Who is actually steering this fiasco??

Who is ultimately behind the direction the bank is being taken? Is it Charlie? Is it the Chairman of the Board? The Board? Is it regulators?

If it’s Charlie - it’s concerning, at best, that a Top 5 Bank is being driven to mediocrity by the only person who accepted the job. And a person who might still be loyal to Jamie Dimon, or a person who could have an axe to grind against Wells Fargo or some other agenda. If someone else had accepted the CEO job, would we be in a much different position today - maybe out from under the Federal Asset Cap and flourishing?

If it’s the Chairman of the Board - there have been 3 Chairs since Charlie became CEO. Stephen Black just came in in 2021, and he also has ties to JP Morgan (Aug 2021- present). Black replaced Noski who stepped down after only 1 year (Mar 2020 - Aug 2021). Noski replaced Duke, who hired Charlie. Duke only served for 2 years and stepped down upon facing regulatory questions (Jan 2018 - Mar 2020). No consistency whatsoever with the Chairman of the Board, so how could that role be steering the Titanic?

If it’s the Board - they are a random collection of executives from other companies, who were selected by other random executives on the Board, so no consistency there either. Many of the members of the Board who hired Charlie in 2019 are no longer around. Many are new to the Board and they meet 4 times per year?

If it’s the Regulators- I can’t imagine they want to see a Top 5 Bank gutted, with most jobs going overseas where no employee will ever raise their hand in the face of legal violations, consumer offenses and fraud.

Charlie and Steven Black go way back. Charlie our CEO serves on the Board of Directors - which is legal in most states, but is not considered good practice because it is a conflict of interest to serve on the entity who supervises him. Supposedly shareholders get to vote on everything but those votes are controlled by institutional shareholders, and the mishmash Board issues “recommendations” as to how shareholders should vote.

It all seems much too cozy and easily manipulated, or rigged, to me.

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2023-02-09 - Vanguard Group Inc has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 331,546,750 shares of Wells Fargo & Co. (US:WFC). This represents 8.7 percent ownership of the company. In their previous filing dated 2022-02-09 , Vanguard Group Inc had reported owning 325,460,566 shares, indicating an increase of 1.87 percent.

Post ID: @1kup+1opjv0za

Agreed. Some people like to say Scharf is merely a puppet of the Board. But as OP points out, the Board is too disheveled to stay consistent with whatever the plan is.

To answer the question, this company is run by Shart and his toadie, Powell.

Diversity

Ghosts of scandals past
https://thehill.com/regulation/court-battles/4184482-us-recommends-yearlong-prison-sentence-for-former-wells-fargo-exec/

@kjd+1opjv0za. It’s weekend, enjoy it. Why wasting time stalking Charlie?

I think Allen Parker is still pulling the strings.

Who cares!

#WhereIsCharlie

Here’s the other problem. Let’s say it is finally decided that Charlie was not the correct choice. (Shareholders or regulators will have to push that, or there will have to be a new large-scale scandal.) Charlie has replaced the top several layers of leaders with his own people who all have taken years to “assess their divisions” and start making their changes. If Charlie is replaced, we are thrown in to more chaos with more leadership changes. All the current leaders walk with expensive packages. I think we are locked in to a death spiral that is too late to change.

Diversity. Not true diversity, but when it's when it's signaled by greedy capitalists who's only drive is to sc--w their workers, and people believe it's genuine?

Thread regarding Wells Fargo & Co. layoffs

Who is actually steering this fiasco??

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