I read an article about a company that recently replaced its CEO. The new CEO was asked how he planned to gain the trust of employees. I laughed, thinking about how Scharf had the same opportunity to improve the lives of 260,000 people and chose betrayal instead.
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@c6 if you take care of the employees they will take of the shareholders. Or do you think this is the return of the robber baron era?
Even if Schart had the inclination to care about his employees, he made his contempt toward legacy WFC 'team members' clear when he referred to them as being part of a "cult". His goal was to 'change the culture' which led to the sales practice scandal, using his favorite tool: cuts.
If you want to blame someone, blame Tolstedt and Stumpf for f'ing things up so badly that Schart was the best the Board could do as their replacement.
His DRs including SVB are no saints. 8 hours in office or a smooth exit without severance. Cons at their best.
You’ve obviously never taken a business class or read much. His duties are to the shareholders, not the employees.
It's all about shareholder value - first comes the shareholder, then far off in the distance is the customer, and if you get the binoculars out, then comes the employees. . .
His role does not have anything to do with improving the lives of employees. Nor it ever has. See what former employees say about him on the individual companies’ layoff boards. He receives high monetary compensation and other miscellaneous incentives for doing what he has been doing at every single company he has ever led. He is not an inspirational leader, nor he aspires to be one. Renumeration, handsome at that, is only one of the reasons he does what he does. The “betrayal” you speak of is his duty.
scharf had a soothe-the-masses answer to that question when he first came on board.
people who get CEO level positions know what to say and how to say it.
then they just do what they have been brought there to do.
Not unique to WF or scharf.
Replace the CEO. What a lovely thought.
Why do you have the illusion that CEO is to serve employees?
CS will be cursed by so many employees and ex employees that bad lucks will always hunt him.
@OP - Story is incomplete. What did the CEO say?