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Let us, if we might, review Wells Fargo’s 2021. Exactly one year ago today, it was sitting on customers’ much-needed stimulus money two days longer than necessary, engendering an enormous amount of goodwill from them. Then it stopped offering those customers personal loans when they needed them the most. Then it got yelled at and fined for continuing to screw over those customers even after promising to stop three years earlier, which made one prominent U.S. senator wonder whether the time hadn’t come to put an end to the whole Wells Fargo experiment. Not three weeks later, it got caught screwing over a different set of customers. Then, it both stacked the deck in its favor during an arbitration hearing and, when it worried that wouldn’t be enough, engineered some perjury to ensure a favorable outcome. (Wells is appealing that because, of course, it is used to having judicial proceedings biased in its favor.) All the while, it’s been letting people rip off its customers through a payments platform it co-owns and then shrugging its shoulders and saying, “tough.”

But, you know, everyone’s getting raises and Wells did better by some measures than its peers (presumably because it began from such a remarkably lower baseline), and therefore CEO Charlie Scharf must be showered with additional millions.

Wells Fargo & Co. Chief Executive Charles Scharf earned $24.5 million last year, receiving a 20% raise as the bank recovered from its pandemic slump…. Mr. Scharf’s total annualized compensation was 290 times the $73,578 that the median Wells Fargo employee took home last year, the bank said.

Wells Fargo CEO Charles Scharf Gets 20% Pay Raise [WSJ]



Elizabeth Warren Would Like Wells Fargo’s Latest Setback To Be Its Last

Well, it’s second-to-late. And if not that, let it be Jay Powell’s last.

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Wells Fargo CEO Sees Even Fewer Qualified Black People Than Its Board Saw Women Qualified For His Job

Affirmative inaction beneficiary Charlie Scharf doesn’t understand why he only wants to hire white people.

Image adapted from Flickr User Aranami.

Wells Fargo May Deprive Investors Of Its Peerless Service And Customer Care

But not before drawing one last racial discrimination lawsuit therefrom.

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Wells Fargo Trying To Look Like More Successful, Less Scandal-Ridden Bank

Charles Scharf used to work for Jamie Dimon, so he has a keen eye for the differences between their two firms.

Image adapted from Flickr User Aranami.

Stagecoach Still The Most Impressive Piece Of Technology Wells Fargo Has

In possibly related news, it just set half of its quarterly earnings on fire.

Image adapted from Flickr User Aranami.

Wells Fargo Selects Charles Scharf To Make History As The First Female CEO Of Major US Bank

Say what you will, but leaving BNY Mellon to run Wells Fargo proves that Charlie Scharf is definitely not a venal careerist.

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Famously Public-Minded Bank Doing All It Can To Help Out

Which, in Wells Fargo’s case, is not much, so don’t ask.

Image adapted from Flickr User Aranami.

Congratulations And Commiserations, Derek Flowers

Let’s give a warm welcome to Wells Fargo’s new scapegoat-in-chief.