Thread regarding Wells Fargo & Co. layoffs

Chainsaw caves to customer outrage - lines will stay open in decision reversal

First it was "While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from," Chainsaw blunder. The outrage was swift, brutal and made national news.

This time, customers are outraged their credit lines being cut; message received and now the bank is reversing course, but not after irritating congress and making national news.

Not too smart folks - leadership needs to get his head out of his but, but looks like this may be impossible.

How many more mistakes by this guy will the board and shareholders put up with?

https://www.cnbc.com/2021/08/18/wells-fargo-is-no-longer-shuttering-existing-personal-lines-of-credit-after-customer-backlash.html

Wells Fargo is reversing an unpopular decision to shutter personal lines of credit for its customers.

Last month, CNBC reported that the bank had informed its customers that the revolving credit lines would be closed after a product review.

The decision drew criticism from consumers who lean on the product as well as Sen. Elizabeth Warren, a frequent critic of the banking industry.

Now, the bank has decided to keep the products available for those who actively used them or want to reactivate old ones, according to a spokeswoman for the San Francisco-based company. It will not offer the credit lines to new customers, however.

Here is the statement:

As part of our strategic review of businesses last year, we determined that our suite of other consumer products serve our customers better than personal lines of credit. As a result, we ceased opening these lines in May 2020, and recently notified customers that we planned to close existing lines. We heard feedback from our customers and that feedback is very important to us; we are responding by ensuring customers can keep these lines of credit open.

For customers who have been using their lines, we are informing them that their lines remain open and they can continue to use them. For customers whose accounts have been inactive for the past 12 months, if they would like to keep their lines open, they can call us or simply use their line. For those inactive customers who do not activate their lines in one of these ways, accounts will be closed on December 2, 2021.

Beginning August 17, we have been communicating with all customers who received the earlier letters to inform them of this change, using both email and written letters.

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| 2579 views | | 13 replies (last August 19, 2021) | Reply
Post ID: @OP+1coNG52z

13 replies (most recent on top)

@1mim+1coNG52z

Maybe he'll go to Amazon to head up Amazon Pay, where he'll be on PIP forever.

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Post ID: @1sjl+1coNG52z

I'd say he rates a Needs Improvement.
Performance outcomes were significantly below expectations, and/or there were one or more critical objective failures.
Performance did not meet established expectations AND/OR the employee did not consistently demonstrate an acceptable level of behaviors. The employee needs to improve performance significantly in one or more key areas of his job.

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Post ID: @1mim+1coNG52z

Wait, stop the presses! Chuckles actually listened to customers?

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Post ID: @1azg+1coNG52z

NP! I'm sure a few more low experience / highly compensated JPM / BNY white guys will fix it!

I'll bet Dimon calls up Charles every couple weeks to dump an unwanted executive on him. "Hey, I have this guy, I'd hate to lose him because he's so great, but I think he could help you..."

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Post ID: @1yea+1coNG52z

How many mistakes does this new leadership team get to make before they are deemed incompetent?

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Post ID: @1frk+1coNG52z

Two things:

  1. I applaud that he does listen and can admit when he’s made a mistake.
  1. More importantly, what’s the reason behind the mistakes? (He also reversed course on the decision to eliminate the 401K match on employees making over $250K/year). Apparently, he does not have his finger on the pulse of his employees or his customers or public sentiment And neither do all the highly paid execs he’s bringing in. What are these new people bringing to the table?

Any one of his long term employees could have guided him better than the people he’s surrounded himself with. If you surround yourself with the right people AND listen to them -none of this bs would be happening.

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Post ID: @1rtx+1coNG52z

Tough to respect a guy when you flip flop. You may not like that they were closing the lines, but you could respect it as part of the strategy. But now, he looks weak or d-mb. If you make a decision like this you need to stay tye course. Or it shows that you didn't think through this very carefully. So which one, d-mb or weak?

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Post ID: @1grb+1coNG52z

oh come on, give Charlie a break. He’s just telling the truth.

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Post ID: @1xco+1coNG52z

Gee, I guess that meeting between Charlie's main boy Bill Daley and Elizabeth Warren's highest honcho kinda failed, yeah?

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Post ID: @hol+1coNG52z

If only they listened to their employees. Do we need an act of congress too?

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Post ID: @mkt+1coNG52z

Looks like they are just extending the time horizon to soften the blow. We will exit that business, just not as soon as originally planned.

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Post ID: @tit+1coNG52z

Charles in Charge spends more time reversing his own bad decisions and trying to Wellsplain it to anyone who’s d-mb enough to listen, than he does CEOing. What does he do again?

Watching the constant implementations, flubs, reversal from implementation and flubs, and general incompetence would make for a great episode of “The Office” if this wasn’t effecting people’s actual livelihood and well-being.

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Post ID: @tvj+1coNG52z

Without failures, chainsaw would have zero accomplishments.

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Post ID: @awn+1coNG52z

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