Time to leave WF, big guy! Just like you left BNY Mellon in the lurch after the "turnaround" -- and please, don't forget to take all your buddies and relatives to your next s-u-c-k-e-r employer.
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Hey - Hmm, that's a wacky post about the Demon Left by @1xvl+1c4iUbYQ.
This ain't about politicians -- it's about Executive Pay; i.e., the Over-compensated Exec against the Typical Wage Earner. Feel free to make your "trickle down" economics arguments or explain how such executives actually add long-term value.
I think the comments here validate that the average person really does not understand why Charlie was hired and what he was tasked to do as CEO. He is doing what he was brought here to do and the honest truth is that improving morale was not on the list. He is here to improve the business. We are far too big to worry about pockets of morale issues and far more impacted by the current government watchdogs in our current environment. Charlie will get a big new job after this because he is doing what he was asked and what he said he could. The next CEO of WF will be tasked with fixing morale where needed in the company.
Original poster here -- agree with most comments. My point is that this CEO will jump at the drop of a hat for a "better deal" -- and he'll make sure his next s-u-c-k-e-r employer over-compensates him for any WF stock options. Not saying he's any worse or better than any other CEO -- just saying that he has inspired pretty mediocre analyst ratings -- don't think he has ability to move the stock price much.
Bill Daley was hired at BNY Mellon when Charlie was there. Same with Powell and Santomassimo. I think you're stretching the truth a bit there.
They’ll bail right before it all comes crashing down which will be next year. He has done it before.
Very soon after we got Charlie, I realized it was a hire weighted in favor of left leaning politics from the financial world. This was needed to fight off and / or appease the left -leaning and bank-hating Elizabeth Warren and her goon squad. Cement this with Charlie's hiring of Bill Daley who has bed fellows all over DC on the left and in the center as proof that WF wanted to schmooze Warren and derail any more regulatory hits, which buried Stumpf et al. Say what you want about Charlie, but the regulatory monsters have pretty much receded. I leave predictions as to when Charlie moves on to others.
Unfortunately we're stuck with this group for several more years. The board doesn't have the appetite to cycle through another CEO and OC regime that quick again. Plus they are all buddies and hang in the Hamptons and wherever else on the company dime. The good ol' boy system is alive and well at WF. Their all mighty stonk options are a huge reason too.
Where would he or the others go to make this kind of change? Love it or hate it, they are here for a while.
Take a look at how much of Charlie’s and friends comp is in the form of stock options. They aren’t going anywhere for 3-4 years. This is the last stop for a lot of these guys; they walked away from big payouts at Chase. They aren’t going anywhere without the huge payouts they were promised when they signed up for this stint.
Not with the current head count he won't. Late 2022 maybe, no earlier. His job is to drop costs and get regulators off our backs, and he's only just begun.