Good ol’ Charlie received $30 mill stock gift for helping lift the asset cap and is now being promoted to Chairman. What did we get? 27 shares, woohoo 🥳
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The viability and integrity of this governance structure will depend on whether the new Lead Director role will provide truly independent oversight or report to the combined Chairman and CEO role. The latter arrangement is fraught with opportunity for unchecked consolidation of organizational power. Historically, in such cases, corporations have seen the chairman to pursue personal ends often remaining in conflict with value creation for the shareholders at large. The board remains compliant, if well compensated. Any detractors to the chairman's vision get pushed out. In the end, some sort of M&A arrangement destroys the integrity of the corporation as a going concern. Parties to the agreement get compensated exceedingly well regardless of the ultimate impact on the shareholders. In some cases, the corporation ceases to exist as a viable business. This "transformation" pattern has been employed time and again in the past, as the means of both, personal enrichment and part of greater agenda to hollow out various sectors of US economy. One company -- or "firm" -- at a time.
Heck, might as well rehire Tolstedt as well.
So revert back to what was determined to be one of the contributing factors that enabled the sales practice issues under Stumpf?
This will end just like Lampert’s and Immelt’s projects.
What a slap in the face for all the actual workers at WF and for all the thousands and thousands of Americans you've displace for foreign workers.
WF is a disgusting company.
@he Absolute power corrupts absolutely.
We get a few measly shares that we have to wait 3 years to redeem so that in that time people quit or get fired. Instead of paying those who did the work more and now.
Too much power with ceo and chairman role. It's a proven bad conceot
Of course, though the AIG and Fannie/Freddie stuff was way more problematic.
@ep like bank bailouts?
If the fed gov is spending that kind of money, it's not capitalism at all. More like socialism with a little dusting of free markets stirred in.
Add in that he's rebuilding the exec floor at HY for the 3rd time for millions upon millions of dollars. These guys don't even hide it anymore, they just spend it in our faces then layoff people.
Here is a stat to chew on.
Since the early 1800's, 98% of nations that exceed 130% debt to GDP have defaulted (51/52). The US reached this temporarily during the pandemic and currently sits at 122%. The only country that has somehow escaped this is Japan, who are currently at a whopping 230% and have been trapped in stagflation for a very long time (Japan's lost decade). It remains to be seen how long they can carry that.
The people in power will milk this to the very last drop while the rest of us pay the price. Capitalism is the best system humanity has discovered, but that doesn't mean it is perfect.
No one should be making tens of millions of dollars while they ruin the livlihood of others.
"We did the work. They reap the reward. That’s not capitalism."
Got some bad news for you 😂
@dp This is completely backwards. What do you think capitalism even is, the workers controlling the means of production?
No, that's definitely capitalism lol
Billions in profit plus millions in CEO compensation equals one thing. Wage theft. We did the work. They reap the reward. That’s not capitalism. It’s exploitation.
@ac Yep
It's time to revive occupy wall street.
Shart hasn't done S. WE got the cap lifted and WE make all the sales and generate all the income. Literally all this guy does is poor public speaking engagements, find new ways to pay himself more, and tell his direct reports to keep reducing domestic headcount. That's it. 5 years of work, and by the time it's all said and done probably $200M invested in this guy, and that's what we get for it.
he came in and did a job no one wanted to do and is being rewarded for doing it well. fyi, we started shipping jobs to India before Charlie ever arrived.
Terrible decision. I guess that’s the reward you get from shipping all our American jobs overseas.
More #wellsfargoshitshow for the team members. Demonstrates all that is wrong with corporate america. Fu--k Charlie.
@cp It's still a freak show!!
@cp It's still a freak show.
It worked out so well last time our CEO was also chairman, why the heck not? 😐
He earned it and saved the bank from the freak show it had become.
His reward is 38,741 times bigger than ours. He's getting 1,049,000 shares to our "check notes".... 27
This is the beginning of the end for the bank.
https://newsroom.wf.com/news-releases/news-details/2025/Wells-Fargo-Board-of-Directors-Announces-Intention-to-Name-CEO-Charlie-Scharf-Chairman/default.aspx
Fu---n christ, we're all doomed.
Let's face it: the guy with the best hair, gets the most pay.
What are the odds that this move is to allow for a new CEO?
I got 50 shares (37 after taxes) from Tim Sloan...
So his reward is 15,000 times bigger than then employees that actually did all the work? Makes sense 🤔