Thread regarding Wells Fargo & Co. layoffs

Charlie has no clue how to run a company. He has literally crashed and burned. This stooge has destroyed a once strong industry leader. We now wait for the next corrupt story. Would not be surprised if he has mafia ties.

@fhe+1mmRZLBF

The bank could obviously be fixed, it just can't be fixed by the id--ts running it right now.

Dear Charlie,

Many loyal and hardworking Wells Fargo employees who are paid below industry wages, are being terminated for performance reasons by both you and Wells Fargo management.

You speak about giving back to the community with corporate public relations events for media attention as well as reforming the firm after some scandals. Recently, on 12/2022, Wells Fargo paid $3.7 Billion for widespread mismanagement of auto loans, mortgages, and deposits.

I needed this job at Wells Fargo because I am taking care of my daughter who has cancer. You terminated me and now my family in the "community" is suffering.

I hope that you enjoy your multi-million dollar bonuses at the expense of both your current and former employees. You may have come from Chase. However, you are no Jamie Dimon.

Michael C. (pen name for now)

Dear Charlie,

Many loyal and hardworking Wells Fargo employees who are paid below industry wages, are being terminated for performance reasons by both you and Wells Fargo management.

You speak about giving back to the community with corporate public relations events for media attention as well as reforming the firm after some scandals. Recently, on 12/2022, Wells Fargo paid $3.7 Billion for widespread mismanagement of auto loans, mortgages, and deposits.

I needed this job at Wells Fargo because I am taking care of my daughter who has cancer. You terminated me and now my family in the "community" is suffering.

I hope that you enjoy your multi-million dollar bonuses at the expense of both your current and former employees. You may have come from Chase. However, you are no Jamie Dimon.

Michael C. (pen name for now)

We have years old consent orders and the turnover among leadership (reg relations, SEO, issues management, etc) makes it impossible to understand all of this work. New mgrs are 3-5 years behind tons of previous work that they'll never understand and have no institutional knowledge to have any idea how to fix our problems. Instead they push down ridiculously id--tic initiatives that nobody believes are value add simply because they need to show some kind of activity/impact. And when the going gets tough, leadership leaves. The cycle keeps repeating.

FRB is grilling us right now on the 2018 order and we're tripping over every request.

Post ID: @ija+1mmRZLBF

Pattern of paragraphs? Thanks for the laugh, schlub.

Nailed it OP.
The strategic objectives seem to be some nebulous thing that’s referenced to justify every new announcement. In a professional organization, you would think a company’s strategic objectives would be tied to clearly communicated, defined, and measurable outcomes, which is not the case here.

Wells Fargo CEO Charlie Scharf offered a candid response at this week’s annual meeting to a question he hears frequently: Why is it taking so long to turn around Wells Fargo?
Wells (NYSE: WFC) is seeking to recover from a series of scandals that first came to light in 2016 when the bank received its first regulatory fines for its fake accounts scandal, in which deposit and credit accounts were opened without customer authorization as employees sought to meet ambitious sales goals.
Scharf was brought in as CEO in October 2019 to help the bank move beyond its woes.
"When I arrived at Wells Fargo in 2019, we were not as far along as I had expected," Scharf told those attending Tuesday's virtual annual meeting. At the time, Wells had in place a dozen open public enforcement actions, notices from regulators that changes were needed. "Given this and the other control issues we needed to assess, it took many months to understand the depth and breadth of the weaknesses and what was required to complete the work."
The bank now has nine open public enforcement actions, signaling just how far Wells has to go to right the ship.
Scharf also pointed to the bank overhauling its senior leadership team since he arrived, with several new executives joining the bank’s operating committee. These new leaders had to make their own assessments and plans to address issues in their areas of the bank as well as build out their own teams. Since Scharf joined Wells Fargo, 12 executives on the 17-member operating committee are new to the bank and 15 are new to their roles. (No member of the operating committee is based in San Francisco, the bank’s headquarters since its founding in 1852.)
"We continue to strengthen the leadership team, and we are executing on our strategic objectives," Scharf said. "We are focusing on businesses where we can generate appropriate risk-adjusted returns."
One of the latest leadership changes underway is the planned retirement of Mary Mack as CEO of consumer and small business banking. She will be succeeded next month by Saul Van Beurden, who is the bank’s head of technology. He joined Wells in 2019, coming from JPMorgan Chase.
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"Our No. 1 priority continues to be building a risk and control infrastructure appropriate for a company of our size and complexity," Scharf said. "I'm frequently asked why our risk and regulatory work is not complete.
"Simply said, the work to build the appropriate risk and control infrastructure and close consent orders takes years, when managed effectively," Scharf said, adding that the decision on lifting a Fed-imposed asset cap on the bank is entirely in the hands of regulators.

No one cares

Share actual lay-off news here pls. Not your feelings and opinion

The Bank is not repairable - plain and simple. Leadership does not have what it takes to do the job. Just JPM castoffs coming for the grub. Warren Buffet had it right when he wanted someone from outside banking to fix the 'business'.

Post ID: @ija+1mmRZLBF

You picked up on a pattern of bolded sentences?? Brilliant, truly brilliant.

Same old pattern by OP

Paragraphs, bolded sentences then upvotes his own post

Your Charlie derangement syndrome is not healthy for you

He’s living rent free in your head

Commercial Banking went through a round of layoffs starting last week. They laidoff RMs (sales deal makers), PMs (underwriters), and other staff. San Francisco, Oakland, and Concord lost some people. Additionally, there are some quite firings that started this week.

Next week is going to be big one.

You can’t fix what you don’t understand. Just keep pushing DE&I and donate to worthy causes and maybe nobody will notice.

The stagecoach will crash and burn. Hope Charlie and the suits are all on it

Look at our CEO. That should be self explanatory what are problems are.

Dow up 500 points today. WFC barely budged.

Spot on. The gravy train that leads to nowhere.