is the person who implements what the board wants. I don't have a favorable or a negative view of him, or the former CEOs. They just "are", like the sun or moon or gravity. I'll never meet them, they're just sort of out there doing their thing. If I get laid off tomorrow, I wouldn't blame Charlie. If it wasn't him it'd be someone else. Either way, I don't give CEOs power over my happiness. By and large I don't think about them or worry about them. It's only when I come here that they really enter my consciousness. Otherwise, I have more important things to do and be concerned with.

Not a Charlie supporter, but his threat of layoffs and mismanagement leading to my high-performing, best of the best team turning into a clusterfsck has prompted me to finally go back to college and complete a degree to get out of here since the field I'm aiming for will pay me handsomely for my experience. The jobs I'm seeing are offering over double my salary for my skill set combined with a degree.

And the beauty is I can complete all the work during business hours since I'm that efficient of an employee. I do more work than most of my team while spending less time doing it. But WF doesn't value me as an employee for doing it.

So thank you, Charlie. You destroyed this place and prompted me to rethink my career for the better. No more loyalty, purely transactional business. You're now paying me to go back to school in order to escape your company for greener pastures. I won't even be kept by your tuition reimbursement strings, since I make enough already to avoid it.

Charlie needs to lay off people. Simple as that. No complaints here

I am not sure. I agree with his decision to remove spans and layers. Great decision.

If Charlie moves on what makes you think the next CEO will be better?

Not just Charlie, Stumps and Sloan did not do anything for me either. Stumpf was the reason Charlie is here. To me Stumpf was worse than Charlie. Wells customers were screwed badly

Je suis Charlie! We are all Charlie...

Everyone is a grown up here and capable of making own decisions, so I wouldn't tell people what to do. For some, career doesn't matter as they have extracurricular activities that can be focused on while the workload is light here. As far as I'm concerned, this place is for incompetent, slackers and those who don't want a real job. I'm sorry for those serious about their careers and what it means to them. I suppose this would be another reason to run fast from this place if you're career oriented.

Spend less time here, less time from being obsessed with Charlie and more time in looking for another job you will be happier. I am not a Charlie supporter but I don’t expect him to take care of my career either.

Charlie has done for me the same as all the previous CEO's at every company that I've worked for - not a damned thing which is good because that's not what he's employed to do. My job is the tactical execution of their (the board and SLT's) strategic plans.

The stock is up, rated a buy and we're slowly getting out from under the public consent orders. That's his job and he seems to be getting it done according to most people other than those who seem to frequent this board.

That having been said, I'm not a fan of his personally (he's a terrible public speaker). I didn't mind Stumph but look at the mess he made. At the end of the day, our opinions aren't worth the paper they're printed on.

Changes so far only for worse. I am in Risk/Testing. Replacement for head of testing is underwhelming to say the least. My team used to specialize in functional areas. Now we are a part of a bigger pool. Most recently assigned to paper pushing type of work for which we are over-qualified for. No career management or room for growth whatsoever. And we have managers who lack knowledge, experience and skills, so in addition to doing own work you have to work around incompetency too. They should all managers go that were promoted or hired during the time Meeta was the head of testing. I personally see Mandy as responsible for this (and equally incompetent). All they did was spending money on KPMG bringing 'quick fixes' which was not solving real problems. Now we do paper pushing they should send to India - I suppose to keep us on the books to make it look like something is being resolved. It's all smoke and mirrors. I am personally looking for other opportunities because being here in a dead end job is a waste of my time and energy.

I am happy that the stock has gone up since I was foolish enough to leave that as the default option for my 401k. I don't enjoy working here and honestly expect it to get worse rather than better so if that is the case then I guess the gutting of the company may be to my advantage. I actually don't have a huge incentive to leave on my own while they are handing out severance packages. Messed up environment, eh?

Good luck with your job search. It’s a right thing to do.