Oct. 21 Charlie Scharf officially joins as CEO and president of WellsFargo and outlines his 10 guiding leadership principles, which underscore WellsFargos responsibility to operate with the highest standards of integrity and fulfill commitments to a broad range of stakeholders. Since 2015, Kennedy has held several roles at Santander Bank and most recently was the companys chief operating officer and director of Change Management. He has put together a leadership team of executives from inside and outside of the company charged with doing the foundational work necessary to build the risk and control infrastructure appropriate for a company the size and complexity of Wells Fargo. Patterson is a graduate of Columbia Law School and received her undergraduate degree from Harvard University. This was inexcusable, and we must ensure such failings never occur again at WellsFargo., Statement on the Purpose of a Corporation, Click or tap to view a timeline of our progress, Wells Fargo: Charting a New Future (PDF), sustainability and corporate responsibility, Increase Black and African American representation in senior leadership over the next five years, Expand diverse representation on the Operating Committee. Our No. The Feds regulatory straightjacket is also forcing Wells to absorb high costs for compliance that would disappear if Scharf can convince them that Wells has fully reformed. I am passionate about providing outstanding customer experiences and helping customers live better lives. Effective March 23, Ellen Patterson joins at General Counsel, overseeing all legal affairs as a member of the Operating Committee and reporting to the CEO. articles a month for anyone to read, even non-subscribers! The company is conducting a search for this new leader role, which will report to the CEO. On Feb. 11, Andrew Heller joined as Strategy and Operations Planning leader. WeWork IPO filing withdrawn as roadshow leads to a dead endWhats the difference between a recession and a depression? July 21 Scharf announces that Mike Santomassimo will join the company in fall 2020 as Chief Financial Officer, reporting to the CEO and serving on the companys Operating Committee. His experience, knowledge, and energy will be welcome as we continue our transformation, said Scharf. The family of four spend their time in their luxurious house in Westchester, New York. On July 20, Wells Fargo announced that Ather Williams III will join the company in October 2020 as head of Strategy, Digital and Innovation. The board paid Scharf $24.5 million for his second full year atop Wells Fargo, up from $20.3 million for 2020, according to a filing Monday. The man who was Dimons twenty-something assistant is now playing in the big, big leagues dominated by his legendary former boss. Other hires have been made in key areas across the enterprise, including Cards, Retail and Merchant Services; Corporate Controller; Corporate Communications; Social Impact & Sustainability; Corporate Risk; Government Relations & Public Policy; Sales Practices Oversight & Management; Strategy and Operations Planning; and Technology. We will all benefit from having Lesters deep experience and talent in this critical role.. Recognizing the criticality of employees in making the changes underway at the company successful, on March 4 Scharf announced that Wells Fargo will be raising the minimum hourly pay in a majority of its U.S. markets. In addition to leading Finance at BNY Mellon, Santomassimo was responsible for the firms regulatory relations, enterprise resiliency office, third-party governance, and other corporate services. He has acknowledged the mistakes that were made in the past and has made addressing WellsFargos regulatory requirements his top priority. It is designed for consumers seeking an account to help manage their spending, or who are new to banking, such as young adults. Scharf installed sales targets and quotas what rewarded the best performers with $65,000 payouts, and zip to the lowest quintile, and handed the sales people who achieved the highest volumes bonuses over $100,000. Funeral service will be 10:30 a.m. Thursday, March 17 at St. Paul's Ev. Wells Fargo surpasses $10 billion in tax-equity financing of renewable energy projects, Bringing financial relief to a global crisis. The new organizational structure has five principal lines of business, each with a CEO who reports directly to Scharf and is represented on the companys Operating Committee. You are leaving wellsfargo.com/stories and WebA Simple Wish is a 1997 American children's-fantasy-comedy film directed by Michael Ritchie, and starring Martin Short, Mara Wilson, and Kathleen Turner.The film is about a bumbling male fairy godmother named Murray (Short), who tries to help Annabel (Wilson) fulfill her wish that her father, a carriage driver, wins the leading role in a Broadway musical. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Institute anti-racism training for all managers. Oct. 29 Scharf signs onto Business Roundtables. Stymied by its battered image and the Feds strictures, Wells fell from best in class to an under-performer. Meeting our regulatory requirements remains Wells Fargos top priority, because it builds the right foundation for all that lies ahead, he said. All rights reserved. The damning publicity sent new account growth plummeting, and Wells faced multibillion dollar legal bills from employee and shareholder suits. We need to recognize that and make sure that we're doing everything we can to operate the company to the highest standards of operational excellence., The company was not prepared to prevent inappropriate conduct. So why did you trade a great job for a jump into the unknown, and a pay cut, I asked. This was inexcusable. While the settlements mark a significant step in bringing this chapter to a close, Scharf said theres still more work to be done to rebuild the trust the company lost. We have great market positions in an industry that will continue to grow as we enable our customers to succeed financially. Wells Fargo & Co. Chief Executive Charlie Scharf has been in national headlines, after his ignorant comments regarding the lack of blacks working at his Fortune 500, Multi-Billion dollar company. (Recommended read: Citigroup CEO Email & Net Worth Michael Corbat). He will succeed John Shrewsberry, who has announced plans to retire following a successful 22-year career with Wells Fargo, including the last six years as the companys CFO. LinkedIn has officially entered its cringe era, and its working. May 18 Brian Smith joins the Public Affairs leadership team as the head of Government Relations & Public Policy, leading Federal and State and Local Government Relations, Public Policy, Political Programs, and External Relations. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. The pay increases go into effect in December 2020. He is uniquely qualified to lead this group that aligns our strategic, long-term planning efforts with our strong focus on creating a more innovative, digitally enhanced company.. As Scharf acknowledged, At the time of the sales practices issues, the company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct, he said. The source of Wells decline is a toxic culture that rewarded its troops for pushing products on customers that they didnt want or need, and a leadership team that failed to crack down on abuses. The focus on strengthening the companys control environment goes beyond just meeting the expectations of its regulators. Previously, he served as CFO for the companys Investment Services businesses. Charles W. Scharf Biography CEO and President Wells Fargo Heller joins from Santander US, where he was chief of staff to the CEO and head of transformation. Daley brings extensive experience in both the public sector and business, including serving as Chief of Staff to President Barack Obama and Secretary of Commerce in the Clinton administration. March 10 Scharf announces that Wells Fargo plans to invest up to $50 million in African American Minority Depository Institutions. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. On July 9, Wells Fargo announced that Kristy Fercho will join the company at the beginning of August as the new head of Wells Fargo Home Lending. All line of business leaders will report directly to Scharf and will sit on WellsFargos Operating Committee. Our board and management team are working with a sense of urgency to drive important cultural and structural changes at WellsFargo, and I look forward to working with Steve and the other directors to continue the transformation of our company.. This documentary-style series follows investigative journalists as they uncover the truth. Colleagues describe him as all business, implying the emotional quotient at Wells will be a lot lower than that the raucous shouting matches he lived through at Commercial Credit and J.P. Morgan. Dimon and Scharf knit the diverse parts together, helping to minimize back office costs. Since the bank's wide-ranging sales practices scandal first In addition, Bill Juliano, who most recently served as Consumer and Business Banking CRO and U.S. Chief Operational Risk Officer at Santander Bank, will join Wells Fargo in July to lead the Operational Risk Management team, reporting to Norton. On April 28, Steven D. Black was elected to the WellsFargo Board of Directors. Ray has worked in financial services for nearly 40 years and has deep expertise in payments, cards, merchant services, and consumer finance.. Additionally, he helped advance diversity and inclusion in the workplace by enhancing his divisions recruiting efforts to require more diverse candidate pools and interview panels, helping introduce diversity-focused training and retention programs, launching a formal mentoring program, significantly increasing diverse representation on his leadership team, and chairing the Retail and Direct Banking Diversity Council. I feel very confident that we know what we have to do, and we will get it done.. Wells Fargo & Co. raised Chief Executive Officer Charlie Scharfs pay 20% for 2021, a year in which profit recovered and shares advanced more than most of the banks rivals. Strategy and Operations Planning, led by Andrew Heller, will work with the COO leadership team to help drive our transformation agenda and provide project leadership, planning, and support across the COO teams priorities, said Chief Operating Officer Scott Powell. The new risk model will have five line-of-business Chief Risk Officers along with other teams aligned by risk type, each reporting to Wells Fargo CRO Mandy Norton. Over those three years, Bank of America doubled its profits to $26.7 billion, surpassing Wells along the way, and J.P. Morgan gained 50% to $30.7 billion. Your email address will not be published. Hes the ideal person to take on this new position as we seek to transform WellsFargo so that high-quality execution, clear accountability and operational excellence become unquestioned components of our culture.. Words are nice, but actions are what matter, he said. She holds a Bachelor of Business Administration from the University of Texas and is a certified public accountant. (Podcast). The seriousness of what we do brings tremendous responsibility. Powell most recently was CEO of Santander Holdings USA, where he led the companys financial turnaround, including resolving significant regulatory issues, implementing customer-focused oversight programs, and improving financial and operating controls. Scharf isnt the only member of the fabled Dimon teams to become a financial services titanJes Staley and Bill Winters head British banks Barclays and Standard Chartered respectively, and Frank Bisignano served as chief of payments-processor First Data, recently purchased by Fiserv. Prior to joining Santander Bank, Kennedy held numerous technology, risk management, and business operations leadership roles at Citizens Financial Group, Inc., and JPMorgan Chase & Co. She has hands-on operational experience leading disaster recovery and business continuity planning and a track record of executing and driving transformational change, Van Beurden said. In 2012, Scharf left the Dimon orbit to become CEO of Visa near San Francisco, the biggest issuer of Chase credit and debit cards cards. Muneera brings to our Controllers team deep knowledge and expertise that will help drive our continued transformation, said Chief Financial Officer John Shrewsberry. Feb 11 Andrew Heller joins as Strategy and Operations Planning leader, reporting to COO Scott Powell. He has also held numerous executive roles at JPMorgan Chase. WebHere are all of the characters from the book, Charlie and the Chocolate Factory and its films, Willy Wonka and the Chocolate Factory and Charlie and the Chocolate Factory. Required fields are marked *. May 13 Scharf announces Nate Hurst will join the Public Affairs leadership team to lead Corporate Responsibility, Philanthropy, Community Relations, and Sustainability. Meanwhile, Bank of America, a former basket case, is thriving under CEO Brian Moynihan, Dimons J.P. Morgan continues its run as the champ, and Scharfs alma mater Citigroup, a player that long fell far short of Wells superb performance, is outpacing Wells by showing modest growth in profits under Scharfs former Citi colleague, Michael Corbat. These changes create the right structure to build our businesses over the long term and increase our ability to successfully execute on our top priority, which is the risk, regulatory, and control work, said Scharf. Bank One was saddled with a hodgepodge of seven different deposit systems, three clearing networks, and five wire transfer platforms. Dimon hired Scharf as a part-timer while he was still at Hopkins, then as a bona fide employee when Scharf graduated in 1986. Scharf rode shotgun with Weill and Dimon as they built the universal bank model through a chain of acquisitions including Primerica, Smith Barney, Salomon Bros., and Travelers. Barri is a strategic and collaborative leader with deep experience in communications strategy, change management, brand marketing, and business transformation, said Daley. Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead WellsFargos continued transformation.. Since Wells foundered because of a hyper-aggressive sales culture, its interesting that Scharf throughout his banking career has successfully championed growth. In October, the company announced significant investments to help make health care more affordable for its employees by lowering premiums, copays, and deductibles in many plans. The new offering is a way for the company to help satisfy the financial needs of more customers and further expand access to mainstream banking services, said Mary Mack, CEO of Consumer and Small Business Banking. His innovations doubled credit card sales, and led to a big increase in one-stop-shop customers who added home equity loans and mortgages. 1 on Newsweeks Most Responsible Companies list. To succeed, Scharf, 54, will need to marshal all the skills and lessons learned from his friend and hero to accomplish one of the toughest tasks in corporate America, the remaking of Wells Fargo. Before that, he spent time as the CEO of Chase Wealth Management, where he helped build the Chase Private Client Services business. June 22 Scharf announces that Barri Rafferty will join WellsFargo as Head of Corporate Communications and a member of the Public Affairs leadership team. Citigroup CEO Email & Net Worth Michael Corbat, Bank of America CEO Email & Net Worth Brian Moynihan, Morgan Stanley CEO Email & Net Worth James Gorman, Regions Bank CEO John Turner (Age 61), Deutsche Bank CEO Christian Sewing (Age 53), National Australia Bank CEO Ross McEwan (Age66), Lloyds Bank CEO Charlie Nunn (Age 52), Commonwealth Bank CEO Matt Comyn (Age48), Barclays CEO CS Venkatakrishnan (Age 58). provided this link for your convenience, but does not endorse and is Before that, he was CEO of JP Morgan Chases Retail Financial Services from 2004 to 2011. Most recently, Fischer was a senior advisor to the Aries Financial Group, responsible for consulting with Fortune 1000 companies in the banking, payments, and public utilities industries on mergers and acquisitions, business development, operations, and marketing strategy and execution. Lester is a highly regarded operations executive with more than 30 years of experience in the financial services industry and a passion for excellence, customer experience, efficiency, and transformation, said Powell. We recognize that what we want and what regulators want are not different. I was just following the best leader Ive ever seen.. The list is long and includes Heidi Miller, Jay Fishman, Jay Mandelbaum, Charlie Scharf, Bob Lipp, Karen Parkhill, Linda Bammann, Jim Boshart, and Mike The seriousness of what we do brings tremendous responsibility. Black has served as co-CEO of Bregal Investments, a private equity firm, since September 2012. It wasnt really a choice, he replied. On Dec. 9, 2019, Scott Powell joined WellsFargo as Chief Operating Officer, a new position created by Scharf to oversee regulatory execution and relations, enterprise shared services, and a range of operational functions across the company and serves on the banks Operating Committee. Hes an expert at enticing branch customers to buy more products, from credit cards to mortgages. He sounds almost awestruck as he In four years, Scharf raised Visas stock price 135%, lifting its market cap by over $200 billion. Wells Fargo & Co. kept Chief Executive Officer Charlie Scharfs pay at $24.5 million for 2022, a year in which both profit and stock tumbled and the bank continued to I am excited to join WellsFargo and appreciate the opportunity to work with this remarkable franchise that serves over 70 million customers, said Weinbach. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices On Jan. 6, Muneera Carr joined as Controller, managing corporate tax, accounting, and reporting, as well as controllership activities such as financial controls and oversight policies and processes for the companys business groups and enterprise functions. March 3 Wells Fargo announces plans to introduce two bank accounts in 2021 that expand access to mainstream banking services: a checkless, no-overdraft-fee account, and an account that includes checks and will cap overdraft or insufficient funds fees at one per month. When Wells Fargo CEO Charlie Scharf announced in June the bank would aim to double Black leadership over the next five years and tie operating committee members' diversity efforts to their pay, the banking industry saw it as a cutting-edge line in the sand.. Jeanne Branthover, global head of financial services at headhunting firm DHR Owens will report to Chief Operating Officer Scott Powell and will serve on the companys Operating Committee. Dec. 9 Scharf also announces plans to expand his leadership team to further build the companys operations and controls, including a lead control executive to oversee control personnel across the enterprise, and a strategy and operations planning leader. We're delighted to have our first external speaker, who is Charlie Scharf, President and CEO of Wells Fargo. Its easy to see why Scharf took the job. Our work has tremendous impact upon people. Why? Updated Nov. 30, 2020 | This story has been updated to include leadership changes and major company announcements. In this role, Santos will be responsible for leading efforts to make the company a place where diversity is reflected at all levels and in every facet of the companys operations, processes, and programs. This investment is part of Wells Fargos commitment to African American communities. Following that role, he was vice chairman and administrative officer of the Kessler Group. WebCharlie was preceded in death by his beloved wife Carolyn, to whom he was married for 65 years, and by his sister Eugenia Jean Sandstrom Fisher. We all have to demand more from each other. BNY Mellon CEO Charles, age 55, was born in New York City in April 1965. I am delighted to welcome Charlie as our new CEO. We look forward to her leadership as we redefine the companys culture, voice, and narrative.. About Charles W. Scharf. Prior to joining Visa Inc., Mr. Scharf spent nine years at JPMorgan Chase as the Chief Executive Officer of Retail Financial Services, one of JPMorgan Chase's six lines of business, and a major issuer of Visa branded cards. The efforts includes access to education loans, personal lines and loans, credit cards, auto loans, and small business credit. By Dr. Jason Wingard Senior Contributor Nov 1, 2019 Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. We can and will do the work necessary to create the right environment inside the company to allow us to grow successfully. I firmly believe we have a great future in front of us, Scharf said. Speaking at his first town hall in October 2019, one week into his role as Wells Fargo CEO, Charlie Scharfs message for the company was clear: We all have to demand more from each other. It added up to the San Francisco banks lowest quarterly net income in more than nine years. Dimons conservative policies sustained J.P. Morgan through the storm, and Scharf admired the way his mentor spurned the high-risk businesses that sank so many competitors. 1 priority remains building out the risk and control environment that will ultimately allow us to meet our regulatory obligations. I think Charlie is well known to everybody here. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Heres what history tells usCharles Schwab on the lessons hes learned over a lifetime of investingThe 5 most valuable unicorns, according to their latest funding roundsPerformance chasingand why it can be perilous for your portfolioDont miss the daily Term Sheet, Fortunes newsletter on deals and dealmakers. Shrewsberry will continue in his role as CFO until Santomassimo joins the company and will assist with the transition thereafter. To contact over email try [emailprotected]Rest of the details will be added soon. He said, In order to be a great employer, a great and involved partner in the communities where we operate, and contribute in meaningful ways to the growth of the U.S., we must be guided by delivering for our customers every day in a manner that will make us and our stakeholders proud.. Shortly after the merger, Weill fired Dimon. Fercho began her career and served in a variety of sales, operations, and human resources roles at Baxter International before moving to Pepsico Inc., where she ultimately was director of worldwide corporate human resources. To help employees build their retirement savings, Wells Fargo recently announced a new base contribution of 1% of certified compensation that will be made to the 401(k) Plan accounts for eligible employees whose annual compensation is less than $75,000, which is in addition to the companys matching contribution and a possible discretionary contribution. In early February, Scharf unveiled a flatter organizational structure for Wells Fargo, designed to provide leaders with clear authority and responsibility. This includes creating five principal lines of business to ensure clear authority, accountability, and responsibility. You can see that a series of legacy issues meaningfully impacted our results in the quarter, CEO Charlie Scharf said during a call with analysts. All Rights Reserved. Fercho has 18 years of leadership experience in the mortgage industry and will replace Michael DeVito, who has announced plans to retire later this summer after more than 23 years with Wells Fargo. To succeed, Scharf, 54, will The addition of Bill and this role to our Operating Committee is an important statement that we want different perspectives on our senior-most management committee and that we will think more broadly about our stakeholders as we move forward.. She will be a tremendous and valued addition to WellsFargo.. In this role, Daley leads Corporate Communications, Government Relations & Public Policy, Sustainability & Corporate Responsibility, and Corporate Philanthropy & Community Relations. The coup de grace arrived in February of 2018, when the Federal Reserve took the extraordinary step of issuing a consent decree freezing Wells assets at $2 trillion, their level at the close of 2017, capping the banks growth. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. (Suggested read: Morgan Stanley CEO Email & Net Worth James Gorman), Your email address will not be published. Well soon see if the student is a match for the teacher. My experience with Bill is that he does not think like a banker, Scharf said. Share this on Facebook now, opens a dialog. Carr has also worked in the Office of the Chief Accountant at the United States Securities and Exchange Commission and for Bank of America, SunTrust, and PricewaterhouseCoopers. Santos joins Wells Fargo from Capital One, where he worked for 15 years in a number of senior roles, most recently as president of Retail and Direct Banking, accountable for the divisions revenue, product development and marketing, branches and ATMs, and operations. Stumpf left a month later, replaced by 20-year Wells veteran Tim Sloan. Ellen is a seasoned lawyer with extensive experience in the financial services industry, where she has had responsibilities for managing and advising on global legal and regulatory compliance risks, Scharf said. Scharf has built a leadership team composed of executives from inside and outside the company who have deep financial services experience and have turned around and run complex financial institutions. In his role, Williams will lead corporate strategic planning; define and manage digital platform standards and capabilities; and manage innovation priorities, opportunities, and companywide efforts to drive transformation. For 2021, medical plan premiums will remain flat for almost 54,000 employees and will be lowered for more than 20,000 employees. The consent submitted will only be used for data processing originating from this website. CEO Charlie Scharf discussed next steps for the company with the U.S. House Committee on Financial Services on March 10. Previously at Chase he held leadership roles across Consumer Banking, Business Banking, Home Lending, and Auto Finance in sales, finance, branch management, and operations. April 27 Scharf announces that Lester Owens will join the COO leadership team as Head of Operations, a new role responsible for building integration across Wells Fargos business operations functions serving on the Operating Committee. Expanding diversity and inclusion actions. With more than 24 years in the banking and payments industries including most recently holding the position of chairman and CEO of Bank of New York Mellon, and prior to that, CEO of Visa Scharf has a proven track record of initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape, said WellsFargo Board Chair Betsy Duke. Among his accomplishments were developing the frameworks, policies and procedures, and governance to comply with regulatory guidance for safety and soundness, consumer protection, information security, regulatory compliance, and new business initiatives. In 2016, he shocked the financial services world by departing at age 51. Kleber brings a unique set of leadership and business skills that, combined with his experiences driving diversity and inclusion outcomes, will enable us to drive meaningful change throughout the organization and better serve our diverse customer base and underserved communities, Scharf said. In the spring of 2002, I was lunching with Charlie Scharf in the dining room of Bank Ones Chicago headquarters while reporting a story on Jamie Dimons comeback in reviving the ailing midwestern lender, following his famous firing by Sandy Weill at Citigroup. Scroll right through this wiki). June 22 WellsFargo announces Michael Lipsitz as Chief Policy Advisor, leading corporate policy development and implementation as a member of the Public Affairs team. Feb. 11 Scharf unveils a flatter organizational structure that reorganizes leader responsibilities. Over the next couple of years, Dimon lured another six high-ranking loyalists, most of whom left big jobs at Citi, and would later follow Dimon to J.P. Morgan, Jay Mandelbaum, Jim Boshart, Mike Cavanagh (now CFO of Comcast), Joan Guggenheimer, and Bill Campbell, as well as former Citi CFO Heidi Miller, whod left for the top finance job at Priceline.com. Wells Fargo is Racist As Hell. His brother, Ben, along with Ben's wife and child died in a car accident shortly after he was Seraphina, 53, went on to marry a lawyer named Nick, with whom she had a daughter, Charlotte. She will report to Bill Daley, vice chairman of Public Affairs, and sit on the companys Management Committee. Wells Fargo & Co. raised Chief Executive Officer Charlie Scharfs pay 20% for 2021, a year in which profit recovered and shares advanced more than most of the banks rivals. The board paid Scharf $24.5 million for his second full year atop Wells Fargo, up from $20.3 million for 2020, according to a filing Monday. 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Only be used for data processing originating from this website projects, Bringing financial relief to a big in. Sit on the companys Investment Services businesses into the unknown, and responsibility updated Nov. 30, 2020 this! And small business credit funeral service will be added soon his role as CFO for the company allow. Companys culture, its interesting that Scharf throughout his banking career has championed. For 2021, medical plan premiums will remain flat for almost 54,000 employees and will assist with the U.S. Committee... With clear authority, accountability, and responsibility battered image and the Feds strictures, Wells fell from best class... New account growth plummeting, and energy will be added soon and the Feds strictures, fell. And the Feds strictures, Wells fell from best in class to an under-performer, your address... Where he helped build the Chase Private Client Services business sales, and small business.. When Scharf graduated in 1986 medical plan premiums will remain flat for 54,000!