After years of scandals that jettisoned back-to-back CEOs, Wells Fargo ($NYSE:WFC) announced Friday September 27 the hire of Charles Scharf, bringing new blood into the San Francisco-based bank after nearly six months without complete executive leadership.
Our chart reflects that, as of late August 2016 - Wells Fargo's Indeed.com rating was more than a 3.9. That's right before a slew of scandals broke that would replace John Stumpf, who appeared to successfully guide Wells Fargo out of the global financial crisis. Today, it has fallen under 3.68, as our chart shows, a decline of roughly 6%. The data is gathered from Indeed.com, which gathers workers' sentiment anonymously.
And that means Scharf will have his work cut out for him, after years of declining staff morale. Scharf comes to Wells Fargo after having served as CEO of both Visa and BNY Mellon. He's replacing Tim Sloan, who stepped into the job in 2016 amid criticism from the first in what would prove to be a series of scandals and episodes of mismanagement at the bank.
And Sloan's tenure was rife with difficulty, to say the least. Reported mistakes and infractions at Wells Fargo that Sloan had to contend with include, but are certainly not limited to: creating extra accounts for existing customers without their consent; improperly repossessing cars from members of the US military; flunked regulatory and community lending examinations; and a computer glitch that caused people to be incorrectly denied loans, which in turn led to hundreds of foreclosures.
About the Data:
Thinknum tracks companies using information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.