I know the positive news does not fit this Board's narrative. Forgive me for trying to sound a little upbeat. Somehow the fact the stock price again hit the 52-week high yesterday went completely unnoticed. What also went unnoticed is the fact the recent LinkedIn survey named Wells Fargo the 3rd best place to work after JPM and Amazon.
This Board should celebrate both the good and the bad news. This is what can make it legitimate. When it is completed one-sided, many people get turned off. Enjoy your weekend, all!!
20 replies (most recent on top)
The stock price went up on The backs of thousands of hard working Americans .
Charlie has a thing for INDIA! What a good businessman? His ego has cost so many hard working Americans their jobs. How is this ok?
The stock holders should be very concerned because this will not turn out well. Every employee knows it. When you turn your back on Hard working Americans, how are you going to be a hero and lead Wells Fargo to better future, you Aren’t!
I moved my money out of Wells Fargo!
Charlie is costing America billions by making INDIA his priority instead of hard working tenured employees!
I don't like negative Nellies either OP. That said, we broke our backs last quarter earning $4B, and Hudson Yards turned around and blew $6B on stock buy backs. That feels very much like they are flushing our work down the drain in order to increase the value of the execs pile of shares. That isn't a win for me.
Amazing what throwing away all of the company profits on stock buy backs will get you.
I’ve been at wells for years . In the beginning it was good. It’s horrible now .
I am mourning the loss of Wells.
given the nature complaints I see on this board, I don't think you'd find JPM or amazon good places to work either. They do everything that gets chewed over on this board and do it with even less care for employee experience.
Face it - corporate america is corporate america.
Fake news. Wells Fargo is not a good place to work at ALL, the reason being aggressive and hostile management.
Gaslighting, bullying, hiring yes men only, and cancelling out people's careers and growth through absurd, contradictory, and falsified investigations process (that they'll never take to court since it's mostly bull c r a p).
They are still retaliating against employees. Disabilities don't matter here, nor do loyal tenured employees. Go ahead and tag it with your lame wellsfargosshow hash tag so management sees it.
Nothings changed. Working here is literally a ding to your own integrity. A bunch of lame vampires who can't find roles elsewhere because they actually had to interview and not be friends with the hiring team.
I've never hated a company so much as I do Wells Fargo. They are the ones who have been dishonest this whole time.
You can't offshore ignorance or karma. It's coming.
everyone updated their officer titles recently at Wells so of course we are progressing upwards.
I get where the original poster is going with the statement, but disagree with why they think these are bright spots to celebrate.
Stock price is higher after execs touted a lower headcount every quarter since 2020. Not worth a celebration whether you're an directly impacted employee or indirectly through having to pick up extra work or deal with the offshore resources that replaced those laid off.
Regarding the linkedin 'survey, it's based on linkedin profile data. So it's skewed from the get-go. Who is more likely to have an updated linkedin profile with skills, promotions, connections, and education? Probably employees who feel more likely to be laid off. So poof, all of the companies with major layoffs pending suddenly have employees updating their linkedin info more than employees at companies who feel secure.
Isn’t forced attrition and offshoring driving up the stock prices? Also not many who are displaced go to LI to end date their job. So, finding nothing to celebrate.
You have Cramer blathering about how great CS is. He is hinting that "they" will release the asset cap as he has been doing for the last two years. The "higher for longer" seems to be helping all the bank stocks.
Lots of small companies acquiring and being acquired help the banks.
I have always thought the stock would hit 40 before hitting 60. I underestimated the momentum behind this stock. Momentum seems to mow down all the red flags (Exec turnover, the lack of tech product direction (digitization, agile, cloud), the stale workforce, and toxic managers). There is a lot wrong about this bank that the rest don't know.
Wells does "just enough" to look good. An example of this is "Fargo". These successes cover up the fact that it has never gotten its core
operations integrated; mode/mide/core.
The India guys getting all the architecture positions now will lead Wells down to the next evolution of banking. Laying off the old timers, who know the rules, might be a good precursor to the next phase. Wells will be more inclined to purchase from the outside rather than develop from within. oh and BTW the latest rumor to make the stock pop is that WFC is buying some NVDA AI chips.
Do a plot of WF price vs peers indexed to 201912 and get back to me. A rising tide lifts all boats, even those slowly taking on water.
Borrowing money for stock buybacks to artificially inflate the stock price. Nothing fundamentally positive driving the stock market.
OP here. I am curious to hear from some people who downvoted this post. What is wrong with it? All I am trying to suggest is that if you continue to only discuss on this Forum how bad this company is, you should also consider positive news, as well. Is that so bad? I am very sorry about those people who recently got downsized, I know their lives got negatively impacted. Unfortunately, this is the economic cycle we just entered, and many companies are going through the same process. I know a lot of messaging on this Board is about the location strategy and the RTO. Again, I do not think WF is the only one. I can tell you from my experience working here for some years, I work with wonderful teammates and good managers. Most WF employees mean well and come to work for comp and benefits, then go home to their families and turn the work off. Is it hard at times? Absolutely. Is it supposed to be easy? I am not so sure.
LinkedIn Methodology
Our methodology uses LinkedIn data to rank companies based on eight pillars that have been shown to lead to career progression: ability to advance; skills growth; company stability; external opportunity; company affinity; gender diversity; educational background and employee presence in the country. Ability to advance tracks employee promotions within a company and when they move to a new company, based on standardized job titles. Skills growth looks at how employees across the company are gaining skills while employed at the company, using standardized LinkedIn skills. Company stability tracks attrition over the past year, as well as the percentage of employees that stay at the company at least three years. External opportunity looks at Recruiter outreach across employees at the company, signaling demand for workers coming from these companies. Company affinity, which seeks to measure how supportive a company’s culture is, looks at connection volume on LinkedIn among employees, controlled for company size. Gender diversity measures gender parity within a company and its subsidiaries. Educational background examines the variety of educational attainment among employees, from no degree up to Ph.D. levels, reflecting a commitment to recruiting a wide range of professionals. Finally, employee presence in the country looks at the company’s number of employees in the country relative to other companies, as a means of capturing companies that provide a diverse work environment and more opportunities for career advancement and networking.
To be eligible, companies must have had 5,000 or more global employees with at least 500 in the country as of Dec. 31, 2023. Attrition can be no higher than 10% over the methodology time period, based on LinkedIn data. Similarly, organizations that have had layoffs of 10% or more of their workforce based on corporate announcements or public, reliable sources between Jan. 1, 2023 and the list launch, are not eligible. These decisions are made by the LinkedIn News team based on company statements and/or reputable news outlets. Only parent companies rank on the list; majority-owned subsidiaries and data about those subsidiaries are incorporated into the parent company score. The methodology time frame is Jan. 1, 2023 through Dec. 31, 2023. This analysis represents the world seen through the lens of LinkedIn data, drawn from the anonymized and aggregated profile information of LinkedIn's members around the world.
We exclude all staffing and recruiting firms, educational institutions and government agencies. We also exclude LinkedIn, its parent company Microsoft and Microsoft subsidiaries.
Hey but isnt WF is a "LinkedIn 2024 TOP companies United States" . I wonder how much WF paid LinkedIn for for that honor.
given stock price and a few articles I've read recently I think the market thinks the asset cap may be going away soon. just my very uneducated and uninformed guess.
The market as a whole in doing well in the past 12 months. Also during this time there was a stock buy back. I don't think a silly LinkedIn survey is going to bend the stock price either way.
The LinkedIn surveys are meaningless. If you poke around there enough and look for tags of important execs, you will see a different story. Unless they got it removed.
We're back to the inflated level created by 8 is Great, and we got there using similarly short sighted tactics. It's not sustainable, that much is clear.
A person can like the result (higher stock price) but not like how it got there. And I cannot ignore the massive amount of red flags at WF.