Thread regarding Wells Fargo & Co. layoffs

When C level executives agree to take ALL of their pay in the form of stock options, not RSU’s or Performance Units, they we can say they are actually acting in the shareholders best interest. The fact that they are not shows where their interest lies and it’s obvious that it’s not the shareholders. As for the board, they are truly incompetent hiring this guy but they were desperate as he was the 15th guy that took their offer after the lucky 14 saw was a train wreck of a company was waiting in the run-away wagon. Amazing that Stumpf was able to mask these issues for as long as he did. I regret not selling out at 60.

Some folks are saying we need to be fired so the stock price can go up, and you have stock, right? So you want to be fired, right?

Sure, being unemployed without health insurance during a global pandemic is fine as long as my shares of maybe someday stock goes up!

Seriously, take your eyes off of your Ayn Rand Swimsuit calendars and think.

To hail with the stock price, what's best for America is American's working.

I disagree. You get even with those that wronged you. Otherwise, they’ll keep doing it.

This post is disturbing and manipulative. This is the business partner who gets caught stealing from you, and then tells you that it’s just money and you shouldn’t be making such a big deal about it. It’s actually your fault for trusting him in the first place, you shouldn’t be taking it personally and you need to get over it without all the drama. Super creepy.

I believe that this was the plan all along and before Covid was an issue which is why they hired chainsaw, Charlie. If you read the layoffs BNY Mellon, you will see how "well loved" he was there. He slashed so many jobs and then went about his business. I believe that's what he does best and has no remorse for it.

The point of a high level of performance is one’s professional reputation. It matters. A lot.

The comments your manager enters into the Wells Fargo system will probably never be seen again.

But the people you work with will. Count on it.

What then, is the point of high performance? Why not just perform to the level of a 3 consistently?

There’s not much extra compensation and no guarantee that performance will save a job. There’s literally no point to a high level of performance.

@Original Poster

I think people are smart enough to know that an employer/employee relationship is at-will, but thank you for mansplaining.

The reason people are frustrated is because Wells Fargo has been battered by mismanagement and negligence from the top. So who faces the music now? Chainsaw Charlie? Nope, he'll be just fine.

Nobody is forced to be a shareholder TM. The option is there to rebalance out into a fund or even cash at any time.

Would you invest in this company if you were not a TM? If no, you have choices.

As a shareholder TM, do you like the stock price at 24? Didn't think so. Until we can get the reg issues addressed, the only way to improve the value of the company and then the stock price is by cutting expenses. Can't grow out of it with revenue due to asset cap.

Yes it is totally unfair that the incompetence of past management is being laid on the backs of people in the company who had nothing to do with it. Sad but true. The list of criminals is long, even execs who don't get named in the press have responsibility for the c-ap we are experiencing now and they are long since gone and living fat and happy. Remember the auto business issues? Tom Wolf and Dawn Martin Harp created all of those and not a dollar has been clawed back from either of them. That all happened on Avid's watch and she's all good too. S—s.

The problem with WF is that innocent people who have always performed well are losing their livelihoods due to the misdeeds of others - and those others are walking away scott-free.

What are they supposed to say? Thank you sir, may I have another?

My main issue is I’ve got kids to feed and a house to pay for, like many of us. Those are threatened when a company acts like ours has and do take it personally. You either get a partnership with your employees which is mutually agreeable or you exploit the people that keep the lights on.

The OP reminds me of the Todd Snider song about how religion was created to keep poor people from eating rich people.

Looks like a comment that Charlie or Saul would write.

I've was laid off from Wells in the past. Wasn't a complete shock, but you don't know how you'll feel until it happens to you. My boss complimented me on how "well" I took it. Were they expecting a tantrum? Aside from feeling kind of numb, and shifting into a practical, self-preserving mindset, didn't want to burn bridges. Duh.

Some great advice I got from the outplacement agency (paid for by WF):

"As an employee, you agree to meet or exceed expectations of your job, for as long as you work there. The company owes you the agreed upon comp for that work, for as long as you're doing it. End of obligations. Expect more, and you're likely to be disappointed."

Yes, we're all shareholders but Charlie would argue he is doing what's best for shareholders in the long run. I just hope he's right, because my retirement depends on it.

The OPs comments are patronizing. I get that enough by our leaders, I don't need it here.

Wasteful read

Holy unnecessary hashtags Batman, how old are you? #growup #spellingerror #100!

The OP has a point . Yes, it's hard but it's a job and eventually, everyone moves on whether by force or voluntary. I was laid off from a company that I worked for for ten years. I didn't see it coming especially as I was very busy and needed but it happened.
When h/r called me to the office, I took a deep breath and held my emotions in. I didn't cry or ask why. I took my package and went home and absorbed it all in and realized this was a new chapter and it wasn't going to be easy. It never is.

Corporations are creations of state law endowed with limited liability in return for providing a social good. Yes, employment is one of those goods.

@OP "The business doesn’t exist to serve us."

Wrong! We are shareholders.

@crg You are spot on! I’ve said multiple times this is borderline abusive.

Get back to work Charlie. You should be more concerned about the asset cap than what TMs are saying on this site.

@pmr: you said it better than OP. It’s all in the delivery.

Working at WF has become Stockholm Syndrome it seems. I've broken the cycle of abuse and am leaving after being at WF for over 30 years.

@yzo+16xvu5oA Guaranteeing you a job does not fall under social responsibility.

So, companies have no social responsibilities? Greed is Good?

I somewhat agree. I can't tell you how many times I've spoken to colleagues about career advice and the topic of not wanting to screw over the company by leaving comes up because of some misguided sense of loyalty. My response would always be that regardless of how well they've been treated when the winds change the company will cut you without so much as a tear shed. So keep the emotions out of it. Business is business. We're all entrepreneurs whether we work for ourselves or a corporation.

We should displace the OP first.

Dictionary

PATRONIZING
/ˈpātrənīziNG/

adjective
apparently kind or helpful but betraying a feeling of superiority; condescending.