“I actually am a firm believer that you do have to define who your friends are, who your partners are, and who your business enemies are. I don't mean that nastily, I just mean, you know, who are your real competitors that you've got to be fighting every single day?"
–Charlie Scharf, CEO of Wells Fargo
July 2024
Apparently, Charlie has redefined his “business enemies that he has to be fighting every single day” as:
His employees
Charlie is really just a little boy.
Ya got ONE job Chuck - get out of the consent orders. You've failed.
Betcha dollars to donuts that if we lifted the asset cap - we could make more money...which would increase shareholder profit. Wouldn't have to look for "cost saves" (decreased headcount) if ya did that.
Nah... let's just continue to give this unbelievable d*uche raises and multi-million dollar bonuses.
CS changed the bank's bullying of the customers (account scandal) to bullying the employees. The result is a churn and burn of long-time employees. The "psychological safety" of this bank is at an all-time low.
Klaus, Xi, Abe.
I don’t mean that nastily.
Scharf, along with most upper level managers, have psychological exams performed to make sure they would not care about anyone else's advancement but their own, allowing them to not even have to make tough decision when displacing thousands. Finding someone who can fake like they is the hardest part for the board
Don't know how he can make this statement. Doubtful he has ever had friends.
Instead of trying to understand who the customers are and how the bank can meet their financial needs he goes after being aware of his friends, partners and enemies. His "churn baby, churn strategy" is the result. REACT against the people not the needs. this bank is doomed!
Charlie Scharf defines his own employees as business enemies.