with southern CA BBG for 15 years. Per head of finance, we were the most profitable division in the entire footprint. It wasn’t until we merged with wholesale (middle market), which is when things started to change. All the lies and misrepresentations about working as two separate groups with the common goal of growing wholesale’s market share with no significant changes to roles and responsibilities. All of the sudden this merger started to feel like a hostile takeover. Loan size requirements started becoming larger, credit box started to tighten, even products and services were changing to fit their culture. Yet, we were told to trust the system and process. A year later 75% of average producing BDO’s and managers were laid off. They said the remaining people are the very best and will be the future of this group, with the promise of no more cuts. All of the sudden we were being told that BBG is not profitable, never was! I’m sorry, we had loan pricing models that gave us what each loan and product was generating for the bank. Again, the head of finance thanked us for bringing all this business and growing a quality loan balance sheet that had .00001% loan-loss ratio. We dominated the local markets through years of hard work, becoming community leaders, and fighting off the reputational damage that was done by community banking. Despite all of that we grew our net-new portfolio by 10% every year for the last 12 years. But that wasn’t enough. The big brother had to throw his little brother under the bus to mask their failures of never hitting their growth goals. 90% of their new clients came from us but somehow they’ve always felt we were their minor league team and they were entitled to everything we gave them. It’s OK, I have gotten several offers since most banks are in desperate need of proven performers. But I feel so bad for all the relationship managers, credit analysts, and relationship manager associates who will be displaced and have to find a job in the midst of a pandemic. Yes the severance will help, but then what? There is a hiring freeze everywhere.
I was told by other banks that WF is making a big mistake by getting out of a market that was “owned” by Wells Fargo. And to think that all these companies ($5M-$50M annual revenue companies) will no longer be managed locally but to be managed by an out of state regional coverage team in Phoenix?? Local RM’s were swamped managing 50 clients and those out of state RM’s with no experience will have to manage 300
Clients each? I’m sorry, I love Wells
Fargo, always will. They have made me who I am today and will never forget that. But I’ve always said I won’t leave because I trust my management and all of their decisions. Not anymore, your self loathing and ego is getting the best of you and I would have no self respect and would be bankrupt of all my morals to work for a bunch of jerks like you who instantly threw all these great people
I’ve worked with to the curb!