Which employees are on a list for the next round of layoffs?
Which employee is, unknowingly, currently training their replacement?
Which LOB is Charlie preparing to sell, d-mb-down, or “take a step back from”?
Which customer is being sold a high fee product that is not right for them?
Which employee Exceeds but will be rated a Meets?
Which customer is too busy to realize their savings account is only paying 0.15%??
Whose job has been recommended to be offshored to India?
Who is applying for a fake job today?
Which walk-in bank customer was not properly served because their bank is short-staffed?
Which shareholder has been mislead by vague C-Dawg statements and promises??
Which new employee believes they landed a job at a good company?
Which customers are being exploited in all the ways which have yet to come to light?
Which woman is paid less than her male counterpart??
Which elderly customer will be scammed because our out-dated technology will fail to protect them?
12 replies (most recent on top)
IMO that's the biggest risk to Wells Fargo. They adopt bad lending policies then blame mortgage for not being good, so they're shutting it down. They fail to put good IT leadership and tech falls behind so they blame it for being outdated and outsource it. They let the banking stores languish and understaff them so customers don't come in person and the company blames stores and shuts them down.
The trend seems to be that leadership just says "Oh, group XYZ su-ks, shut it down" but it's a different group in the company every year. I don't understand how WFC can get fixed if the executive solution is just to tell everyone they're trash and keep shutting down and outsourcing everything the bank does.
Then again nobody with money thinks the company is going to get better. Look at the last 10 years for the S&P 500, Nasdaq, then WFC stock. SP500 is up 350%. Nasdaq is up 530%. WFC meanwhile is trading at the same price as it was 10 years ago. The company was mismanaged after the Wachovia merger and the current "leadership" who thinks they just need to eliminate every division and outsource every job may just be setting WFC up to collapse and be acquired the way their predecessors did with Wachovia.
The writing has been on the wall - the cloud will be eliminating much of Technology and Infrastructure. We were never good at that anyways.
Thinking about it, we are mediocre at banking and lousy at governance but that is besides the point.
TK is brought to outsource most of technology . Infrastructure will be first, product development next. Diversity is eyewash, they bring women/black guy/Asian guy to do the dirty job. Be prepared to run. You will hear the news in 2024.
He will finish ki-ling mortgage. Charlie us a POS
I heard tech was affected.
Indeed, Wells Auto needs to get the mortgage company treatment too.
The easier question to ask is: Who is Charlie NOT planning to harm today?
Answer: Charlie.
Does whoever down-ticked this post think these things are not happening? Yes-man? Prefer to keep your head in the sand?
Charlie cares about money and very little of that actually saves the company money in the short term. Here's some ways Charlie can save money in the short term:
- Keep outsourcing jobs to low cost Asian nations
- Reduce severance from 2 weeks per year to only 1 week per year
- Reduce maximum severance from 52 weeks to 26 weeks
- Cut "discretionary incentive pay" to half of current levels
- Cut the 401k max from 6% to 3%
- Make anyone with "inconsistently meets" ineligible for raises, bonus, and 401k match
- Make any employees outside of a core region ineligible for raises, bonus, and 401k match
You gotta think about how to stop paying people money if you want to think like Charlie.
Pretty sure they have a squad ready to flying tackle anyone that dares to ask a real question.
If I had this much rage, I would do what I can to appear at chainsaws next townhall and ask these questions live.
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