Over the last few months while many of us work from home the hints of layoffs started and now it is full on announced and we just wait to see who will go and how the spans and layers will impact our teams and workload. Totally left out of the mix has been any attempt to keep morale up or any encouragement from where I sit. No company pride or positive talk about the future. Part of me feels like those at the top may be happy to have offices closed so that water cooler commiserating isn’t happening. Am I the only one noticing these things and where do you see the company culture going?
10 replies (most recent on top)
They better figure out morale if they want to get a damn thing done. If they want to get regulatory under control they better care otherwise good luck accomplishing your goals with a disengaged workforce
Future culture.. mini jpm would be my guess. We have now mimicked their structure and have brought any many sr level with that background. Oh and of course the ny vibe.
no way cap gets lifted anytime soon.
the only other lever management has its cut.
thats it.
cut branches, cut staff, remove "insular" thinking.
Build staff in india and declare usa staff redundent.
you get the idea....
Just like the old pirate ship cartoon— "The beatings will continue until morale improves."
Morale doesn't matter right now to executive management.
If the company doesn't get the regulatory matters closed the regulators can and will shut down major businesses. this is their only recourse left, since they've put tighter and tighter restrictions on WFC and we still haven't been able to close out matters that have been overdue for years.
Combine that with the need to take cost out, and the net of it is that it is actually going to get MUCH worse before it gets better. This will not be an environment for the faint-of-heart or weak stomachs.... Blame prior management... what on earth was the OC smoking for the last four years, never mind all of those years before...
It is very simple, Wells Fargo does not have a future unless the asset cap is lifted. The assets generate revenue that pays salaries and gets returned to shareholders in dividends from profit. If you cannot generate revenue your only choice is to continue to cut expenses. That will lead to many bad things.
This is very serious business, a lot of employees don’t seem to understand. The regulators are furious, and they do have the power to break up or sell off the company by revoking the charter. If you feel sad today, wait til your job is eliminated in the middle of the night by the FDIC with zero package. That’s candor ladies and gents.
Embrace Candor! LOL!
My entire section is so worried. It’s become a distraction from work. It’s not that we aren’t all still working hard, but it’s on everyone’s mind. I don’t think the way this has been handled has been conducive to optimal productivity; not to mention anxiety levels. It is literally the worst time in the past decade to not know if you’ll be able to be employed. Wells Fargo has very bright individuals working for them. I would hope that those who work hard, with strong reviews are kept, shifted into a new role when possible. Those who are not performing should be on the chopping block. They should really keep the talent they have.
Commiserating?
More than ever there is a job to do - get out from under the asset cap and cut expenses. I don’t think management thinks enabling commiserating is a priority or even desirable.
Those responsible for improving morale have probably already been laid off.