Still seeing fines. class action lawsuits and plenty of negative media. How will this affect layoffs and offshoring?
17 replies (most recent on top)
Thanks for joining the Troll train, half and half!
I’m of the opinion that MRAs are just the cost of doing business in this current environment. As long as you do the same stupid moves of your competitors, they can’t blame you when it all blows up. Yes, it looks ridiculous to anyone with morals or pride in their work, but it’s a solid strategy if Chainsaw wants to keep the money coming his way.
Why would you even be on this board? I really hope this company doesn’t waste money paying you.
Shart and his OC minions gloat about all the MRA’s they’ve closed, but for one that is closed, there’s a handful of new ones in its place.
The entire management structure is broken. They want to fix efficiency? Eliminate half the managers. They are either dead weight, or they just add so much inefficient noise nothing ever gets done because no one understands what is required of them. There is very little in-between.
how do you make a little money in the banking industry? start with a lot of money.
The LOBs will take big hits as non-hub folks are forced out. India will not be able to replace years of domain knowledge. Hub strategy is a total Charlie sh-tshow.
The stock can't seem to get over 61.
Shart is the problem. He needs to be fired first, the let go all the mo--ns he hired, replace with true leadership and talents, then WF may have a chance. It’s sad, WF was founded during the Gold Rush, even Puccini’s La fanciulla del West opera (Girls of the West) sang about Wells Fargo… This one trick pony Shart has been destroying the bank for almost 5 years, and nothing came of it. The stage coach is not even in the logo. There is no vision, no accountability, no leadership. The problem is Shart, pure and simple.
This is correct. It is painfully obvious to everyone.
The asset cap should never be lifted The consent decrees should remain. Charlie scharf has no talent or skill in running a firm and really, should be fired. Then, I'd like to see the bank broken up and the brokerage merged into another firm.
Internally there's a lot of trouble. Executives who are making the location strategy decisions are starting to make cuts that have a significant impact on operational stability. It highlights just how out of touch the upper levels of leadership are with day-to-day requirements for running the bank.
It's beginning to put strategic initiatives at risk.
It'll all be chaos until the cap is lifted.
Stage coach in trouble Kemasabe.
Charlie was here in London last week and hosted a fireside chat. Said the risk work was going well, so who knows.
That would be nice, but color me skeptical.
Bigger picture, WF is always profitable, so I wouldn't say we're in trouble with respect to going bankrupt or something like that. In a sense our problems are deeper than that. We have complete fools running the place and there is zero vision to rally behind. Shart is the least impressive leader I've seen in my 15 years with the company, and I've seen some very mediocre people.
None. Nothing wrong has been done since Tim Sloan took over really - federal reserve to lift asset cap later this year.