Thread regarding Wells Fargo & Co. layoffs

Performance review for Charlie Scharf

WFC stock price today: 42.67
WFC price the day Charlie started: 50.25

DOW today: 32,272
DOW the day Charlie started: 27,000

WFC dividend today 0.25
WFC dividend the day Charlie started: 0.51

Under Charlie’s reign, our stock is down more than 7 points while the market is up more than 5000. The dividend to our shareholders has been cut in half.

Additionally, Charlie has not been successful in getting us out of trouble with the feds (his “#1 priority”), the bank’s reputation is still synonymous with scandal, new scandals continue to emerge. He is not willing to give even a speck of guidance as to when our regulatory problems will be resolved. Is Charlie the only employee at Wells Fargo who does not have to set goals with timelines and then meet them?

Resource allocation: He spent billions of dollars on company stock at prices $15 - $20 dollars higher than it sits today. Buy high, sell low? No long- term improvements to the health of the bank in regards to technology, innovation, competitive products, management processes. Even a moderately decent CEO ensures that their companies have an effective risk operating model, governance structure and risk culture.

Instability at the top of the organization. No interest in striving for/promoting excellence. No vision. Unhealthy corporate culture. No moves to create an organization which attracts and fosters talent. No alignment of teams.

Leadership matters. And no leader is more important than the leader of leaders.

Charlie has failed as a leader and yet our Board gave him a 20% raise, which means our Board has failed in their fiduciary responsibilities towards shareholders.

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Post ID: @OP+1h9k9AvT

15 replies (most recent on top)

The Exec team is laughing their booties off.......they rich......you aint.......and they will gas light you until you wake up and realize you just took it in the bootie....

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Post ID: @2aai+1h9k9AvT

Scharf is compensated in Wells Fargo stock. He is being penalized for the market drop along with everyone else who made more than $50k in bonus last year. Unless you want to reintroduce stock options for bonuses, because that worked so well for Enron.

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Post ID: @1orb+1h9k9AvT

At the time of this post stock price now down to $40.56. Good post OP, really gives perspective of how much further we've slid down the industry. Charlie and his crew are not the answer. Need the Board to have the courage to act.

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Post ID: @1mgb+1h9k9AvT

Gotta give the guy credit where it's due. He did spend $5M of his own money buying WFC in the low $20's. So any way you slice it, he's got a cool $5-$7M profit that nobody in the world can touch.

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Post ID: @1wpo+1h9k9AvT

People keep saying that he was the only one who'd take the job. Who would pass up this golden ticket? Even if that person failed miserably and ruined their reputation, they'd still end up with multi-millions as the WF BOD is extremely inept and will give them a very favorable one sided contract with a golden parachute to begin with. The "refreshed" board is almost as big of a failure as Schart and his JPM cronies.

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Post ID: @1vko+1h9k9AvT

People seem to forget why Charlie was given the position. The board had no choice. NOBODY else wanted the job. And nothing has changed. If anything, Wells is in a worse position now.

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Post ID: @1clz+1h9k9AvT

Schart was the worst possible hire. I can't stand Elizabeth Warren, but she is right that Scharf shouldn't be trying to expand its Wall Street presence without fixing the core banking issues first.

Scharf doesn't understand banking. He should be fired and an actual banking executive given the job.

Instead of Mandy Norton then Derek Flowers, Wells Fargo should have hired regulators for the role and given them the power to make the changes.

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Post ID: @1icg+1h9k9AvT

He inherited that mess from Bush. It was the greatest crisis since the worst depression.

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Post ID: @1gfx+1h9k9AvT

He is a garbage CEO and has no clue. The board could’ve put 50 Cent or Krusty the Clown at the helm and they probably would’ve done just as well if not better than Chucky. Dude is a Corporate drone and a loser.

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Post ID: @1mob+1h9k9AvT

Nothing matters, but the cap. Not sure what his leash is on that.

Everything else will fall into place if he can solve that. Not looking good though

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Post ID: @qzb+1h9k9AvT

Behind the scenes, he and other leaders will probably trot out the fake excuse of "this is how we drive attrition and save on future severance" as to why the negative performance is positive and intentional for the bank. "Well, you see, we have to perform even worse over time to drive out the people capable of and willing to work somewhere else! So can I have my bonus now? My three vacation houses don't pay for themselves."

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Post ID: @aoo+1h9k9AvT

Something is not right at the Stagecoach, that’s for sure!

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Post ID: @xgj+1h9k9AvT

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