Thread regarding Wells Fargo & Co. layoffs

The Facts

Charles W. Scharf has been chief executive officer and president of Wells Fargo & Company, and a member of its Board of Directors, since October 2019, its been 5 years!

Oct 25th, 2019 - stock price $51.57 adjusted for inflation $63.08
Sept 11th, 2024 - stock price $53.13

$53.13/$63.08 = Charlie lost shareholders 16% of their capital

He gets paid $29,000,000/yr or like $150,000,000 over these last 5 years to lose about 16% in shareholder capital. If anyone at this company had stats like this they would be fired.

Charlies solutions: don't promote people, hire friends, mass offshoring of America jobs, don't provide extra 401k matches, cut back on medical coverage and increase rates, don't provide stock, treat people like expendable trash.

Company is worth close to book. Easy solution is to fire Charlie and sales chunks of the company off.

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Post ID: @OP+1usQvuoq

5 replies (most recent on top)

NIM for Banks hasn't recovered yet, this is just part of the typical economic cycle. Bank stocks will outperform as rates are cut because margins will grow. Comparing stock performance to 2019 when rates were being cut is irresponsible, at best. While I don't think he is the best CEO from a culture perspective, stock is performing well if you bought when rates were zero in early 2021 versus today when bank stocks usually suffer during rate hike cycles.

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Post ID: @1tcc+1usQvuoq

I agree with the overall gist of this post, but he hasn't made 150 million. Yet. He didn't start at his current compensation and he even denied compensation one of those years (supposedly).

Either way, he makes too much for what he's accomplished (not much).

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Post ID: @cfe+1usQvuoq

there's a lot of stuff on our books held at historical valuations, it could go for a lot more than book. If sold off correctly could unlock 3-5X for shareholders. The only people who have been damaged have been the employees who had nothing to do with the management from 10 years ago that were fired. Shareholders should sell it off and fire everyone here.

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Post ID: @izp+1usQvuoq

My pleasure

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Post ID: @wcf+1usQvuoq

AGREED

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Post ID: @qzg+1usQvuoq

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