Wells Fargo needs to get back to their old "norm", great bank with a great reputation. That is how the bank was perceived when I first started working there, and for a few years afterwards. What happened? Hope things can change to return to the good old days reputation and profits. A bunch of unethical people brought the entire bank down. Too bad.
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There was a day before the NW takeover of Wells when tines were good. Problem became when the top guys started worrying too much about their own paychecks and stop caring about the employees. If the employees would be treated with respect by pay raises, stock incentives and good health benefits, WF wouldn’t be in this mess now. Not to mention everyone’s constant fear they will be laid off while the ceo’s Salary could save hundreds of jobs. Greed is the reason for this mess.
The place was never a good place to work as stated once Norwest bought WF in 1997 Kovacevich, Stumpf, and Tolstedt treated the company like their playground and wrecked the place.
This company has been a scam since the Norwest days. John Stumpf & many of his criminal underlings originated from there. The issues increased ten fold after the Wachovia merger & the company has been a stagnant POS ever since.
Kovacevich is the one who started calling branches "stores" thereby introducing the sales culture that led to most of the scandal. The Norwest merger with Wells Fargo was 1998. Carrie Toldstedt had been at Wells Fargo for 27 years when she and others were fired for their roles in ripping people off.
The majority of the people fired in an effort to clean up were 15-30 year company veterans. There is no "good old days". There are still a lot of people at the company who won't deal with and ignore bad news, there are people who instruct people they manage to keep quiet about issues and pretend they aren't there. The company isn't allowed to grow until the mess is completely cleaned up. Its going to be a long time before the OCC and the Fed are satisfied that the house is clean.
I will tell you what changed - the regulatory environment. Prior to Dodd-Frank, the CARD Act, and the creation of the CFPB, banks got away with basically anything because consumers had nowhere to go to complain. Now the banks have a bunch of new regulators up their rear-ends and employees who are no longer afraid to go the press to reveal wrong doing.
If you think there is a good old days, you are part of the problem and will hold the company back from making forward progress. This is why Tim Sloan and Stumpf are gone, and why they brought in an outsider.
Thank you , Mr. or Ms. old employee poster! I appreciate people like you who have not given up. Neither have I although I started much later but remain a force of good, I think. Many of the same people who are complaining how screw*d up things are also are the ones who blindly were opening extra accounts for devious purposes. Let us boot out this rotten apple cartel and get the good guys back!
That’s like asking when Stormy Daniels will go back to being a virgin. Or how to put the toothpaste back in the tube.
Wells Fargo can never regain its previous reputation because that reputation was built on lies.
Unless you joined before norwest you’re fooling yourself. It’s been rotten since the late 90s. Only thing that change is exposure. Stopping fooling yourself.