More layoffs (as recent as this week).
Using Chase model (brought in from new leadership) to improve Wells Fargo.
West coast staff will need to start following east coast hours.
Any thoughts or other things that stood out to those in attendance?
22 replies (most recent on top)
I like the recent online Wells Fargo Marketing ads for the new Propel credit card and the one with the very cute Pomeranian for new home financing. That is a step in the right direction for Marketing.
You mean spending $3M on a silhouetted stagecoach doesn’t count as rebranding?
There are plenty of active Marketing projects meant to make changes and improvements. They are going nowhere due to extremely poor leadership, a total inability to make decisions across layers of duplicative management and sheer incompetence. This group is its own worst enemy, especially among the managers. The company needs to be totally rebranded AFTER the operational issues are fixed, and by leadership that’s capable of looking ahead instead of non-stop navel gazing.
And we wonder why WF fails.
One hand doesn't know what the other is doing.
Customers cannot walk up to a teller without being sold on whatever product pops up the teller’s screen when the customer is identified. It’s annoying as heck. I just start every transaction with “I”m a team member and.....”.
That will usually get them to move on but not always.
The first priority of the teller is to get the customer over to a banker for the hard sell. If they do that they have done their job as far as WF is concerned.
It’s part of the culture of cross selling that got us where we are today.
To prior poster:
That's basic, A01 Marketing and is already being done. Are you not familiar with the ECPR system?
Also, are you not familiar with IBA?
I'm amazed how those that work at the bank don't think solid Marketing is going on.
The Marketing department is very important to the company. It should provide the necessary advertising and "image" of the company to the general population of consumers. Via TV ads, newspaper articles, internet ads, etc. They do not seem to be doing too much advertising on TV or even on the internet recently. Get some ideas for new marketing campaigns. Use the banking center tellers to promote new things to customers who come in for routine banking purposes. They could have a computer system that alerts the banking center tellers to offer the customers some type of product that they may be interested in, based on data obtained on said customer. Refinance a mortgage, Get an auto loan. Etc.
The post below me gave me my first smile all week. Thank you for that.
Previous poster is correct. Moldafsky is already tagged to go and the announcement has already been written and is on the upcoming release docket.
The "leaders" who are exiting need to take a long look in the mirror and realize they brought this on themselves. You can't run a business and its processes into the ground, affect the entire organization is such a negative way, and keep your job.
It's time for self reflection and self awareness. If only WF "leadership" employed them sooner, perhaps we wouldn't be embroiled in countless scandals and lawsuits.
Thank you for that. Sorry I do not see these specific examples on a daily basis but they make sense. I’m sure it requires gift and talent as well. From my perspective I just see stagecoach commercials at the weirdest times of the year and none of the biggest initiatives across the bank are even set up to support growth so I figured what’s the point.
I worked in the Wells Fargo Marketing department for a couple of years, as a contractor. We were in charge of Marketing mailings for refinances on mortgages, etc. A good way to get new business in this area. In the 2nd Marketing group we were running targeted Marketing campaigns to give monetary rewards to customers who opened new direct deposit checking accounts with Wells Fargo. Very important Marketing campaigns for Wells Fargo to gain money and make customers happy.
I also worked in the Bank of America Marketing department on their top priority Marketing campaign at the time, as a contractor no less. Cannot specify exactly what that Marketing campaign is as it is a "secret". I still wonder why Bank of America in Charlotte would put me, a contractor, and another contractor, as the only programmers on their highest priority Marketing campaign, and not one of their own internal employees.
I have since been an internal Wells Fargo employee for many long years now, not in Marketing though. I do think that the Marketing department has a very key role in making a company successful, if they are very creative and have the skills and knowledge required to perform Marketing campaigns successfully.
For that matter what do we need banks for? Other than safe deposit boxes what’s the point? I can’t think of any reason to business with a traditional bank. Fintech is eliminating all roles. Revenue and support. Gone
I asked the question below and I’ll ask it again. What do we need marketing for and what do they do?
Regarding Moldafsky's "hiring" of a new Marketing Transformation Leader... Sources confirm that she was "told" she'd be hiring this individual. Note that he, too, is from NYC. Plan to see Moldafsky leave the firm right after Avid's departure.
Marketing has gone through major re-orgs every year since 2015. E&E anybody? And it just keeps getting worse. More busywork. More useless meetings. More laborious processes. And the creative.....
The seventies called. They want their ideas back.
Let’s hope the next round starts a new trajectory.
I think major reorganizations are coming in early 2020. Now that we have a COO, he’s going to clean house. Just the way it works.
Marketing will be affected and since no one said anything about a PVSI leader, it will not exist. Even JM said it won’t look like anything it does now. Makes no sense that marketing rolls up to marketing, not the other way around
Somebody has to put together PowerPoints for Moldofsky and ML.
How many marketing people do we need to replay stagecoach commercials on a limited growth cap basis, anyway?
Who cares this place is toxic workplace with incompetent workers
"What is the Chase model? Any details?"
Hiring competent employees while exposing the fluff. Not selling subpar products. Firing dishonest, scum mgmt instead of keeping them employed for years.
JM is always cryptic. Talks very fast. Says very little. What is the Chase model? Any details?
It sounded like she’s had enough and is on her way out!
Also what area had layoffs? She was very cryptic