Thread regarding Wells Fargo & Co. layoffs

Charlie is just another puppet. Capitalism is really globalism. Think about it like sweat shops in the service industry, the ones in power want to replace us with cheap labor to continue to enrich themselves. Why do you a push for AI? Same concept, they realize India will get expensive at some point so they will have to replace them too in the future.

I agree Schart is a shart-stain.

The ugly truth is the asset cap will be lifted in Q1-Q2 of next year and the stock will jump and the Board will be happy. It would have gone earlier if this wasn't an election year. I strongly agree his appointment is political (check out how he quietly restarted political donations after publicly stopping them in 2020) and he's got the same hands up his a-s as the rest of the Dems.

TLDR, he's doing what he was hired to do and isn't going anywhere unless he leaves on his own.

I’ll Daley the Chicago re--rd left Wells because he knew his family and he himself was toxic to his golden parachutes his boyfriend Chick gave him.

All those jobs offshored, unlike US workers earnings, do not pay into our social security pot. F-k CS & cronies & the board!

@jev+1unAQ3lo

It's a long term play. Getting rid of the US workers will eventually yield some savings in employee costs. I'm not saying it's a good strategy, but it's what they are going for. Short term they want us down to 100-120k domestic workers, but once they figure out how to unload mortgage and branches, it'll probably be just 40-50k employees in the US left. Then they'll start closing hubs.

So many Americans have lost their job under this guy. Our politicans are criminals. They've basically ignored like 100,000 jobs going to H1B Visa headcount or offshore. Charlie knows nothing about banking.

The only way to try and get rid of him is to go to the media and Congress with these facts.

They couldn’t find anybody to take the job the first time around and that’s the reason we ended up with his sorry ar$e. I doubt that’s changed.

@ieb+1unAQ3lo

Wonder how many institutions need to be swayed the other way, how many do more than listen to Investor Relations or some other inside the box advisor.

Scharf was hired because they couldn’t find anybody better, let’s be clear. With that came the idiocy that is Hudson Yards.

Sloan is looking pretty good right now, as is that interim caretaker Parker. Even a traffic cone I’d take a bullet for over Scharf.

Yet despite the pathological lackluster performance, I seriously doubt any activist investor would stir the pot. But you never know. Momentum (or stagnancy, a form of momentum) is a funny thing,

Agree 100% with this post and wish to illustrate the hypocrisy when comparing everything Wells should be doing with respect to our peers.

Our stock performance in comparison to any other top bank in the last 5 years is a joke and this seems to be overlooked or accepted with respect to our CEO.

Why is he still even here ? Compared to other CEOs, ranks dead last.

Efficiency ratio, the only priority in focus, however is the cause of widespread layoffs , no stock gains, horrible morale & countless issues driving the company into the ground.

Well Charlie is still winning personally. He bought $5 million in stock at i think around $27 per share. Doubled his $. He’s winning

@gjk

I was thinking something along those lines too, but the stock price hasn't moved/has gone down.

If the layoffs were doing the company any favors, one would think the stock price would have gone up, but it has essentially gone down.

Even if Wells wasn't bringing in new revenue, the mass layoffs should = a drop in expenses = greater profits = greater stock price.

But that hasn't happened. Despite mass layoffs, the stock price is down from 5 years ago.

So where's all the saved money going? Who's benefiting from all these layoffs? Customers aren't. Employees aren't. Shareholders aren't. Customer satisfaction is more case-by-case, but employees and shareholders are both worse off now than 5 years ago.

But the board is happy with his performance? Huh?!

Where's the board's outrage? Where's the shareholder outrage?

It's just weird that neither seem to care...

The stockholders who matter (institutions) are split on him as evidenced by his last pay package barely passing at the annual meeting. The board will keep him until more than half the institutional holders go against him.

Outside of individual contributors who are directly compensated off sales, no one affiliated with Wells Fargo likes or cares about making money.

His ONLY job here is to get rid of domestic employees. He has no other objectives. Even consent orders and other regulatory stuff takes a back seat. He'll get rid of most of us, and then take his golden parachute so the next regime isn't tainted with a legacy of being a monster dooouchetard. In any event, so long as he's downsizing 1000+ people per month, his job is safe and the board approves.

Agree 100%. I think the only reason he's still here is political backscratching. It certainly has nothing to do with common business sense or basic economics.

I literally was getting ready to post a similar sentiment. I agree 100%. I don’t see how the shareholders don’t recognize they are being scammed. Kudos to you.