Thread regarding Wells Fargo & Co. layoffs

The GOVERNEMENT lol

Fixed it for you:

The GOVERNEMENT forces you to pay property tax that in many states is MORE than your mortgage.

Post ID: @1unz+1h6EFvq9

Corporate warfare and tax cuts for the rich scheme since Reaganomics (which hasn’t worked all three times it was tried). Trickle down don’t trickle. Rich men put the money in their pocket.

@1unz, Government.
Pensions faded out as the GOVERNEMENT forced companies and employees to put more and more money into a Ponzi scheme.
The GOVERNEMENT won't allow you to build a home without plans stamped by an engineered, a septic system designed by an engineer, a home energy audit, interconnected smoke detectors, etc etc.
The GOVERNEMENT forces you to pay property tax that in many states is almost as much as your mortgage.
The GOVERNEMENT won't let you buy a car without seatbelts, airbags, backup cameras, rear sonar sensors, etc, etc.
The GOVERNEMENT took away cars for poor people with their cash for clunkers scheme.

Back in the day, a man went off to work, while the wife stayed home.

They had a house and at least one car. Crime was practically non-existent in the suburbs.

The husband retired at 55 with a full pension. Despite eating fried potatoes twice a day, he lived until a ripe old age.

Now our country is very different. Unrecognizable by previous standards of living.

What changed?

So basically he's been CFO and CEO for a bunch of places known for bad corporate cultures. Neat.

@1zti+1h6EFvq9 Thank you for making me LOL this evening!

Reading a fluff piece about Charlie literally makes me nauseous.

Here is part 2 of the article

He joined Commercial Credit full time following his graduation from Johns Hopkins in 1987. Scharf went on to earn a Master’s of Business Administration from New York University’s Stern School of Business in 1991.

From 1995, Scharf was CFO of Salomon Smith Barney and its predecessor company and in 1999 became CFO of Citigroup’s global corporate and investment bank division. The following year, he became CFO of Bank One Corp., reporting to his former boss Dimon, who at that time was Bank One’s CEO. He held the CFO position until 2002, when he became CEO of the bank’s retail division.

In 2004, Scharf became CEO of JPMorgan Chase’s retail financial services division. He also went on to serve as managing director of the firm’s private investment arm One Equity Partners.

As his star continued to rise, Scharf joined Visa in November 2012, where he was CEO and director until December 2016. In July 2017, Scharf became CEO of Bank of New York Mellon and chairman of its board in January 2018. In September 2019, he took the helm of Wells Fargo, succeeding interim CEO C. Allen Parker in October of that year.

With his appointment as CEO of Wells Fargo, Scharf took what was described as “the worst job in banking,” according to the Financial Times. He took over a firm reeling from an accounting scandal that sent shockwaves through the financial sector, and the cleanup operation has occupied much of his time as CEO. During Scharf’s first few months in charge, Wells Fargo struck a $3 billion settlement to resolve criminal and civil investigations over sales practices and bogus account openings in the community bank division that have besieged its brand since the allegations first arose in 2016. In January 2022, the Office of the Comptroller of the Currency terminated its 2015 consent order over dubious marketing and billing practices in the firm’s banking business.

In April 2022, Scharf said Wells Fargo had made significant progress dealing with regulatory issues tied to its legacy scandals. “Building an appropriate risk and control infrastructure remains our top priority, and I continue to believe that we’re making significant progress,” Scharf said during a conference call to discuss the firm’s first-quarter results.

The CEO said the OCC’s termination of the 2015 consent order is a positive development, but risk and control work are ongoing.

“We have much more work to do to satisfy our regulatory requirements, and we will likely have setbacks, but I am confident in our ability to close the remaining gaps over the next several years,” Scharf said.

"..“You saw what it took for these people to hold down a job, provide for their families..."

Yes, EXACTLY Charlie! Now, can I keep MY job! I too work hard and have a family.

If only charlie were a scientist. He'd be able to build a radio with a couple coconuts and so we could finally be rescued.

When he took the reins of Wells Fargo in 2019, the veteran executive took on what was described as “the worst job in banking.”

By James Rogers|June 6, 2022

This is part of a series of profiles of top executives in the wealth management industry.

The chief executive officer rebuilding Wells Fargo’s reputation has come a long way from his childhood paper route in the Garden State.

Born in 1965, Charles Scharf grew up in New Jersey in what he described as “a very close family” during a March 2019 session of the “How Leaders Lead with David Novak” podcast, before joining Wells Fargo. “My parents worked hard … [t]hey were really focused on two things — they were focused on their family, and they were focused on work,” he said, describing the family home as a very small house. “We used to eat in the kitchen area, where the table was small enough and the room was small enough that you could reach across and touch everyone.”

Scharf’s father was a broker who worked in downtown Manhattan. “He used to leave when the market closed, he was always home for dinner and we shared everything around the dinner table,” he said.

The future CEO worked a paper route as a child and then, when he was 13, worked a summer job in the back office of the brokerage firm where his father worked. “I used to commute into Manhattan with him every day and it was just an amazing experience,” he said. “You saw what it took for these people to hold down a job, provide for their families.”

Despite spending his summers working in business, Scharf harbored ambitions of becoming a scientist and was considering becoming a research chemist when he went to Johns Hopkins University.

During the podcast, Scharf told Novak that, after spending a couple of years in a lab, he realized that it wasn’t what he wanted to do and redirected his studies to have a broad liberal arts focus. As a senior, he began working at Baltimore-based Commercial Credit after his father’s cousin sent his resume to Jamie Dimon, who at the time was the firm’s chief financial officer.

Scharf soon became Dimon’s assistant. “It was an amazing experience,” he said. “Think of a very small company where the senior team is involved in so many things. World class leadership: Sandy [Weill]; Jamie; a guy called Bob Lipp, who had been president of Chemical Bank; senior people from so many of the big financial institutions came to work at this company.”

You never know if you’d be better or worse with a different ceo, all you know is what you have in front of you. If instead of Charlie you get the dude from Better.com you wouldn’t necessarily be better off.

Next we'll being hearing false valor stories about his days as a Navy Seal. Not really working is a lab, but working deep secret missions saving the world.

The Amazon river runs for thousands of miles. At some points it runs through areas of the rain forest that are almost untouched and barely explored. Because of the porous limestone in these areas, the river water leaks through the stone and travels deep into the earth, and forms underground pools almost a mile below the surface. Over thousands of years, small blind transparent fish have lived and evolved in these pools. These fish have never seen the sun or surface and have never been seen by a human. These fish care more about Charlie than I do. #nomorecharlieposts

Of if he wasn't able to be Dimon's lap dog

Imagine how much better off all of us would have been if he had decided to stick with his first choice of career.