Yup, smart leaders are using this opportunity to sn---h talent away from id--ts who are forcing their employees back to the office. Those companies are going to prosper in the future while dinosaurs like Wells Fargo are going to continue to lag behind. Charlie has proven once again he is no visionary, that's for sure.
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@1jkn+1g9NvIFk
Hence the reason Stumpf will be the last Big Bank CEO not purpose-bred and groomed for the C suite.
Personally I’m in the Stumpf gross incompetence camp.
Carrie Tolstedt was the willfully criminal one IMHO. She would put on this sweet old lady who loves her dad act when the plebs we’re watching but I was close enough to the inner circle to know that behind closed doors she was a menacing cruel little monster with the RBEs and their directs. It was an open secret among the senior leaders in retail. The only one who really liked her was Pam Conboy and her region was the worst offenders for fake accounts.
Stumpf on the other hand was a gifted speaker and politician, but he was also a clueless buffoon, bumbling along in his stagecoach fairy tale thinking he was a genius. Carrie had him wrapped around her pinky.
Large corporations - both in and out of financial services - are heavily leaning into the "hybrid" model.
Smaller companies are more likely to use this as a lure to attract workers. Be sure that you are looking "under the hood" at everything the new company has to offer and what's expected of you. More and more people are finding out that companies with 100% remote also have trouble with work-life boundaries, and expect their employees to be checking and responding to emails nights and weekends, etc.
the above aren't true in 100% of cases of course, but that's the way the picture is emerging now. Choose wisely.
let's all just remember that the reason we are in this s--t ho-e is because of John Stumpf's complete incompetence (benign explanation), and possibly, intentional criminality.
@1woy capped off by a lifetime ban from the banking industry for fraud.
@1woy+1g9NvIFk I was not aware of Stumpf's background, interesting.
Ironically Stumpf was one of the few big bank CEOs who wasn’t there by birthright. His backstory was classic “American Dream”
A mediocre C student raised by dirt poor chicken farmers in rural Minnesota, started with Norwest working collections in a basement cubicle and repoing pickup trucks from drunk angry rednecks before slowly working his way up the ladder in credit eventually making his way into the C suite.
The chances of any big bank CEO ever coming up that way ever again are slim to none.
The pressure is on, from lots of angles, to get people back into the offices. Leadership is just doing what they're getting paid to do.
@syv you need to stop confusing privilege with intelligence. Charlie was handed his first executive job for complaining about being bored, to the right person.
@syv+1g9NvIFk: I would contest your theory that those who "rise to leadership positions" are smart. In my 40+ years in Corporate America I have observed that the vast majority of these "leaders" are only there by BIRTHRIGHT passed on for generations; or by the fact that they KNOW someone who has that very BIRTHRIGHT. Our current "leadership" is proof of that.
Strange thing is that people who rise to leadership positions at a huge bank like WF are not id--ts. They're very smart, very talented people. No doubt about that.
But in this situation they (and others like them at similar companies) are acting in an utterly uncharacteristic - and shall we dare say "downright stupid" maner. It's as uf these uber-smart leaders of industry are totally unable to see the world in the same way that almost everyone else does.
Why is that...?
I sure don't know. But one thing that I do know is that future psychology students will be doing some fascinating PhD dissertations as they try to describe this behavior, and massive case studies will be done by advanced business school students as they try to explain the evolutions of these failures from their perspective.
We're watching history as it's being created.