Thread regarding Wells Fargo & Co. layoffs

The departures of the CTO and CISO were not a surprise. It was announced back in January that they would leave by April as Saul was going to onboard. That being said, Tim Sloan’s departure was a bit of a shock to me as he embodied the word “integrity” while he was at the helm of WF. I liked him a lot more than his predecessor. Too bad he became the favorite “whipping boy” for Congress.

Duke is a snake. The fact that she is head of WF's board is beyond disappointing. What a mistake.

Trust no one. There is absolutely no transparency.

We're just mushrooms. They keep us in the dark and feed us sh*t.

Her public endorsement of Tim Sloan may or may not have reflected reality. For all we know she was working behind the scenes to have him ousted. I don’t know enough about her to have an opinion one way or the other, but I do know better than to take anything these people say in public at face value.

Why a woman to appease Elizabeth Duke? Elizabeth Duke is going to be the next main focus from Regulators Senators and Congress to call for her resignation. She was called to appear at the last hearing and was a no show. She was also on the Board when all of the fraud was going on. Her ongoing endorsement of Tim Sloan which was not in the best interest of the Bank is a clear indication of her inability to be the Chairman of the Board.

You can view the effect of offshoring by searching for non-senior positions in IT/Software development/Analytics on the jobs site.

Cathy Bessant from BofA will offshore all IT jobs to India I assume. But isn't WF doing that already? People have posted that software development leads are now in India and American staff are reporting to them already.

For everybody bashing the current administration, just wait until Cathy Bessant makes Wells Fargo into the Bank of India. You got what you wanted.

The reason companies seek out diversity is because it is not in our nature to do so.

We tend to gravitate toward people who look like us.

The CEO position is more than an executive, it's the face of the company. They're taking all things into consideration, including the possibility that Senators may not holler as loud at a woman.

They're wrong, but whatever.

If you do a little research, you'll learn that female executives have better track records than males. Dudes tend to be macho risk takers who often get companies into trouble.

Like Stumpf.

Whereas women tend to be more conservative and risk averse. Risk averse is a good thing in banking.

Or you can just have a poor white dude tantrum about how unfair life is to you.

Speaking as an older white guy I can assure you I am doing just fine.

As usual, they are more focused on proving their credentials in "Diversity and Inclusion", rather than finding the strongest person to TRY to right the Titanic.

Avid Modjtabai, John Shrewsberry, Perry Pelos, and Mary Mack should be let go. If others have been replaced why stop until everyone at the top has been replaced.

Here’s hoping the next CEO has a friend who wants to be CMO.

A female CEO would be fine as ling as she recognizes that WF can not be a top 5 US bank anymore and breaks it up into smaller pieces.

Full disclosure here: I am the little person on the totem pole and this is just my opinion.

I expect a lot more of this. We spent the last two years restructuring a large majority of our senior leadership team and business structure to custom fit Tim Sloan’s directions. Now that party is over and there is no guarantee that the new boss will think Tim’s ideas are worth sticking with.

A lot of people have been replaced or fled in the night already? Which of executives left who haven't been chopped in the last 3 years need to go?