- the moment you realize that you work for “the bad example”.
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Who the heck would want to be the next Merrill Lynch, Wells Fargo, Wachovia or Deutsche Bank?
Employees have to look outside of their time here and understand the light in which Wells is (accurately) understood and portrayed.
You’re both right and wrong. Other banks have had issues and consent orders and there isnt a peep about it. Did management blow it? Yes! Did the entire company do this or deserve to pay for it? No! Meanwhile, there are other banks being looked at in regards to PPP. There is already news we fired our own people due to mistreatment of these programs. Itll be all about WF being corrupt when we were being proactive by looking into it
Post ID: @aol+17qfAKoN
I could not disagree more if you were my mother-in law.
Not saying the other banks are saints but we deserve every bit of what we’ve gotten and probably much more. It’s not because WFC “is just the useful id–t that the media latched onto, or the other banks have better PR, or the regulators pretending to focus on WFC.”
The blame sits squarely on the shoulders of our own mis-management. We should have admitted our errors and apologized immediately (Damage Control 101), and the world would have moved on. Instead, Stumpf still defended the whole cross-sell strategy, he didn’t want to be accountable unless his feet were put to the fire, he publicly heaped praise on Carrie Tolstedt, let her “retire” rather than terminating her, blamed the hourly workers, fired Whistleblowers, the BOD claimed they were misled, and then they replaced with Sloan who was hesitant to speak out against Stumpf, and then we rushed out the expensive PR campaigns that everything was magically fixed before it actually was. Wells Fargo is the best example of how NOT to handle a scandal.
Wells Fargo should have learned from Hugh Grant from 25 years back 😉. He went on a big “apology tour”, was humble and likable and begged people for forgiveness. He pulled off a flawless public apology, people related to him, felt bad for him, forgave him and then they moved on.
I’m being a little wry here, but Stumpf and the BOD were initially so pompous and defensive, that people couldn’t wait to bury him and the bank.
Every bank is already the next Wells Fargo. WFC is just the useful id–t that the media latched onto. The other banks have better PR and advertise with news orgs enough (i.e. bribe them) to stay out of the spotlight. These other crooks are happy to point the finger at WFC and the regulators pretend to focus on WFC while the rest of the piggies loot the cookie jar with impunity.
I think we’ve all known that for a while. Still, it’s painful to hear it in those terms. Oof.