Should Wells Fargo CEO Resign?

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6 posts

Should he stay or should he go?

Stay and lead
1
11%
Resign
8
89%
 
Total votes : 9

JustRewards
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Should Wells Fargo CEO Resign?

Postby JustRewards » Wed Sep 14, 2016 8:58 am

I saw the WF CEO on Mad Money saying he planned to stay on board to "lead" the company forward. Even if he does get forced out I imagine he will get a 9-figure golden parachute. Who knows if it even matters, really, but should he fall on his sword?


AMEXPlatino86
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Re: Should Wells Fargo CEO Resign?

Postby AMEXPlatino86 » Wed Sep 14, 2016 11:12 am

Wells Fargo has going down hill for a long time now. It's been so bad, that they were able to take Wachovia with it. They've been using really deceptive practices and most of the products they try to sell are underwhelming. I think its best that they find someone that can overhaul their whole system.
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CarefulBuilder14
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Re: Should Wells Fargo CEO Resign?

Postby CarefulBuilder14 » Wed Sep 14, 2016 1:24 pm

Considering how many crooks kept their jobs and/or parachutes after the last crisis, instead of being jailed, you'd have to be dreaming to expect much to happen over this.
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Re: Should Wells Fargo CEO Resign?

Postby JustRewards » Wed Sep 14, 2016 2:42 pm

Considering their banking unit chief got $125 million on the way out I can't even imagine what the CEO would get if he had to walk the plank. He could probably pay the CFPB fine out of pocket.

http://fortune.com/2016/09/12/wells-far ... -tolstedt/
Last edited by JustRewards on Wed Sep 14, 2016 2:45 pm, edited 1 time in total.

Kevin86475391
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Re: Should Wells Fargo CEO Resign?

Postby Kevin86475391 » Wed Sep 14, 2016 2:43 pm

AMEXPlatino86 wrote:Wells Fargo has going down hill for a long time now. It's been so bad, that they were able to take Wachovia with it. They've been using really deceptive practices and most of the products they try to sell are underwhelming. I think its best that they find someone that can overhaul their whole system.


I very much agree with this. Wells Fargo's credit and deposit products are completely underwhelming. I'm rooting for them since they have such a long and storied history (which I know objectively isn't really a good reason). However, they definitely do need a complete overhaul IMO.

JustRewards wrote:Considering their banking unit chief got $125 million on the way out I can't even imagine what the CEO would get if he had to walk the plank.

...wet probably :ppp

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CarefulBuilder14
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Re: Should Wells Fargo CEO Resign?

Postby CarefulBuilder14 » Wed Sep 14, 2016 4:22 pm

Kevin86475391 wrote:
AMEXPlatino86 wrote:Wells Fargo has going down hill for a long time now. It's been so bad, that they were able to take Wachovia with it. They've been using really deceptive practices and most of the products they try to sell are underwhelming. I think its best that they find someone that can overhaul their whole system.


I very much agree with this. Wells Fargo's credit and deposit products are completely underwhelming. I'm rooting for them since they have such a long and storied history (which I know objectively isn't really a good reason). However, they definitely do need a complete overhaul IMO.

Their strategy is clearly to sell mediocre products aggressively. They're not really trying to win us over as clients; they're trying to win over average, unsophisticated customers who will just pay their bills and not ask for much in the way of rewards/perks.

I mean, why bother to improve a product (and lower your margins) while unsophisticated people are still using it?
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