I have my opinion, which I will share, but I thought it would be fun to hear what employees from other parts of the bank are thinking.
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CS seems to be preparing Wells Fargo for JP Morgan takeover.
"Fixing" is an interesting choice of words. I think what Charlie is trying to do is strip away everything that made Wells special and turn it into JP Margan Chase II.
He is Dimon's protege, having had his resume handed to Dimon by a mutual family friend before he was even out of college.
Corrupt and incompetent executives from previous regime which continue to guard their turf and coverup their mistakes. Everyone above director level with longer than 15 year tenure needs to be shown the door.
When that happens, we will start seeing real and meaningful change.
It's going exactly as planned by the execs in HY. They were brought in to purge the domestic employees out of this company. Everything they have done revolves around that central objective and they won't rest until anyone that was here before Charlie is gone. They are firing people as fast as they can. Every decision that make is binary: will it help drive attrition or not? If so, they do it, consequences be damned. If the entire company falls apart in a few years HY does not care. They are here to get rid of American workers and to enrich themselves before moving on to the next victim in late 2024.
Not sure why the Wachiovia/CLT connection post is being downvoted... WFC clearly had terrible tech at the time, and still does, esp in default servicing, but the software,data,people and processes brought in from Wachovia were truly shocking to me wrt the condition and quality. There was a lot of friction that went on years around Wachovia processes that they refused to let go of, and necessitated all sorts of weird hacks (ugly parsing of text field content etc).
Interesting “Wachovia” posts in this thread. Think everyone can agree this place would be COMPLETELY different without the fake accounts scandal. News flash, that problem was driven by legacy Wells leaders.
That said, there were some good leaders from both Wells and Wachovia, but guess what, most of them aren’t here anymore and their replacements aren’t offering up any sort of clear strategy. How are employees, in aggregate, expected to act in the best long term interests of the company right now? Does anyone give a $hit about the horizon past the next 18 months? Place is fvckin weird at the moment.
It's ridiculously complex. Years of horrible processes, tech debt/duplication, horrible leadership, too difficult to actually change anything. Everything is by committee and often you ask 5 people the same question, you'll get 5 different answers.
Wachovia didn't help even though many here are denying it. Many are gone, but for several years we had some really horrible leaders that came from Wachovia.
Look at the scandals. Not just the fake account one, but the insurance scam, fee issues, mortgage issues, the most recent issue on regulated users.
There's been a lot of house cleaning and new people, but not cleaned up enough and a ton of new people don't know squat about how things really work. You can't fix what you don't know.
Royal mistake when Wells allowed those from a failed bank at Wachovia to permeate it. 90% should have been cut. Not allowed to work in banking again having helped a bank fail. By definition….failures. Now those are running Wells now. Clearly, why it’s so bad.
Incompetent CEO. Period
Definitely Wachovia tanked WFC. Holds us back to this day. The contingent in CLT is a drag on all facets of the business and functions
Maybe there are multiple reasons. *Incompetence (he wasn’t exactly stellar at Visa and BNY before coming to WF)
*Greed (hoping to make as much money as possible knowing this will be his last big gig)
- Collusion and kickbacks (from his buddies in finance and tech)
OP here:
Thanks for sharing your thoughts. I agree with most of the feedback here.
I think Charlie and the execs are just making the highly visible surface-level changes, but don’t want to dig deep because that’s where the big money is being made. They want it to appear to regulators that we are making big changes and moving forward, but Charlie knows they can’t sustain their big salaries without the profits that come from bending/breaking the rules and exploiting our customers. He’s going to stonewall and hedge as long they let him get away with it.
It’s the legacy WF middle managers standing in the way of progress to save their own skin. They are incompetent and don’t want change. Drain the swamp for god’s sake. Can them or force them to retire.
I blame Wachovia, that's when the avg iq dropped 40 points.
Post ID: @ruk+1o3njWvF
That might explain one of our many problems, but doesn’t answer the question.
Stop blaming Wachovia. The scandals that did us in started way before WF bought Wachovia. We just didnt get caught then.
You know first citizen Bank laid off all its svb employees and it purchased another bank so they are clearly hiring maybe you should put your hat in the ring for one of their positions
Charlie is fixin' Wells Fargo... fixin' to sell it off in pieces.
One word....Wachovia
Things we're great before we took on all their "baggage"
The bank is far too big and bloated. Not even warren Buffet could fix this place
Charlie is slow. His performance rating is "does not meet".
They aren't here to fix it, they are here to enrich themselves and destroy a JPM competitor.
With off-shoring, RTO attrition, layoffs, which has exacerbated the loss of talent - is it a surprise anything is getting done? This is why we are going to unfortunately see the frequent failure of BAU activities such as posting deposits.
Simple. Bank can not produce expected profits when they are not exploiting customers, committing fraud, violating banking laws, misleading shareholders and cheating employees.