Thread regarding Wells Fargo & Co. layoffs

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....

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.

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.

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.

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.

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.

Well written and accurate thread.

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.

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

Still way better than Stumpf

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.

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

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."

OP said it perfectly bubba.

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