Can anyone speculate Just how fast your beloved "Chainsaw Charlie" will move to start layoffs after he starts at Wells Fargo on October 21?
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He will bring in his own people, who will then bring in their own people to do the work that existing people are already doing. You can guess the rest.
Start alerting the board?? That’s cute. The board is well aware. It’s part of the reason they brought him in.
You better start alerting your board members about his destruction at VISA and BNYM. Sooner he is booted, the better will be you and WF.
Here are two things you can count on in November.
- People will camp out in horrible weather to get a great deal on a TV that the still probably can't afford but want it anyway.
- Chuck will lay people off on Cyber Monday.
Not a simple answer. At BONY he was inexperienced and received a full year with training wheels before taking his first baby steps upon the planned resignation of he prior CEO. Suddenly he was like an unleashed caged animal. His formerly even keeled and thoughtful public persona changed overnight to crazy Town Hall rants and indiscriminate swings of the displacement axe with no understanding, fear or thought to impact.
Definitely 6 months... the poster that said he hired his own people first is correct. First he staffs up with yesmen, creating redundancies, then the layoffs start.
Good luck
The previous WF CEO, or maybe it was the one before him, announced 25,000 layoffs over 3 years. Some have happened, certainly not all. So I don’t think it matters much who is in that chair. Lay-offs were and are going to be on-going regardless.
The only difference I see is that upper management in San Francisco has more reason to be nervous now. Is that a bad thing?
Be prepared for lots of negativity and lecturing at his town halls. He will go on and on about employees needing to take more accountability etc. Rather than dealing with the ones who are dead weights directly, the whole class would go punished so to speak. Oh forget about any employee recognition as he only recognizes the "hard work" done by people on his level. He has a total disconnect with his employees so lots to look forward WF...sorry!
6 months, he needs to get his crew over there first. Then comes the "we know it's hard..." town hall speech. Then he rolls out what he learned at the Kim Jong-un School of Management.
Also get ready for "perception is reality." He really doesn't know how to to fix whats wrong, but he knows how to make it look like he does. At BNYM, he had this ridiculous technology center built that looked like something that could put NASA out of business. It had something like a 12 foot wide video board up on the wall showing 8 different spit screens of systems "supposedly" being monitored in real time. It was all such a bunch of horse c-ap, but its real purpose was to make it look like BNYM is this bleeding edge technology company. The best way to describe technology at BNYM is to imagine a brand new impressive looking curved monitor hooked up to a an old desktop tower with a blue VGA cable running windows XP.
A month. First he will look to eliminate his competition, then he will bring in his teenage consultants to create a “hit list”. He will target long tenured subject matter experts and leave the garbage employees alone. Figure right after he announces his holiday letter with the sentence “We turn a new page in the new year. Looking forward to new beginnings”. That marks the kick-off of the lay-offs.
I guess it depends on his agenda, but if he has the backing of the Board, I wouldn't be surprised if mass layoffs started in Feb/Mar 2020.
At BNYM, there were constant layoffs in my area, two, three, four people at a time. The weeks we had the mass layoffs saw those numbers get to double digits, but we don't have many people left to get rid of at this point :)