This answer to my post last week says what I always hope to convey in a much better way. I hope the original poster doesn’t mind my “copy paste”, but I think it deserves it’s own post so hopefully more people see it.
Charlie is so blatantly destructive to all the stakeholders of Wells Fargo (employees, shareholders, customers, communities) that it needs to be shouted from every rooftop.
“IMO that's the biggest risk to Wells Fargo. They adopt bad lending policies then blame mortgage for not being good, so they're shutting it down. They fail to put good IT leadership and tech falls behind so they blame it for being outdated and outsource it. They let the banking stores languish and understaff them so customers don't come in person and the company blames stores and shuts them down.
The trend seems to be that leadership just says "Oh, group XYZ su-ks, shut it down" but it's a different group in the company every year. I don't understand how WFC can get fixed if the executive solution is just to tell everyone they're trash and keep shutting down and outsourcing everything the bank does.
Then again nobody with money thinks the company is going to get better. Look at the last 10 years for the S&P 500, Nasdaq, then WFC stock. SP500 is up 350%. Nasdaq is up 530%. WFC meanwhile is trading at the same price as it was 10 years ago. The company was mismanaged after the Wachovia merger and the current "leadership" who thinks they just need to eliminate every division and outsource every job may just be setting WFC up to collapse and be acquired the way their predecessors did with Wachovia.”