For God’s sake, let’s get rid of him before there’s no bank left to manage.
Our subversive CEO is “slowly boiling the frog”. Charlie is gradually selling off profitable pieces of the bank, downsizing parts of the bank which were profitable before he took over, and appears to be investing little in to the bank’s future. (Technology is backsliding. I don’t see any visionary “competitive advantage” transformations happening.) He is offshoring every job imaginable. (Ask your manager about the e-mails pressuring him/her to specify every possible position to be sent to India.)
There seems to be no movement on his “#1 goal” to get WFC out from under the Federal Asset Cap.
Charlie is slowly destroying our ability to compete amongst the top US financial institutions. He is actively cutting our product mix and damaging our ability to serve our customer’s comprehensive needs. He has created a toxic culture which is is unable to attract and retain the right talent.
One has to ask the question: Was this the plan at the onset??? Dismantle the bank without putting shareholders on high alert? Charlie gets to walk away with his personal retirement fully funded and everyone else is left holding the bag…hmmm.
The only people profiting from these 3 damaging years are Charlie and his executive cronies. Who’s not benefiting? Wells Fargo. Our shareholders. Our employees. Our customers. Our communities. American workers.
Before some else says it, let’s get rid of the entire BOD while we’re on the topic. They are the jokers who picked him and who, not only let him keep the job, but gave him a 20% raise. That is an insult to shareholders’ and regulators’ intelligence. Board members are supposed to be stewards of the public trust.
In conclusion: WFC stock is 7 points LOWER today than when Charlie took leadership of the bank, while the DJIA is 5000 points HIGHER. The dividend is 40% LESS than it was before Charlie slashed it. We are still not out from under the Federal Asset Cap, and there is no ETA in sight. Scandals continue to unfold. The needle is pointing in the wrong direction. What more clarification does anyone need?