Thread regarding Wells Fargo & Co. layoffs

Scharf is going to resign

His tenure at any company is 5 years or less.

We are on year 4 and the regulatory sharks are circling.

Daley leaving is the final nail in the coffin - hes out by end of year.

"One of the latest leadership changes underway is the planned retirement of Mary Mack as CEO of consumer and small business banking. She will be succeeded next month by Saul Van Beurden, who is the bank’s head of technology. He joined Wells in 2019, coming from JPMorgan Chase.

"Our No. 1 priority continues to be building a risk and control infrastructure appropriate for a company of our size and complexity," Scharf said. "I'm frequently asked why our risk and regulatory work is not complete.

"Simply said, the work to build the appropriate risk and control infrastructure and close consent orders takes years, when managed effectively," Scharf said, adding that the decision on lifting a Fed-imposed asset cap on the bank is entirely in the hands of regulators."

https://www.bizjournals.com/sanfrancisco/news/2023/04/26/wells-fargo-ceo-charlie-scharf-on-fixing-the-bank.html

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| 2960 views | | 14 replies (last September 14, 2023) | Reply
Post ID: @OP+1ozsjDfO

14 replies (most recent on top)

Where did the poem go?

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Post ID: @2xkg+1ozsjDfO

I hope this will become
A reality!! He needs to go ASAP.

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Post ID: @2wmc+1ozsjDfO

It's hard to imagine he was brought here to do anything but fire tens of thousands of domestic workers. He hasn't done anything else.

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Post ID: @1bkr+1ozsjDfO

Maybe, or maybe not. If anyone has actually read the CEO’s offer letter on the SEC website you would have a better idea. It seems like he’s another person that is waiting for his bonus/shares/LTI which comes after 5 years with the company (this is separate from his already ridiculously expensive yearly salary/bonus/raises)

So essentially, He may be holding out for that five-year mark, and walk (if he ends up being allowed to). He will gain access to his shares, along with a nice, long-term incentive payout, lots of stock, and bonus, a.k.a. double bonus.

Just think, how some employees are waiting for severance/bonus before they quit towards the end of a year. Maybe the CEO is doing the same because he sure gets a lot of money once he hits five years with the bank. This is all public information available on SEC website.

I’m sure this dweeb is asking himself everyday whether he should take the money and run now, or stick it out for one more year. Which would then be 5 years, total, I’m sure he is also asking himself whether it is too big of a risk and could result in clawbacks later on because…. Well, everyone knows why. Let’s just say, he was brought on to do certain things for the bank, and has yet to accomplish any of them. Realistically, all he has done is cost the bank billions and ruin morale! Just add it up! This is all public information folks.

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Post ID: @nxp+1ozsjDfO

All of his previous moves were for more responsibility and more money. He will not get either by leaving for another bank unless it’s JPM. I think he’s here until the board or gov’t chase him out.

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Post ID: @drb+1ozsjDfO

I can only hope and pray that these rumblings of a Charlie outage are true. I’m not sure it will stop the enforcement of the Hub strategy or layoffs, but maybe it will delay them for a little while longer.

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Post ID: @poh+1ozsjDfO

"Stop with CS obsession people. It’s your immediate manger and their manger that are to blame. When was the last time they recognized or promoted you?"

Neither my immediate manager nor their manager has any power to do anything.

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Post ID: @atm+1ozsjDfO

Stop with CS obsession people. It’s your immediate manger and their manger that are to blame. When was the last time they recognized or promoted you?

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Post ID: @zum+1ozsjDfO

The Charlie derangement is out of control on here

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Post ID: @iwm+1ozsjDfO

i bet the stock will bounce when he’s gone

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Post ID: @lxz+1ozsjDfO

It can't happen soon enough.

Nice poem.

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Post ID: @dfd+1ozsjDfO

Please someone fire him!!!!

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Post ID: @ath+1ozsjDfO

He can't resign. He should get fired for making Wells Fargo worse than before.

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Post ID: @tti+1ozsjDfO

G0d, he effing su-ks

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Post ID: @ljj+1ozsjDfO

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