He didn't do anything for the stock despite his continued efforts to artificially pump it up through continued cost cuts (translation: layoffs). Not only did he not bring it up, but it's also lower than it was when he joined. I know he couldn't have predicted the COVID-related dip, but many others have successfully recovered since then. Other than one short spike, we still seem to be lagging behind. I don't understand where the love is coming from.
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Well he dismissed minorities and angered his employees with RTO. BUT he did take 20 million to buy back our stock to artificially inflate the price.
Yeah, he's a solid dude.
Scharf has been criticized by some big shareholders for not cutting jobs fast enough. Many expressed disappointment in how slow Scharf has been in implementing that $10 billion a year in expense cuts (mostly through layoffs) that he claimed were possible back before COVID started.
One fund manager back in March or so said Wells Fargo can use a coming recession as an excuse for massive cuts without drawing as much criticism.
Post ID: @pbr+1iASw6Gh
That’s called a “pump and dump”. Charlie pumped, and you were smart enough to dump.
I’ve never heard/read anything about shareholders, employees, the Fed, the Senate Banking Committee, or even Charlie’s wife loving him.
Even his “big claim to fame”, mentor Jamie Dimon, demoted him.
The BOD should have followed Warren Buffet’s advice. Not sure how they still have their jobs either.
Well he (or the market) got it up to around 60, allowing me to dump most of my shares.
Since Sept 2019 when Scharf took over, the WFC stock price has gone down, but of the big banks, only Bank of America has gained in stock price.
This shareholder has not been impressed with his “leadership”.
WB supposedly pulled out of WF. Didn’t hear about him buying back in, though. Again, why do you think so? Volatile stock, lethargic yield.
What evidence do you have that they do?