“Wells Fargo & Co chairman and chief executive officer, John Stumpf, will retire and the board of directors has chosen Tim Sloan as the new CEO, the U.S. West Coast-based bank said on Wednesday.
Stephen Sanger will be chairman and Elizabeth Duke the vice chair.
The changes are effective immediately.”
Does all of this anger me as a shareholder?
You bet your bottom dollar it angers me.
As I said in an earlier entry …
Individuals have rightly complained about this behavior by all banks for years, right down to the community level. In a related situation we know of Bank-Tellers in our region who are constantly pressured for greater sales by fat, lazy, know-nothing middle-management types sweating in the back room, choking down a glazed donut between their Marlboro breaks. Managers who impose ridiculous sales goals upon the tellers, to telephone their friends for permission to transfer even $5.00 to a new account that the teller will open, so that they can reach said sales goals. It’s pathetic. It’s stupid, and most importantly, it’s gone on for years.
But now, in an election year … suddenly, “some” left leaning pinko is finding “moral outrage” at the behavior of Wells Fargo (WFC)? I ask … where was the outrage of these jokers even 3 years ago?
You have to learn the skill of attempting to read sentiment. When has the crowd lost their mind, over an issue that will soon disappear from the public consciousness, providing you with an opportunity to pick an asset up for a song.
Pinch me come October 24, 25. I said it in another venue. By about that time, I am guessing Wells Fargo (WFC) will a diminishing, to non-issue. The restless sea of mankind will find some new issue of which to obsess …