Is Charlie…that bad?

Hear me out. This may not be the audience for it but hear me out. Is Charlie really that bad?

When he took over I remember nobody wanted to be the CEO of wells and this message board was debating on a weekly basis whether the bank would go under. Think about that. Wells was in such bad shape that people thought it would go under or be broken up.

Fast forward and he’s done exactly what we thought he would do. Come in and chainsaw the thing. He’s made unpopular but correct decisions. For example, when I started literally every wholesale office had a team of underwriters. That’s wildly inefficient. We knew the bank was bloated so he centralized a lot of operational functions. Now the focus is on growing affluent client bases that will allow you to cross sell the correct way.

Instead of pushing accounts or cards on everyday branch customers why not attract high net worth clients who will likely need business or mortgage services.

As for the asset cap, that thing isn’t going anywhere until Liz Warren is unalive. There’s at least a plan to get the risk framework in place that way once she’s gone a case can be made to eliminate the cap. Once that happens, wells is gonna be in a great place.

Again I ask…is he that bad?

Comment! It's anonymous!

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Success is only possible if employees give an S. Charlie has intentionally tanked morale here, and spent a lot of money doing it. There's literally zero chance that will work. It's entirely plausible that he came here to shut the company down. Every move he has made supports that objective. He wants AI and India to do all the work, and the people in Hudson Yards to make all the money. Almost the entire domestic workforce will be laid off in the end. That's the grand vision.

@bsv

Okay let’s do it. He consolidated the wealth division so FAs had less control over their long term customers. Short term pains? Yes but it made no sense to have three wealth management divisions. Ideally there should be two. A retail division and a high net worth division. Trimmed fat there

Stock and dividend down. I mean an asset cap, threat of a recession and high fed interest rates will do that but I’ll give you the stock down. That’s a fact.

You’re gonna lose some good people when you do layoffs. Again, we all agreed the company was bloated. The easiest way to reduce cost is employees and sometimes you’ll lose good ones.

Show me one company that isn’t offshoring or automating jobs?

Stock buybacks are stupid. They just artificially inflate the price but I will say when Charlie did it I think we were trading at the high 20s which is really low

A toxic culture at a financial institution? Tell me more

Spoke to the asset cap in the original post. Giving a timeline to get it lifted is nonsensical considering nobody has said what needs to be done to get it lifted. There’s no set criteria.

Yeah let’s pour more into our mortgage business when the fed plans on spamming the interest rates …seems legit

Profitable business lines don’t equal efficient and growth business lines. Again, three wealth divisions is wild.

Bottom line..a lot of the Charlie gripes aren’t specific to him. Wells was an outlier. A corporate bank being run as a mom and pop shop. The only reason it was sustainable was because they were fudging numbers. We were a decentralized bloated company that tried to do a little of everything which led to poor oversight. These changes would’ve happened under any CEO

Sorry for being mean… I can’t bear seeing CS’ stupid face in Teamwork… or several other “executives” faces..

He gives out this sly sneaky vibe, just creepy. What happened to WF? Why is CS not fired yet?

Wonder what it is like to be the most hated CEO in America? F Charlie!

Yes Charlie is that bad. Worst CEO ever.

Must be Charlie’s mom posting how her boy isn’t all that bad. Guess what mom? He is hated by all.

Are you insane?!?

Probably a waste of time responding to this Yes-Man, who is unable to see the forest through the trees, but quick list:

OP If you care enough to respond intelligently (and with facts) to each point in my quick list, I will spend more time engaging you. If not, consider yourself wrong.

Charlie NOT “growing affluent client base.” Charlie recklessly dismantled our ultra high net worth unit, resulting in FA’s who served this niche to take their clients and assets to properly managed institutions
Stock down since Charlie
Dividend down since Charlie
Experienced employees laid-off by Charlie
Charlie offshoring American jobs
Charlie has wasted some $50 Billion or more on stock buybacks, and yet stock still down
Charlie created a toxic culture for employees
Charlie unable to get us out from under the Fed Asset Cap. Won’t/Can’t give ETA.
Charlie destroyed mortgage business
Charlie sold off profitable business lines
Charlie placing profits above ethically serving Wells Fargo customers.
Charlie placing cost-cutting above ethically serving Wells Fargo customers

Lmao well I guess we can assume the id--tic troll also filed for bankruptcy. Always the victim 😂

@zki+1mUM5Kmv You can't play devils advocate or request critical thought on a site like this. Its the same as politics or religion. In an emotionally charged area few are able to think rationally, instead it is all feelings based. Just look at the replies. "....don't like..." Similar to how many view filing for bankruptcy bad, it's a business transaction that doesn't necessarily define you as a person.

Don't listen to the negative Nancy's on this forum- most of them live on here so they can wallow in their self-pity. Charlie has done a fine job as CEO and Wells Fargo is not a bad place to work.

I guess I am just too old fashioned. I was raised in the school of thought where you "take care of the people first and they will take care of you". That has NEVER happened under Charlie's regime.

The title is Charlie that bad reeks of a troll. Where have you been? Employees hate him. Customers hate him. We continue to be corrupt. We pay out major lawsuits. He has axed thousands of people. Now ask your stupid question again!

Figured I would lose everyone but nobody has really explained what he’s done wrong from a fixing the bank standpoint. We’ve been talking about the impending doom related to Charlie since 2019. Folks thought he would come in , gut the place then move on. He’s actually done some good stuff. Wells can literally run commercials again. I didn’t realize we essentially stopped advertising during the waves of scandal

This is a troll or Charlie hitting the alcohol again. Yes Charlie you SU&K!!!!!!!!!

Lol. OP I think you lost everyone at “hear me out”

@ knp…he’s been here since 2019??

Wells Fargo was the best mortgage lender until the mortgage industry got ultra competitive.

force ranking was around before charlie.

folks, think about it. there is reason why there is this BS forced ranking. Let's be ethical, yet let's force ranks below what people deserve. If that isn't a bunch of baloney, then i don't know what is.

He destroyed the best mortgage business in the country, one of the pillars of the enterprise going back decades.

That’s like asking if the buzzard that’s circling an accident victim before the ambulance arrives to take them to the hospital is bad. Charlie is a predatory corporate raider. This is what he does. All of the woke DE&I BS is a smoke screen for the main event. It’s a smokescreen made of disingenuous corporate KoolAid to soften us up for the final boss fight and ki-l move. It’s a game played over the long haul, not over the span of weeks or months. Buckle up. Chainsaw is just at getting started.

Charlie, is that YOU? If so, g f y, and yes, you suck.

Thread regarding Wells Fargo & Co. layoffs

Is Charlie…that bad?

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