Largely managing employees out! Strict tracking, micromanaging then what…? Why can’t you actually appreciate your employees and make them happy? What do you lose if you drive productivity through respect and motivation rather than toxicity and back stabbing?
14 replies (most recent on top)
Misery loves company. His direct reports SUMO and lizard ITV are just as bad or worse.
Here is that interview. How embarrassing it doesn't age well. He was talking a good game about good risk management when the fake account scandal was in full swing. Then exploded into the public consciousness in September 2016. In hindsight he should have been fired along with all of them.
credit:
https://web.archive.org/web/20141212113854/http://www.bizjournals.com/charlotte/blog/bank_notes/2014/11/wells-fargo-credit-chief-i-dream-of-more-jobs-in.html
Wells Fargo credit chief: 'I dream of more jobs in Charlotte'
Nov 3, 2014, 11:46am EST Updated: Nov 4, 2014, 10:50am EST
Share on Google +Share on FacebookShare on LinkedInShare on TwitterEmail this article
Save
Order Reprints
Print
Derek FlowersEnlarge Photo
Derek Flowers in June was appointed Wells Fargo's chief credit officer and is based in Charlotte.
Adam O'Daniel
Finance Editor-
Charlotte Business Journal
Email | Twitter | Google+
"In my 32-plus years with the company, I have not seen credit better."
That's what Wells Fargo & Co. Chief Executive John Stumpf said last month on a conference call with analysts. And he wasn't exaggerating. For every dollar in the San Francisco-based bank's loan book, less than one-third of a penny is being charged-off — meaning the loans are classified as ones the bank no longer expects to be repaid.
For investors, it's reason to cheer as more dollars of revenue can head for the bottom line instead of being dumped into bad loans. Wells reported $5.7 billion in net income in the third quarter.
See Also
BofA, Wells Fargo pass their stress test
But back on the 40th floor of One Wells Fargo Center in Charlotte, it's also the kind of bold statement that might make Derek Flowers gulp. He is, after all, the recently appointed chief credit officer for the company. Keeping that oft-cited ratio in check and keeping the bank's management team and regulators abreast of any sign of credit trouble is his primary job.
When charge-offs hit record lows, there's usually only one direction they can move next: up.
"If we didn't have the kind of leadership and culture we have here, some people might wonder why I'd want this job," Flowers quips during his first public interview since taking his post. "Our people, everyone all the way up to the front-line customer service, are risk-managers. I sleep well."
Flowers, an executive vice president, was appointed to his newest role in June. He is responsible for leadership and oversight of Wells Fargo's credit risk in lending activities, everything from complicated wholesale banking transactions on Wall Street to simple auto loans made in branch offices. He also oversees all company and line-of-business credit policies.
He did an interview right before the fake accounts scandal exploded that wells fargo was doing very well and hiring more employees outside of san ffrancisco. Then it exploded and everyone got fired and company put on an asset cap.
Because he looks like anger from inside out? Oh and he acts like it. He’s just miserable and wants to impose that on everyone around him. Bet he’s a gem in his personal life too.
He hates us because he underestimated how miserable his slaves can be and still show up for work.
Because they are the enemy, to him getting a bigger bonus.
Send him an email and ask him. Also, he rode the Bart in the 80s. He can do whatever he wants.
@dm hopefully to get rid of the bloat in corp risk, which definitely still exists based on the useless nit-picky things they keep bothering my LOB about. some of them (like the CRO team) focus on the most minor aspects of the business that could only ever affect a tiny fraction of accounts. must not have enough real work to do. either that or they're too myopic, slack, and/or incompetent to address risks that are actually important. and by "address" i mean help figure out how to manage the risks versus just pointing things out and dumping truckloads of work on others without lifting a finger to assist. some parts of risk are better than others but some (like CRO) are worse than nothing -- they cause more risk than they mitigate by diverting attention and resources away from clients and regular account administration duties.
100%.
Corp risk already cut 50%! What’s the ending game here?
He is terrible. Zero leadership just do it because I said so. He was not evolved at all from the 80s. Then you get his directs like SM who act the same way.
You're obsessed with this guy
You really need to stop mumbling when you type
Risk over hired for the MRAs and consent orders. Now they need to reduce to get back to a more BAU staff. Add in they don't want to pay severance if they can help it.
Plus he probably has little man syndrome.