Did work life improve (even a little) after Charlie? What should Wells Fargo expect when he moves on (eventually)?
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Actually, for BNY, it was J. Carter Bacot. He was a true CEO. Who had a plan and took action. He was the last great BNY CEO. A shark!
McGuinn, Kelly, Hassell & Scharf each proposed a strategy of “Organic Growth” in global town halls. Remarkably, not one of them ever attempted to take the “strategy” to attempt a plan. Leaders have a vision and delegate. None of these 4 caretaker CEO* “leaders” ever formed a sales, marketing and relationship management team to produce a plan for organic growth.
*Frank Cahouet of “M” was the last true leader that BNYM ever had. For BONY it was Hamilton.
What do they do for their money?
Todd was an ideal leader to step in at just the right time after Scharf surprised us after wrecking the bank and leaving, followed by COVID destroying the world. Todd’s thoughtful approach, calming demeanor for all throughout the pandemic, his wide range of experience allowed him to deal openly, honestly sympathetically to employees, customers, investors and regulators.
In a way, Todd’s entire career rising through the ranks, his outside visibility, great communicator to Wall Street and investors a.lowed him to be a trusted to become an indispensable perfect CEO at the very time that history called for it.
Say what you will about Todd but he was the best choice to replace Charlie. Charlie brought on a shift that made it look like he was trying to destroy the company. Morale was low across the board and it was the first time I really feared for my future. That fear isn’t quite gone, but seeing Charlie leave and Todd replace him was a step in the right direction. That being said, much of the current ExCo is terrible and Todd had some flaws, but I won’t let that diminish being elated to see Charlie gone. I think Gerald and Todd earned more respect because they worked their way up and established a history with the organization. Charlie was born with a silver spoon in his mouth and wanted to squeeze every profit he could from this company and have his underlings clean up the mess
Of course work life improved after Charlie. Todd stopped the layoffs and they have yet to resume.
Remember that time during his town hall when Shart hit his head and said “that was embarrassing”? Many people on my floor laughed simultaneously to that haha!!
Well, since Shart left, we haven't been forced to sit through town halls feeding us BLM propaganda. Oh wait...
It's hard to parse out what was covid driven (ie work from home and economic/workforce changes) and what is CEO driven.
Another thing I couldn’t stand about Charlie- all that “we have to grow organically” crud. I used to laugh at all the kiss-bu””s replying to his blog LOL!!!
It improved a lot! We had no work from home, things were more strict, and (lower/upper) management has been cleaned out for the better.