Ytd: WFC down almost 14%
Broader large financials: down 5.4%
Charlie Scharf, a banking legend only in his own mind. The growth is not materializing. I give him about 18 more months. Maybe he-l move to Chase when Dimon retires and f@&k them up too.
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Very true, and it'll never happen. CS doesn't know how to do anything but tell other people to reduce their headcount. That's it, he has no other skills.
Chase doesn't need any outside talent - they have more than enough successor-level on the inside waiting in line.
Getting WF out of the dumpster fire of consent orders and asset cap isn't a qualification to run one of the (or the) most successful, innovative banks in the country. Now CS has to show he can actually do something with WF that is distinctive in the market.
haha
Charlie Scharf uhmm ahh is no Jamie uhm Dimon and Chase doesn’t ahh need to look uhm outside.
Charlie has no business leadership skills, so my hope is that he retires. I can't see him back at JP Morgan filling the shoes of Jamie Dimon, ever. I know he was seen as a Doomon protege, but Wells Fargo is not the way to build a resume. I'd like to see the brokerage sold to JP Morgan and the bank broken up.
@ak In my LOB, I've actually had complaints from customers whose cards were compromised, fraud charges and even had their online banking hacked. They believed it was being done by someone in India who worked for whatever LOB they were in contact with. Because not long after their communication with them, things would go sideways. One guy said this happened to him twice. They were convinced that their personal information was being pilfered from overseas workers in some way. There is no proof of this and if there is the company will keep it on the DL to save face. It also doesn't help that India is probably the scam capital of the world. It wouldn't take much to turn over account information to someone else. It also makes sense that on another level these scammers, when contacting customers seem to have just enough information to sound convincing, and, when they're being trained by the thousands to work U.S bank accounts and learn the Federal banking system, is only going to be to their advantage. Again, not saying this is true, but is no an impossibility.
All major banks are using India and the Phillipines. Wells less than some others. The only thing that will slow this is a Scam-bodia style data breach and fraud (but is there more fraud in California and Minnesota or India, hard to say).
@a3 Not true, he's been excellent at growing the India and Philippines footprint.
It's about keeping share holders happy. This was said to us during a meeting a couple of years ago by a higher up. You know, one of those people whose job is to travel to a site, talk at a meeting for your LOB, and to answer your questions which they never have the answer to, but tell you they'll "follow up." He was let go not long after. We suspect his being so forthcoming about keeping shareholders happy was a no no, but he wasn't lying. The point is, that is what they aim for. Even at the cost of thousands of jobs and Mr. C has accomplished that goal. He will be able to retire in comfort no matter how he exits WF.
Charlie is the Great Pretender.
He's not here to grow anything, which is good because he has no idea how to do so.
Its SO OBVIOUS that we need to get rid or more people!!! Charlie is at the Hudson Yards Home Depot RIGHT NOW, getting his chainsaw sharpened. He's gonna cut us down with that thing like a kn--e through butter. Buckle up! Here comes chucky!