Thread regarding Wells Fargo & Co. layoffs

I have an idea….

… to start a campaign to get Charlie removed. He is failing in every way imaginable as a CEO [Stock price, dividend cut, #97 out of 100 banks (!), instability at the top, failure to get us out from under the asset cap, profiting while putting the bank in disarray - I can go on.] This guy is making fools of our Board members and laughing all the way to the bank at the expense of the shareholders, the employees and American jobs:

Fact - containing letters to the media to prompt investigative stories.
Fact - containing letters to the Senate Banking Committee.
Fact- containing letters to the Board asking for a public response as to why they gave Scharf a 20% increase.
Fact- containing letters to the largest shareholders to spark questions and demand answers
Interviews with top executives who have left the bank.

The reason I stress “fact- containing” is that nothing needs to be misleading, dishonest or exaggerated. No non - public information. The truth is all that’s needed once people see the litany of facts laid out before them.

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| 1735 views | | 10 replies (last June 15, 2022) | Reply
Post ID: @OP+1hflkrdx

10 replies (most recent on top)

Charlie is doing exactly what the board hired him to do. You're dreaming.

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Post ID: @wbl+1hflkrdx

How would the board find someone else that wants to work for only $100,000 per day?

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Post ID: @yhx+1hflkrdx

Moot point not mute point

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Post ID: @zup+1hflkrdx

Post ID: @whe+1hflkrdx

I’m not impressed with our do- nothing Board in any way, so Charlie doing EXACTLY what they want is a mute point (to me). I’m glad you pointed that out, tho, because the raise they bequeathed to Charlie hammers home what a sham the supposed leadership of this bank is. It’s a money- grab, plain and simple. The shareholders and the employees need to start speaking up.

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Post ID: @ayk+1hflkrdx

OP here. Appreciate and respect everyone’s input.

I see a wrong - I need to try to make it right. I don’t “not try” because it will be difficult or because others have tried and failed. In fact, that is what motivates me.

Charlie has negatively affected the lives of too many people I care about. He has abused his power, he is disloyal to the country he achieved his wealth in, he is profiting at the expense of others. At the very least, he has unquestionably proven himself to be the wrong person for the job.

Sometimes the little guy has the loudest voice. I have the time. And I have the will.

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Post ID: @duh+1hflkrdx

A final thought: where do former WF CEOs go after WF? No where. WF is the last stop, at least for now. That's why CS got that huge paycheck when he signed on. He also more than likely got assurances that he would have a number of years in WF's employ. If you're looking for him to get punished, don't count on it. Even if they terminated his employment today, he still has paydays coming.

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Post ID: @trb+1hflkrdx

Couple of things OP:

  1. You are expecting them to answer. There will be no answer. They will ignore your letter just like they have ignored multiple letters and emails from everyone else. Do you honestly think you were the first to come up with this idea?

a. Media - they don't care. WF buys ad time from them and sponsors their pathetic causes.
b. Senate Banking Committee - again, they don't care. If there are no new soundbites, they have no interest. You think because Warren, et al. have criticized WF that they give a cr-p. They don't. In fact, I promise you senior execs and board members run in the same circles as Warren and her friends. These are soundbites to make you think she's on your side.
c. The Board - they will just ignore you.
d. Shareholders - see c. Buffet checked out. Do you think anyone holds more sway?
e. former Execs - if they want to keep their golden parachute, their NDA will keep them from talking. Besides, do you think they will incriminate themselves for the crimes they witnessed and didn't report?
This isn't a feel good, power to the little guy movie. This is real life. For every Erin Brockovich, there are thousands of instances that go unreported and companies that go unpunished.

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Post ID: @vee+1hflkrdx

Charles is doing EXACTLY what the board wants him to do. I agree that he's failing, but the idea that he's not in lock step with the board, not buying it.

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Post ID: @whe+1hflkrdx

The board hired him. They'd need to go as well. It is clear they have no problem with the hiring of JPM Chase failures.

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Post ID: @jjf+1hflkrdx

Replace him with who?

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Post ID: @tkn+1hflkrdx

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