The stock has performed abysmally under his tenure.
We still have the consent orders and asset cap in place.
Management effectiveness as measured by ROA and ROE trails our peers by a LOT.
We have jettisoned our core businesses that the enterprise was built on.
I guess Charlie is proud of his nice new office in Hudson Yards? Or perhaps the focus on DEI and climate change? The stuff that “really matters”. Who cares about the actual investors.
Getting rid of all the talented loyal employees.
The worst decision this company has made in recent years was to not name Alan Parker as permanent CEO. Second worst decision was hiring Chuck. Third was going woke.
Dude is a POS. Him and SP should be termed immediately.
Accomplishments:
Team Members have been converted to Employees
The Bank has been converted to The Firm
The Customer has been converted to The Client
The "headquarters" was moved to NY
All jobs are being transferred to India
He has lived up to his nickname Chainsaw Charlie. Everywhere he has ever gone, he has chopped up the company and cut jobs. He has no ability to grow, only to cut expenses. His biggest accomplishment here is to send American jobs overseas. He hates America.
Charlie has spectacularly enacted a hostile take-over from within.
Regular consumers are considered a necessary nuisance by corporate and treated poorly--you gotta feel for the folks on the front line who need to enforce "policy" while trying to help them.
Technology tries to keep up with product despite Agile and all the bureaucracy, but we stopped being innovative, which had been our main asset years ago.
Decisions are made way on high that are not well thought out (maybe because "they" have no idea how things work on the ground?): cloud migration, laying off (scaring off?) much of the expertise and then wondering why no one knows what they're doing, setting vague goals and keep changing them, selling off profitable businesses, hiring/promoting based on who you know versus your actual experience and skill set... Need I continue?
I don't know how you build long term by getting rid of tens of thousands of folks familiar with the industry and replacing them with folks who think Boise Idaho is a customer.
His biggest accomplishment is displacing thousands of loyal employees and destroying our company
From what it seems, the seeds are to pivot from consumer to more investment banking, mergers and acquisitions. Follow the model of GS, BofA, JPMC and build more political equity. WF certainly isn't doing anything trend setting or innovative in finance. They used to survive off the notion of being the trusted brand that isn't affected by NYC or doing risky bets, then the account scandal started a chain reaction. Considering too how much GS and others have gotten away with, smart move for WF to play their game and go along instead of trying to stand out.
For consumer banking as it looks today, maybe it will shift into a wholly owned subsidiary or be sold off? This might happen anyways as the relaxing of the Glass-Steagall Act has shown to be way too risky. Which of us would want to open a checking or savings account with Goldman Sachs?
How He landed that first job is beyond me. Charlie is NY woke. He doesn't even need to be a real banker, just the secret handshake.
“ Blame misplaced, anyone taking over WF is faced with a surmountable task. You could question his compensation package but he is nontheless planting the seeds of change for long term (not short term) success. Yes he is a noob and chances are his successor will be better off because of what the noob is doing today”
What “seeds of success” is he planting though? Seems he’s been focused on slashing the traditional pillars. Where’s the new revenue coming from?
Blame misplaced, anyone taking over WF is faced with a surmountable task. You could question his compensation package but he is nontheless planting the seeds of change for long term (not short term) success. Yes he is a noob and chances are his successor will be better off because of what the noob is doing today.
“
i don't blame C's for our stock not doing well. While we at times do under peform our peers financial stocks in general have not faired well recently.”
Yea I understand financials and banks have had a rough go, but again WFC has done worse than peers, not just in the stock but also key metrics that measure effectiveness of management. And if you take that in combination with the very questionable dismantling of key pillars of the enterprise, it certainly raises questions.
Change in leadership aside, if you had $1000 to invest 10 years ago in Wells Fargo stock, you would have $1011 by now. It really doesn’t matter how well you gift wrap it. Don’t spend it all in one place.🤦🏻♂️
https://www.fool.com/investing/2023/04/12/if-you-invested-1000-in-wells-fargo-10-years-ago-t/
Getting hired.
i don't blame C's for our stock not doing well. While we at times do under peform our peers financial stocks in general have not faired well recently.