Thread regarding Wells Fargo & Co. layoffs

He basically got rid of everyone, brought all his buddies in at large salaries. How’s that working out on the DEI front? Hired Jamie Dimon son in law at senior level reporting directly to him. Talks the talk but doesn’t walk the walk.

Post ID: @dzk+1cx7rPBF

I call BS or if you are a stockholder you have no idea of the real problems in the trenches, and won’t until the stock crashes. If you ARE indeed a stockholder and have such an attitude, that makes me smile.

Same old Charlie bashing OP. I would be curious to find out how differently the views on Charlies performance are based on your stock ownership in this company. Because if you own a lot of stock you can't dispute that Charlie has been at the helm while this recent turn around occurred. Excess expense is being shed. Internal entities that were more work or expense than value have been sold off with more pending. And most importantly a very over staffed company is being right-sized.
As a significant stockholder I am very happy with the work he is doing here.

Post ID: @arv+1cx2AIJQ

OP posted a Business Insider article and you’re going into some deep psychological critical analysis? What is wrong with you?

@hca I really wonder how you think that reads like Americanized English.

I really wonder what Charlie did to you OP. You hold such a grudge and really cannot justify the majority of your comments on the various posts on this site. You can dislike the person but not sure how you can dispute the results since he has joined WF. Maybe you just do not understand how deep the issues were that needed correcting. This company was is major trouble and since joining Charlie has only improved business results and is continuing to make needed changes to position for long term success. You can't see this because you are blinded by your hatred and stupidity.

this was posted already yesterday

This should really be called “How Charlie Scharf snowed Wells Fargo’s Board of Directors into thinking he was a savior while it was all a get rich scheme from the start”

Good thing we now have a group of short-timers at the top who actively jump from company to company to personally enrich and benefit themselves!

High turnover in the senior ranks is expensive, and maximizes instability and uncertainty. The resulting disarray minimizes effective leadership. With a management team constantly in flux, no organization can possibly function in a collaborative and productive manner.

Wells Fargo just keeps going from bad to worse.

I’ve noticed no one is saying Charlie has ‘improved’ senior leadership. He’s simply spent a lot of time and capital to make it “different”, per Charlie.

Changing leaders out is just more expensive smoke and mirrors, since we’re not seeing any positive changes within the company.

Wells Fargo CEO Charlie Scharf has revamped the bank's leadership with nearly 90 senior hires from JPM, BNY, and other firms. Here's our exclusive look at the stunning overhaul.
• Wells Fargo's management has changed significantly since CEO Charlie Scharf joined in 2019.
• Insider has tracked in the deepest detail yet how he overhauled leadership after years of scandal.
• Wells has hired many prominent executives from JPMorgan, Scharf's longtime former firm.
Wells Fargo CEO Charlie Scharf has quietly transformed the upper ranks of the fourth-biggest US bank since joining in 2019.
Since the bank's wide-ranging sales practices scandal first erupted in 2016, Wells has seen two CEOs resign and rounds of top leadership leave the bank. But Scharf, a one-time protege of JPMorgan's Jamie Dimon and Wells' first outsider CEO since the scandal broke, has been taking that to the next level.
"Our management team is fundamentally different today than what it was a year and a half ago," he told analysts during a conference in May.
Four months into Scharf's tenure in early 2020, Wells Fargo overhauled its internal reporting structure to more tightly control risk and promote accountability. On Scharf's watch it has also sold parts of itself, like its asset management and corporate trust businesses, in an effort to cut costs and focus on core businesses like consumer banking.
Wells has now brought in nearly 90 executives from outside the bank since the beginning of 2019, replacing leaders in existing roles or creating new positions like those focused on risk management, an Insider analysis showed. More than half of the firm's 18-person operating committee is new, with Scharf and 10 other members who are new to the company since fall 2019.

"We're appropriately recognizing the great talent that exists here, but bringing people from the outside that have a different set of experiences which are additive, and I feel great about the team that we have in place today," Scharf said in May.

Scharf has hired heavily from his past employers: JPMorgan, the largest US bank by assets, and Bank of New York Mellon, the largest custody bank.
"Typically if you've been in the industry a long time, you go with people you know, for obvious reasons," Charles Elson, a finance professor at the University of Delaware, told Insider. "You have confidence in them, you know they can get the job done."
He served as CFO of Bank One under longtime mentor Dimon until JPMorgan bought it in 2004. He was with JPMorgan for nine years, rising to run the bank's retail operations. He then ran Visa for four years, and left to run BNY Mellon in 2017 until 2019.
Insider reviewed executive remarks, press releases, and earnings call transcripts, and spoke with experts about the bank and corporate governance to visualize how the bank's management has changed since Scharf took over.

Wholesale changes
Wells has sought to rebuild its brand and convince regulators it has improved risk management since a phony-accounts scandal erupted in 2016.
Federal and local authorities found that Wells Fargo employees, under pressure to reach unrealistic sales goals set by supervisors, opened millions of fraudulent accounts without customers' knowledge.
The Federal Reserve in February 2018 imposed an unprecedented asset cap limiting the bank's growth, in addition to other consent orders from regulators. The bank created a marketing slogan three years ago: "Established 1852, re-established 2018."
In February, Bloomberg reported that Fed officials had quietly signaled approval for Wells Fargo's overhaul plan, but the bank remains under the asset cap.
Scharf has generally been "methodical" about hiring key leaders at Wells Fargo, said Ken Leon, director of equity research at CFRA Research.
"The challenge becomes, in terms of being a change agent for culture or best practices, for the senior leadership team to have the right people in place as you go down to the second and third tiers of senior leadership," he said.
The board's changing face
Wells's board has also transformed. When the bank's growth cap was imposed in 2018, the Fed said that Wells would replace four of its board members that year.
Half of the board, including Scharf, have joined since 2019. In early August, Steven Black, a board member since 2020 and co-CEO of private-equity firm Bregal Investments, was tapped to replace Charles Noski as chairman.
Black and Scharf have known each other for years: Black served on BNY Mellon's board while Scharf was CEO, and they overlapped while at JPMorgan.