https://www.wsj.com/articles/wells-fargo-ceo-charles-scharf-gets-20-pay-raise-11647296478?mod=hp_lista_pos2
I'm so glad I received a 1% raise on a much smaller base amount.
They want me to go in 3 days a week, im going in 0
19 replies (most recent on top)
Yet the vast majority of us took a pay cut with our sub inflation “merit increases”
When is this country going to rise up against our owners?
Keep in mind that Charlie gets paid differently than us. His base pay (2.5 million) didn't change but he got more in bonus and stock than last year. I assume the bulk of his total compensation is very dependent on stock price which is why decisions that don't make sense to us (or benefit us) make sense to him (and benefit him). Making cuts, offshoring, buybacks, etc improve efficiency and drive the stock price up as well as his "pay".
OP's article without paywall
https://archive.ph/GBeSd#selection-4169.0-4169.40
Previous year comparison
https://archive.ph/A4y8k
Good for Charlie - At least someone is getting pay increases around here! Just wish they'd throw a bone to the little people once in a while. I've found the only way to get a decent pay bump is to switch firms - am actively looking but have only found things at the same or lower pay level - but still looking. Only reason to stay in a job where you're not getting pay bumps is for the experience - do yourself a favor and find something else if you've been in a role for 3+ years, are not learning anything new, and are not getting pay bumps.
I nominate CUBE FARM as the best description of the day.
Good for him. That's barely enough to cover the actual inflation. Ya'll should follow his example, take advantage of a great job market right now and jump ship. It's crazy not to. WF will bit more that they can chew when it comes to the attrition. I can't wait for India to end up on the sanctions list for supporting Russia. It's going to be so hilarious watching them scramble.
This is how the world works. CEOs of large corporations aren't talented and don't add value, but they get the biggest raises year over year regardless how the company is doing.
Thank God he came to WF to beat moral into us and turn us from our “cult-like” ways. A truly inspiring leader, who really knows how to build comradery, “equity”, and “inclusiveness.”
sarcasm
Seriously? Seriously? I expect corporate America to be messed up, but this? He hasn’t done anything but create a mess. Like, truly, wow. Who approved this raise? because I know of a few stagecoaches full of people who have done more to hold this company together in spite of senior management‘s decisions who deserve a much higher increase and care a whole helluva a lot more about this company’s customers than this guy.
@ugn+1fLdsdKM, What kind of illegal substances are you on?? @gfi has a fantastic idea! Honestly, who cares what Warren’s motivation might be? But somehow, monetizing leading a charge to investigate Charlie’s disgusting, unparalleled greed is probably not it. FFS SMH
Liz Warren does nothing that she cannot personally monetize. What is your theory on how she would monetize this situation to her benefit?
Thank god… I was worried and about to start a go fund me for Schart.
For the next town hall we need to flood the question submissions with how he can ethically take that much pay raise when his employees earning hundreds of times less than him get 0-3% in the midst of worst inflation in 4 decades.
Flood the author of this story and your local media, Liz Warren and the watchdogs in congress with complaints about this disparity between worthless Chuck's 20% and our 1% pay increase.
Serious, a 20% increase in his compensation when employees avg 1%! He’s done nothing but increase his personal wealth. Still under the consent order from the fed and making no progress to get it lifted. Morale is in the toilet and after working from home for two years and gas was $2.00 a gallon, now $4.32 just so you can go into an office and sit someplace new in the cube farm. Already heard from so many saying not coming in after today.
Plus he hates football. I bet he hates Basketball as well. That’s why we are RTO the first week of March Madness. The timing all makes sense now!!!!!
His failures to lead cost the company $250 million in Sept 2021. What kind of parasite sees that as a success and gets a raise?
Now they want us back in the office so they can bark orders, all while paying us grossly under inflation which feels close to 15-20%. I guess we're the fools for staying here. We should all be looking for new jobs and saving money by not burning $6/gal fuel so we can "hang out" with co workers, f that. Stock price is the same as the day Charlie started, which means he's did zero for shareholders, we did better during the span of time when we didn't even have a CEO. Now this guy is picking up 20% because of a market recovery cycle from COVID and Fed bailout, no genius in that.
Did we expect anything less?
Fu-k all these money grubbing execs! Exactly what has he done for this company other than demoralize the staff and run the stock price into the ground? Precisely nothing!