If he would have laid off his 50k people and paid out severance two years ago? He still paid all those salaries and then benefits on top of that.
He still has almost 50k to cut and will be paying severance anyway. Bad business decision. Hope the BOD is noticing he is coating the company money via his mismanagement
They bring new folks on at higher pay who have no clue what's going on. So where are the savings??
I wonder if they would’ve gone about it more rapidly had it not been for the pandemic. Mass layoffs when hospitals were still overloaded with sick people would’ve generated pretty negative headlines, and the bank’s reputation has already taken a lot of hits over the past several years. Also may have given more casual investors the impression that the layoffs were due to pandemic related struggles and not an already planned attempt to get leaner, which could’ve hurt the share price.
@1lrl - Poster is talking about Charlie’s salary and bonus structure. Sorry if you’re not paid what you’re worth, but your deductive reasoning skills may be one reason…
Outrageously BLOATED salary structure? Wells pays some of the lowest salaries in the industry! This is well known inside and outside of the company. You're the only person to have ever made this complaint.
@1sur yeah, he got that 20% raise from the board because they hate him, right?
Lol, Chainsaw cant layoff 50k people cause HR, like everything else at WF, is so damn slow and bureaucratic that they can't handle more than 2-3k a month. You can't make this sh-t up.
@oas+1gruFuLR - What exactly did the BoD ask Chuckie to do?
If he was instructed to layoff people, he’s failed, since the efficiency ratios are still atrocious and I haven’t seen him take any proactive serious steps related to layoffs, just here and there.
If he was instructed to slowly milk the company of its culture and any standing in the industry, I’d give him an A.
If he was also told to essentially steal money from the company through his outrageously bloated salary and bonus structure, all at the expense of employees and shareholders, I’d give him an A++.
let's not forget how silo'd everything is so even after you have spent 3 hours on your 1 hr task it still doesn't work because no one has a clear picture of the entire process.
If the bank was serous about cutting inefficiency, then why not streamline the process heavy task that virtually everything in Tech (as an example) is subject to ?
With our hands tied by by oceans of red tape, we spend hours limping along where new rules pop up after the requests are nearly approved, only to have to start all over again due to some obscure subtask just added.
I’m certain all areas of the bank are subject to these absurd / insane workflows.
We can never shed people when a 1 hour task in the real world requires an additional 3 hours due to a mountain of approvals and documentation.
That means they are also factoring in the lawsuits as well.
He's doing exactly what the Board of Directors have asked of him, they're not going to save this sinking ship. It's going as designed.