Sometimes the answer to a problem is so obvious that people overlook it because it seems too simple.
I wish some brave employee would draw up a plan, to present to institutional shareholders, showing how successful Wells Fargo would be without scam artists like Scharf (or Stumpf or Sloan) in charge. Same goes for his senior leadership team and our asleep-at-the-wheel BOD.
In other words, get rid of the overpaid self-interested ineffective C-Suite and replace them with knowledgeable experienced productive employees who are capable of making good decisions. Then watch this bank turn around. How much money would be saved without the over-the-top executive compensation packages and the endless list of ill-conceived poorly-managed projects? Eliminate the heavy expense at the top and pay the skilled people who understand the work and serve our customers. Eliminate the greed at the top and instead invest in rewarding ethical employees who are not constantly creating conflicts of interest with our customers for their own self-enrichment. Eliminating conflicts of interest automatically saves the bank the $Billions spent on settling consumer abuses, lawsuits and banking violations.
The expense ratio issues are not caused by the $25/hour employees being laid off while Charlie gives himself and his buddies generous pay increases. It’s time to cut through the status quo and incorporate some good old fashioned morality and common sense.