This is the headline in the WSJ this morning. (I don’t have a subscription, or I would have pasted the article.)
But, the headline has me thinking….
The Federal Asset Cap limits our growth so why isn’t getting us out from under the Cap Charlie & CO’s’ #1 highest priority and goal at this time? He claims it is, but his actions say otherwise. Why isn’t our CEO throwing everything we have towards this most important goal? Stop putting the cart before the horse. Stop f’ng around with the aggressive cost-cutting, the offshoring, the new credit cards, the corporate stock buybacks, the partnering with the TD Jakes of the world and get us out from under the Asset Cap. Everything else is a distraction, a moot point, until we get out from under the Federal Asset Cap.
Charlie Scharf has to be the only CEO in America who is purposely trying to REDUCE the size of the company he has been entrusted with. Jamie Dimon is growing and strengthening his bank. Charlie is shrinking and weakening Wells Fargo. Why is he being paid $ Millions per year to sell off profitable business lines, to step back from the multi-trillion dollar home mortgages business, to disband our ultra high-net worth unit which every other bank covets??
If Wells Fargo is too big for Charlie to manage, let’s bring in a CEO who can.