I looked at Glassdoor Employee Reviews from BNY Mellon when Charlie Scharf was CEO. What a SWEAT SHOP. Over and over again, the reviews talk about elimination of management layers, managers having 10 to 15 direct reports, constant employee fear and anxiety, being overworked because all of their colleagues were laid off, jobs were not back filled and BLATANT Age Discrimination. Horrible culture is repeated over and over again...Charlie bringing in his cronies increasing Costs to Top Management while cutting everyone else’s job. Hiring in NYC, one of the highest cost of living areas in the country, while forcing hiring in lower cost hubs. What a hypocrite!!!I don’t see any comments about leaders being brought in to grow the company. Any mo–n can cut people! It takes real talent to grow a business, create a value proposition to expand and keep clients. It takes a real leader to inspire staff to achieve things that they didn’t think possible. The Board hired Al Dunlap and we know what happened to Sunbeam. This is so disgusting! How can Jamie Dimon sleep at night? He talks about the need to fix income inequality, but he and Charlie have blood all over their hands. Charlie how do you justify getting rich off the backs of fellow Americans? Don’t you have a conscience? You can justify your actions with arguments about the need for capitalism, but you are actively participating in creating this awful reality. Our country is being ripped apart and the gap between the rich and poor grows wider because of the CHOICES you and the BOARD OF DIRECTORS make every day. Think about it! They are choices. And you have the choice to choose a different path and a different outcome. I am so worried about the future of this country, and making more $millions doesn’t buy happiness.
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It started long before Charlie.
Since the scale of Wells crimes has become better known, and the wide variety of crimes, along with no perp walks, has made morale a problem for the last few years.
Billions in fines to avoid criminal charges.... billions! Thousands of lives ruined for years, including our own employees...
Then lately the revelations that Wells is not actually working very hard on fixing the issues gives one the impression that no matter what your role is at the bank, you're on the same team as tbe bad guys.
Hard to get motivated and show up with a smile.
Reading all these posts to check the pulse on morale. I don't think I have ever worked for a company where I've observed more upset, disenfranchised and disengaged team members. It speaks to a broken culture and failed leadership that has not earned or gain the respect of its followers. I am working as hard as I can to GTFO of this place. The culture is irreparably broken and is never going to change or improve. Until People come first, this place will never be successful. I also know lots of people who used to work here, and they have nothing positive to say about their experience. It's just mind numbing.
After the displacements in 2019, LOB’s are frustrated not getting the support they need, so I’m not sure what group you’re in if no one is working 40+ hours unless it’s merely due to Covid.
Now Jamie M. Implied there will be more cuts. They’re going through a restructuring, but hope there are still people left rather than relying on “Marketing on Demand” for all.
Anyone notice all the guitars behind Charlie in his last video? How can anyone who feels ok having 7+ guitars have any idea about ethically managing expenses?
The asset cap has nothing to do with needing to be “trimming the fat”. It is there because the Federal Reserve got fed up with management’s inability to resolve problems. Having too many products did not lead to these problems. The problems are a manifestation of greedy management, a lack of Board oversight, rotten culture, misaligned incentives, and a history of ignoring problems and risks, and pretending they aren’t there. At least three of these problems are still not fixed, and the size of the company only compounds the problems that are still not fixed.
CS is great and leads by example. He has 18 direct reports. If he can do it, so can you!
I was in marketing and left because it was too stressful I always worked at least 50 hours and the person who replaced only had a part of what I did because they divided my duties around she stuggled and with other leadership changes she left or was laid-off, not sure. I'm in the technology area and agile- wfb version of it and automation are the new go forward. We had 2 contractors time out and they were not replaced, in fact, we had someone else who was going to leave and didn't, but they weren't going to be replaced, the duties absorbed my everyone else.
To the person that posted about Risk being safe- look at other threads about Mandy. It's not a happy group.
I think as team members we have to be honest about the fact that Wells Fargo failed. Wells intended on being the Walmart or target of banking. A nationwide one stop shop for all your banking needs. That’s simply not feasible. You cannot have that many products across the country without running into compliance issues. The branches are already in the process of consolidating products and the enterprise is selling businesses. Charlie’s job is to come in and evaluate where fat can get cut. That’s part of the reason there’s an asset cap. Wells needs to focus on what we can do effectively and grow that instead of trying to be everything. That means bringing in new top management who will sadly command a large salary because honestly who wants Wells Fargo executive on their resume and also cutting some fat. If you’re in a support area like risk or marketing then you’re probably good. If you’re in a role where you’re basically collecting checks for free then I’d be worried. If you’re in a role that can be automated or consolidated in a hub I would be worried.
I say all this to say we need to stop looking at wells like it was the people who were the problem and realize the business we were part of was too big to succeed.
Regarding “growing the company”... this company is not allowed to grow, its under a federal reserve consent order and asset cap.
WF does not have an awesome culture that it is being shredded by Scharf, it has a culture that led to the biggest consumer scandal ever, billions in fines and settlements, and over five years of an apparent inability to satisfy regulators. That’s not awesome, it’s incompetent.
Pay attention- this company has only one direction to go and its smaller. We are not close to getting rid of the asset cap, and the pandemic has delayed this.
Talent must be top graded, if you live in fear, you are not prepared and you are in need of upgrading your skills. Sadly, this is true of most people, but hoping for some other outcome is simply a waste of time.
My division is in Marketing, and many of our managers have 5-7 DRs. Most are working long hours, have been in burn out mode for a long time (increased significantly this year) and rarely log off before 8 p.m., at least a couple nights per week at 11 p.m. or later (plus weekends).
I'm not sure what part of Marketing you're talking about, but it sounds like there's fat somewhere.
I’m in marketing. I can’t think of one middle manager in my group who has more than 4 direct reports. I can’t remember a time when people worked over 40 hours per week, if that. There are people who never even put in a full week. There have been layoffs, but those job descriptions were tweaked slightly and the positions filled with the upper manager’s friends, and decorative young females.
I guess the party’s over.
In corporate america the only stakeholders are the rich or thr elite poitical class..
If you are not one of them, you are expendable.
Anyone breaking tbeir a– for this comoany is a fool.