From a transcript on Seeking Alpha today. They can’t say it’s totally accurate because they didn’t capture all the “umms” and “ahhs” in his response, but regardless, some of what he said is laughable at best - “extraordinary” change and “clear direction” which he must think is coming from him. Pah-leese!
https://apple.news/ASON_XOrgQSaAowvqHuBFpA
Charles Scharf
Sure. I guess let me just start, if I can just by -- it has been 2 years. Certainly, COVID has made everyone's life a little bit more complicated. And when you come into a company like Wells Fargo with the issues that we have, I think it's certainly -- it's hard to ignore that -- and say that it doesn't have an impact when you try to bring about the kind of change that we're trying to bring back.
So as I sit here today and look back over the last 2 years and -- I feel really good about the progress that's been made. Not that we've done everything that we want to do have done, not that we have everything completed, but when you just sit and look at the changes that have been made to the company, it's extraordinary.
We were not on a clear path towards resolving our risk and regulatory problems. I'm very confident that we sit here today and we are today, even though there's still more to do. The changes in the senior management team were extraordinary. When you look at the operating committee, I forget the numbers, 12 of 17 or something, are new to the company. Most of the rest are new to their roles. Our Board has turned over almost entirely since 2017. We've started to introduce new products. We're spending on our digital capabilities. And these are things that just weren't happening 2 years ago.
And so I just think that's to reflect on what we've accomplished in this environment says a lot about what the people at Wells are willing to do and what they can accomplish with some clear direction. So we sit here today and the question is, where do we go? And I do -- I'd be remiss if I didn't say again, we have to get our regulatory issues behind us. There is no future without that.