Do you know of a company that treats its employees worse than Wells Fargo? The toxicity, the politics, the bullying, the intimidation... All of this makes for a very unhappy and unsatisfied workforce. And it was proven over and over again that happy employees equal good and productive employees.
So is it surprising then that Wells Fargo is failing miserably in every aspect?
I see this in tech. Not on all teams, but there are some bad apples.
There are good managers and bad managers, and some managers who shouldn't be managers.
I used to give all high marks on those surveys they'd send out, like my job, like my manager, etc.
I only complete those surveys now if I have to, and I no longer give high marks.
I do not like my job anymore, I do not like my management.
I still have some great peers, but this place is going backwards, and three years of threatened layoffs is too much.
To respond to the original poster's question, yes, there is a company that treats its employees worse than WF - BNY Mellon, who suffered through 2 years of Charlie and will never recover.
Uh, all the data you need is here:
Us:
https://csimarket.com/stocks/WFC-Revenue-per-Employee.html
JPMChase
https://csimarket.com/stocks/JPM-Revenue-per-Employee.html
Citi (rumors floating around that Citi is also getting ready for cuts)
https://csimarket.com/stocks/C-Revenue-per-Employee.html
Bank of America
https://csimarket.com/stocks/BAC-Revenue-per-Employee.html
See also
The Handmaids Tale
Divergent
1984
Anyone watching Colony on Netflix? It’s a storyline where LA is invaded by outside forces. I (somewhat in jest) liken it to working at WFC:
Either you collaborate with The Hosts and The Transitional Authority - have better homes, food and freedoms, but have to turn on your fellow man to be granted these fortunes.
Or you just try to blend in with the masses- keep your head down and go along to get along, hoping to not be seen or bring negative attention to yourself.
Or you work for The Resistance - seemingly everyday people who resist the new authoritarian hosts, and are fighting for a better day.
Wells Fargo is officially “Wells Fargo Bank, NA”
It is a federally chartered and regulated bank. States are not permitted to regulate NA banks. They can try, but the OCC and WF Legal can and do tell them to pound sand.
Sometimes big banks choose to follow local and state restrictions for goodwill, but this really never applies to products and services, it’s more likely to apply to something like zoning for a drive through.
That being said, the bank is definitely too big, but definitely not over regulated. Massive layoffs will take care of the bank being too big.
The problem with Wells Fargo is rather simple. We are trying to be the Walmart of financial services. A nationwide one stop shop for everything financial and that’s simply not possible. There are too many state specific regulations for products and services not to mention the amount of good employees you would need to execute this model.
I truly believe most Wells Fargo employees want to do the right thing but honestly aside from the egregious ethics problems how are they supposed to know what they are doing is wrong? Once wells pinpoints the key regions they do business in and the products/services they can manage the bank will be in a better place. I think a large reason we are being made out to be an example is so other banks don’t try to be Walmart
My experience has been that jf you are a “yes-man”, you will get along just fine at WFC. If you are someone who stands up for the clients, or your fellow employees, or the seemingly outdated Golden Rule-you’re not going to be happy here. Being a company guy isn’t necessarily a bad thing, it’s just has to do with what you hope or need to get from your work.
I’m not the OP, but I have experienced all 4 issues mentioned. Not constantly, but often. I work in brokerage arm, however many of the culture issues stem from the bank. Sometimes they seem to try to make it better, but they just can’t get out of their own way.
4 years of fraud and lawsuits and billions of dollars lost, our stock price in our 401Ks cut in half. “Measurable Goals” put pressure on managers to put undue pressure on their down line to meet those goals so managers can keep collecting their big paychecks. Employee satisfaction surveys where your boss intimidates you to give your department positive ratings. (We always had to pay with weekly boring repetitive meetings so management could “check off” they were engaging their team.) Management says they want you to raise your hand and bring problems to them, but then they make life rough for you and your team if you do. (Problems with technology, cost cutting, customer service complaints frustrate managers because they know they can’t fix them. Therefore they don’t want to hear about them.) C-suite saying one thing and doing the opposite. I have a boss in my up line who is very intimidating and is a bully- yells in meetings, pounds his fist on the desk, will berate employees and other managers in front of employees, has his favorites and ignores everyone else. You can’t complain about him because it gets back. I could go on and on.
Yet there are good things too. My manager and the team I work with are all great people. The pay and the benefits are decent. But there are big culture issues at WFC. I’m happy for you if you’re not experiencing them. There are better places to work and I’m sure also worse places to work too. Someone once said “Better the devil you know than the devil you don’t.”
I would argue we are in this spot bc we have hand held and babysat tons of ppl not pulling their weight for years bc no one wants to have the tough conversation. That does not fly at other big banks.
It would help to post which LOB you work in. I have experienced none of that in tech.