Thread regarding Wells Fargo & Co. layoffs

How many of you think any of this discussion is heard by the operating committee? Try none. They don’t care what you think b/c management believes they r doing a great job. This is true new norm

Best post in a long time. I'm grateful others feel the way I do.

To inquiry re all caps in OP -- clearly, they are used for emphasis.

I like this thread, at least we are discussing things openly. I hate fake smiles and BS we all say in the office.

OP, why all caps?

To the person who’s “team manages the buybacks”

Couldn’t agree more with you. I’d also add that stock buybacks were illegal 15+ years ago cause it’s price manipulation. Most team members don’t realize that we have spent 40.6 billion in stock buybacks (and plan on more) and the price is still way down. “Smart” investors would say now is a great time to buy but buyers want nothing to do with our stock.

Let’s face it, at a time while the market has seen all time highs, if your 401 is in WF your not seeing it.

May I ask if you are still employed there or have you left? It sounds like you are still working at WF

Um....rogue employees? Man, you ARE delusional. Ever watch the JIJ branch videos on YouTube???? Maybe that will set you straight.

This goes all the way up to the"eight is great, eleven is heaven" CEO and all the top execs. This has to do with toxic culture and puffing up stock price at all costs. And maintaining outrageous compensation for execs. PERIOD.

Think I don't understand buybacks? Our team manages this process. Have you looked at what's happened to WF's stock price? To avoid it tanking further, WF bought back shares to bolster value. Common ploy. Try reading a finance publication for a change and get educated. WF can't control the sell-off and can only buy back stock to try to stem the slide.

Did you listen to Tim begging team members at Town Hall to focus on WF's STOCK PRICE??? He's desperate. Notice how in the 5 focus points, that's the ONLY one that's truly the focus? It's definitely NOT team member engagement. Don't kid yourself.

You seem quite ignorant of what is actually going on. You clearly haven't been watching the business sell-off or cuts to the bone of basic business operations.

You are clueless and it's sad to see you being led to slaughter. There is NO return to glory for WF. At best, in approx. a decade, if they survive, they'll be a shell of former self. You reap what you sow.

WF was slow to act, slow to investigate, slow to fire bad actors ,(there are dozens still employed), slow to adapt to digital changes (still piloting e-signatures in Lending -- what a JOKE!), and is a dinosaur. And WF is not innocent. Cover-ups never are. WF is ARROGANT and CORRUPT.

Only those with blinders on, such as deluded long-timers who've stayed too long and are afraid to leave for the unknown, believe what WF execs are selling.

So much talent IS now leaving. Getting out while the gettin's good. Awful raises, awful benefits, awful systems/tools/processes, awful culture, awful morale...and awful on a resume. Why stay just to make $$$ for the execs so they can have a lavish lifestyle and retirement???

So i take it youre not a Wells team member and in that you are the one that should get off this board. Bye bye

Why are WF employees posting on this forum they are not the moderators here get the f^c!< out of here.

Um... wrong again. Wells didn’t need TARP money because it was and is the best capitalized bank in the country. Yes they’ve had some issues with rogue employees and managers doing unethical things. they continue to fire true bad team members and make other adjustments to fix what’s not working. They will get through this period and return to their top spot as one of America’s great banks.

You also make it sound like subprime was illegal. It’s not and the way Wells’ approached it was conservative and appropriate for the customers that used this type of financing. Unfortunately, many independent brokers used this product to get people into houses they couldn’t afford. These brokers remain outside the regulatory review process and a big gap in how the industry is managed.

As far as the stock buyback- you clearly have no idea what banks do when they have excess capital and can’t deploy it and earn a reasonable return on it. Buying back stock or declaring dividends are appropriate

We all get you don’t like WF and you’re entitled to your opinion. Facebook seems like a more appropriate channel for your comments. This site is for team members that may be going through a lay-off or rumors of a lay-off.

Um...Wells Fargo didn't need TARP money because it wasn't found out yet and wasn't going belly up YET. Turns out, Wells LIED and WAS involved with subprime lending (hypocrites in a fragile glass house amid a huge maze of corruption among multiple lines of business), its nose WASN'T clean, and it was getting by on its golden reputation.

Now that Wells is BUSTED and no longer golden, they would soak up $$$ like a sponge to try and stay afloat and feed the exorbitantexec bonuses/patachutes.

Their earnings per share (EPS) B.S. is one example...they bought back shares to falsely inflate the stock price. DISGUSTING! Do they think we're that stupid not to know what's going on?

It stuns me how ignorant Kool-Aid drinkers are. Wells is BROKEN. It was broken even back during TARP period -- it just hadn't been uncovered yet. Which actually makes it worse (total coverup).

WAKE UP!!!! Wells is a sham. Wells was and is a SMUG DEVIL in sheep's clothing. And Wells is apparently too big to course correct (no appetite to do so... the lack of move to hire replacement CEO from outside WF illustrates the delusion).

Thankfully, the market has responded in kind. Customers are yanking accounts in DROVES. And NONE of the leadership knows what to do. They can't find their way out of a paper bag at this point.

Socialism bailing out capitalism?! Let’s see, Venezuela has the fourth highest standard of living in the 90s and then embraced socialism and we now see how well that’s worked out.

Secondly, if the government were to require a large bank to be broken up, you would end up with smaller regional banks. You’d have entire lines of business sold off, divested or sold to competitors. Either way, you won’t have a local or regional CEO. Look at the insurance company, crop insurance business, share owner services as good examples how this would happen.

Third, all the banks were required to take TARP money - even those that did t need it - like WF. The reason is some banks were in true dire straights and the prevailing thought was to flood the banks with liquidity to boost confidence. And this worked out surprisingly well. The government meddled up with significant interest and warrants. TARP made significant money for the government and cost the banks dearly.

Fourth, I would worry about the too big to fail. I’d worry about the too small to succeed. Nearly all the bank failures were small regional banks and that’s what cost the FDIC the majority of their payouts. Watch the next downturn and small banks will get crushed again

If you run around barefoot with dirty feet you should not be sharing nail clippers with anyone else unless they have been sanitized or you'll give someone else a fungal infection.

To whoever posted about breaking Wells into smaller banks would just make a bunch of smaller criminal banks, maybe.

But it's easier to bust and convict a small time criminal operation than it is one that claims to be "too big too fail".

Look into the Arthur Anderson case. Busting the bad guys put thousands out of work, and since then the government won't give real penalties to criminal institutions like Wells.

They figure some crime is better than everyone losing their jobs, so they get a fine that hurts a little, but doesn't really punish anyone.

A small bank serving a region could be prosecuted without taking out thousands of jobs, and only the people working at the bank, who are probably part of whatever crime is being committed, would lose their job.

Or even better, just lock up the local bank CEO or whoever is responsible, and bring in new management, and keep all the good employees.

Small banks can't do the damage on the scale that Wells has done, and since the success of a small bank is directly tied to a local economy, they are incentivized, via the famous free market, to do what's best for the people in the community, and not for Wall Street.

No more "too big too fail" bailouts, either, which really is a form of socialism bailing out capitalism.

Socialism for the rich, paid for by everyone else.

Poster @Xk1Mxdt-1ord nailed it!

e.g., Credit unions are the way to go. Fear- mongering re: democratic socialism is total B.S.

Corruption will continue to rule unless people wake up and care enough to take action.

Is it ever ok to run barefoot inside a fortune 50 company with several hundred thousand employees?

Are you freaking kidding me?! Democratic socialism! Break up Wells Fargo? Then we can have lots of little Wells Fargos ‘s with bad culture. No thanks. Let the free market punish them. The board and shareholders with force changes

Dirty hands and feet. Have some dignity.

Sorry folks, even the dirtiest, most corrupt exec's seldom leave voluntarily, they feel entitled to their stock options and benefits and perks, and rarely, and I mean rarely, are they ever punished by their boards.

And rarely, and I mean rarely, are exec's ever charged with a crime, no matter how blatant the offense, partly because company's are afraid to go public with a crime (because it hurts stock prices and business) but mostly because they are all frat bros and golfing buddies.

And again, I can't stress how rarely this happens, but rarely is there ever a political solution, because big companies own your politicians, or....

... the people in government, the regulators, expect to get big paychecks after they spend years looking the other way and then getting hired by the very companies they're supposed to watch over.

If you want to change the bank, you need to tell everyone you know to join a credit union, and to vote for as many Bernie Sanders/Elizabeth Warren types as you can find.

Don't buy into the "socialism is murder" garbage, the people who are committing the crimes are hiring PR firms to peddle that snake oil.

Democratic socialism is not the same thing as what's going on in Venezuela, democratic socialism would actually save Capitalism from eating itself.

Break up the banks and create tens of thousands of locals jobs at local banks. Create a few thousand new CEO's running smaller local banks with local staff doing what's best for their community, because the health of a local bank depends on a thriving local community.

Wells only cares about Wall Street, and shutting down a few hundred branches and hurting your town, or offshoring your job even though they just posted the best quarter ever, these things will never end until you get educated.

The WF execs need to know this is a professional business and they can't run around barefoot with dirty feet and do whatever they want or the police will be involved.

As much as many would like to see real change, the leadership isn’t dynamic enough to make the big hard decisions. Thre only way this might change is if there’s a change of CEOs.

This will never happen unless and until the US govt steps in and finds a way to break up the bank. This is, if course, an impossibility as long as the current regime is in power.

We have to accept that we work for an organization where the fortunes of a few are built by scamming and stealing from the many. It’s a microcosm of western culture, and our only recourse is to get out.

A leopard can't change their spots and must be fired.