The question now is, "Can Wells Fargo do ANYTHING right?"
Too big, too lazy, and too greedy to succeed.
https://www.nbcnews.com/business/personal-finance/troy-harlow-has-always-made-sure-pay-his-mortgage-time-n1233635
6 replies (most recent on top)
As someone in the home lending dept. I’d say the cause of this could go either way. We are running on poorly designed, terribly inefficient systems, but at the same time a lot of my coworkers have no idea what they’re doing or simply don’t care anymore because we’re all tired of the garbage management puts us through.
On a side note, I wonder if this was a workaround way to deny more credit/loan applications? They made such a fuss about finding out the customers who applied for forbearance so we could instantly decline them. Obviously we weren’t allowed to tell customers that applying for forbearance would automatically result in a turn down so it was a huge waste of time for everyone involved in the application process.
Time to cut the mortgage side
Seriously - this is how it works:
Problem - 10 managers find an issue and assign it to an engineer
Said engineer says hey how can this be, I need help
A project is spun up - adding a bunch of service managers and their bosses
50 folks from risk management say this can't be without process
20 process staff weigh in and complain this is too fast, please we need more time
Lone engineer is given 30 different requests for information
Senior leadership is then updated on the lack of response from said engineer
Engineers Boss informed of low or non response of engineer
Engineer is given a PIP
Whole issue is now a section-wide directive to get results
Contractors are hired at 500/hr to figure out what went wrong
Managers are hired to watch over the contractors
Engineer says screw this and gets another job somewhere else
Contractors - after milking the system for 1000 hours says its not an issue
Managers of the contractors agree its "Job well done!"
Bonuses are given to the mangers for fixing the issue
- and whatever it was....goes under the rug and all is well.......
This is typical Wells Fargo outcome. Very likely the byproduct of a poorly designed process supported by old technology (or by Excel), running on incomplete and inaccurate data, executed by a overworked employee, while multiple layers of managers and oversight groups sit back and watch.
Hoping it's due to some system error (perhaps a malfunctioning EUCT?) and not purposeful fraud. Neither is good, though.
There is truly no hope for this company.
I would love to what Scharf and Weintraub said to whoever allowed this to happen.
Pathetic