For the most part, I get everyone’s opinions and analysis. Employees are just trying to survive a difficult time at work. Hunger Games, courtesy of Wells Fargo senior management past and present.
I have been through it three times:
First, with the sale of AG Edwards to Wachovia. Our CEO stood on stage at an officer’s meeting and said “the company is not for sale”. Weeks later, we were sold. What? Everyone was stunned. Because we were naive and too trusting. I became a little less naive.
Second, with the failure of Wachovia. They came in throwing a lot of money around. They were going to “teach us how the big banks do business on the East Coast.” Backwards processes and ancient technology. But spending like banshees on huge retention packages, signing bonuses, moving packages, contractors, large happy hours, parties, regional conferences, retirement parties. Rumors of some bad loans started surfacing. People were asking questions but everyone vehemently denied any problems. Oops! Wrong again. In hindsight, I should have put 2 and 2 together. But I was now less trusting.
Round 3: Wells Fargo. Fraud, scandal, fake accounts, more fake accounts, lies, lack of accountability, denial of wrongdoing, understating, improper mortgage lock fees, auto- loan issues, improperly repossessing service member’s cars, failing living will tests, “software glitches”, fines in the billions, shareholder lawsuits, customer abuse, retaliation against Whistleblowers, CEOs stepping down, Board members stepping down, fake PR campaigns that we have been “re-established”, $40 billion on stock buybacks, asset cap imposed by the Feds.
Lesson learned.
I am fortunate to be surrounded by many good people in my life who I can trust. Some are my fellow-employees. And I have managed to survive all the mayhem. But do I trust anyone in upper management? Hell no.
If you do, I wish you all the best.