Wfc a one time was the greatest commercial bank in the world. What happened? Poor leadership for many years. Greed and incompetence. So now the poor leadership is resulting in thousands of lost jobs. Time to start naming the fools that caused this mess.
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I recommend anyone still thinking that “WFC was the greatest at anything” some point in its recent past to seriously study Enron’s corporate culture. Here is a good starting point, a treasury written in 2001 months before Enron collapsed in December of 2001.
https://www.texasmonthly.com/the-culture/how-enron-blew-it
Bottom line is that Enron was also the greatest in _____ fill in the blanks but rotten inside. Instead of fake accounts they had fake energy contracts. In both cases a whistleblower was needed. In both cases the stock was pumped higher and higher until they got caught. In both cases the culture was corrupt and leadership was not held accountable.
“ Wfc a one time was the greatest commercial bank in the world. What happened? ”
Well, WFC at one time APPEARED to be the greatest commercial bank in the world. What happened was 3 decades of journalists and regulators slowly realizing and learning the vast numbers of schemes, corruption, manufacturing off accounts, self dealing... C’mon man you’ve read the articles... you know, ... the thing.
I would say its not new management per say.
This is more just the culture of the company and always has been along with this industry. Unfortunate there is so much corruption, this bank probably being the worse.
Who keeps tech this old? this is also anotehr demise of the company and they are no longer able to compete. Time for CEO and his new team to take it over and clean house.
Chuckie crash and burn Sharf will do a hack job along with all his cronies from BNMN.
It’s never been one of the greatest commercial banks in the world. We all may have thought it was at one time but it was just a facade. As bad of a leader as Stumppy was he inherited a bloated, inefficient and corrupt (i.e.consumer bank) organization from Dickie K. The branches provided horrible service and it’s only since Mary Mack took over that they started to improve. They still have a long way to go. Having 82 businesses all operating independently is terribly inefficient and is largely why the bank is so over bloated with expenses today. I’m no CS lapdog but he’s doing what anyone in his position has to do to try to turn this thing around. Can’t say I’m impressed with his leadership style which has driven morale to an all time low.
Past 10 years? ... try the past 25 years! Wells was not anything like investors, employees or regulators thought. It really does not seem that our coworkers comprehend the scope of corruption over 3 decades that got us here.
Used to be a great company. Now a cut throat horrible place to work.
Pretty sad when Danny Peltz is most senior executive in San Francisco. What happened?
Why has Tolstedt escaped punishment?? If I’m wrong, please set me straight because I’m tired of raging thinking she got away scot free
Wells Fargo will be gone in 5 years. Sold off, broken up and disbanded. Thanks to the current leadership.
I predict, in a couple years, Wells Fargo will be on one of those “Famous Companies That No Longer Exist” lists. Right along with Wachovia, Enron, Madoff, Lehman, Blockbuster, Pan Am, Bear Stearns, Circuit City, Radio Shack, Compaq.
All had poor management, couldn’t keep up with their competition, had executives that paid themselves well while not investing in the business, failed to innovate, some were plagued by scandal, some were taken out during various global crises.
It goes further back then that. D–k K. days.
But I agree it's sickening no one in banking ever goes to prison for corruption.
If branch employee steals $500 from, goes to jail. But nothing ever happens to the wealthy and privileged in banking.
Ans we wonder why employees are so jaded. THIS is why.
Starts at the top. Every CEO, CFO, Board member WFC has had for the past 10 years. And the folks are all rich and living the high life. So sad.