Board applauds Charlie because he came in and got rid of every legacy OC member because what was rotten about Wells could OBVIOUSLY only be fixed with fresh blood. Total joke- Charlie filled the positions with cronies he worked with in the past from the other top 5 banks. Complete and total inbreeding of leadership across the top five banks. Not an original idea amongst them. They just try what they saw happening at BofA or Chase. If they wanted real change they would bring in leaders from other industries to look at bank business and processes with a true fresh pair of eyes. I am already seeing some of the bullsh-t that got Wells in trouble in 2016 cropping back up- because ALL THE BIG BANKS ARE DOING THE SAME SHIFTY STUFF. They just haven't been caught yet. Or they have and the media has not made a big deal of it.
Not very risk focused if you bring in leaders who are accountable to you for their cushy job and don't push back on any of your d-mb ideas. That is Charlie's OC.
Let's talk about 'location strategy'. What a joke. Hard to tout how important it is to collaborate face to face when you have over 18 locations that are either core or specialty with employees in it. A true location strategy would have your staff in much fewer sites. This is a way for the bank to clear out older WF employees and bring in fresh blood- again the assumption that people who were here during the account scandals are tainted. Charlie would love to completely turn over any staff here over 5 years. Location strategy gets rid of people who came aboard during mergers, hence your more tenured staff. Meanwhile, Charlie and his OC members office in NYC, which isn't even a core site.
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Our Board is just as rotten as Charlie.
I'm just about at the point where I actively tell everyone I know never to do business with banks, only use credit unions.
Technically, NYC is a core market.
"inbreeding of leadership across the top five banks"
This goes along with the concept that someone else shared about leadership being like locusts, moving from bank to bank, destroying everything with their regurgitated, stupid ideas. (Makes me want to watch the film Independence Day again)