Where would we be now if:
- John Stumpf and Carrie Tolstedt hadn’t pressured employees into scamming our customers? If Compliance and Human Resources were managed properly, if our BOD had taken there fiduciary responsibility seriously, if our leaders listened to Whistleblowers rather than firing them?
No Asset cap, no billions of $ lost to fines and lawsuits, no embarrassing testimonies before Congress, no time and money wasted digging up problems from prior years, no distrust from all stakeholders.
- Our BOD had taken it all seriously and put someone in the CEO seat other than Stumpf’s #2 man, Tim Sloan. What if Sloan had focused on the regulatory work rather than wasting money and time on expensive and misleading marketing campaigns, putting us further behind our competitors? What if Tim Sloan had spent $42 Billion on improving technology and infrastructure and hiring talented ethical people rather than company stock buybacks to line his own pocket?
No asset cap, no need for dramatic cost cutting which puts our long-term growth at peril, reduce employee headcount through attrition, no distrust from all stakeholders.
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- What if the BOD had hired someone for our 3rd CEO other that Scharf? What if they had brought in a CEO who did what he promised he would do which was to make our regulatory issues “his #1 Priority”. What if Scharf spent $18 Billion on improving technology and hiring talented ethical people rather than company stock buybacks to line his own pocket? What if our BOD had hired a strong modern CEO who communicated openly and often with his employees, who united employees rather than dividing us, who had a clear vision for the bank’s future and was smart enough to achieve buy-in and generate excitement towards that future? More simply: a CEO who valued and respected his employees?
Wells Fargo out from under the asset cap thriving and growing, new talent wanting to work for us, talented loyal employees working together to achieve success for themselves and the bank, trust from regulators, no additional money lost to fines and lawsuits and instead invested back in to improving long-term growth, WFC in the news every week for positive developments and successes, stock soaring to new heights due to shareholders’ renewed faith in our potential for continued growth and stability, customers recommending WFC to their family and friends, WFC a leader in banking and taking a stand against other banks who are offshoring American jobs.