How quickly things chasnge. Early 2000s were all about financial services, banks and investment bangs were cool - everyone was so proud that we worked for Wells. Now, not so much - many things changed and it'll continue to be painful. Good luck. all.
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Sorry, it is far worse than JPMC.
I used to like Wells Fargo when I joined several years ago because it was nothing like the toxic environment at JPMC. Now it is just like them. So much for that.
I started in 2001 and agree those were the good old days. I just left and am at a regional bank now. It’s better than Wells but I still can’t wait to retire from banking.
All of that may be true, but it doesn't change the fact that the premise of 'we made money back in the day because we ripped people off' true. You don't earn $4B in profits/year by taking $2M from customers fraudulently over the course of several years. The numbers just don't add up.
The account scandal caused thousands of Wells employees to lose their jobs, many were blacklisted from banking, and presented an image of success to Wall Street that Wells did not actually earn.
And anyone saying that customers weren't hurt "that bad" needs to reflect on their life choices, because any harm to any customer is pretty, pretty, pretty bad.
So, we hurt our employees, we hurt our customers, and we hurt our shareholders.
Hat trick of crime.
"WF has paid $21 billion in lawsuits and fines related to some type of wrong doing since 2000. $3B in 2020."
That has nothing to do with actual financial damages to the victims of the fraud. The vast majority of these accounts didn't incur any fees and the vast majority of these penalties were punishment from the government. That's the drain that money went down. The victims got a tiny percentage.
WF has paid $21 billion in lawsuits and fines related to some type of wrong doing since 2000. $3B in 2020
I don’t where some people get their information.
There is a seemingly endless ability of some WF employees to equivocate and rationalize both criminal and unethical corporate behavior.
In spite of the media accounts and the hysteria, there was minimal "ripping off of customers" in the fake account scandal. It certainly wasn't the reason WF made their billions. The total financial impact on the 85,000 customers that paid fees as a result was $2M, or $23 a person...and WF in turn settled for $142M, meaning that even people that had zero financial impact were compensated with cash. Is it fraud/bad? Sure is. Did $23 in fees (that was subsequently more than paid back) ruin anyone's life? I really doubt it. All the media nonsense sense then has been entirely agenda driven. Everyone that wasin charge has been fired. Most everyone that opened said accounts has been fired, had their location closed, or moved on via attrition. The entire leadership was replaced, more than once. The only people being harmed at this point are the WF employees that had nothing to do with the fraud. Which means it's more than past time to move the heck on and stop dragging innocent people through the mud for the crimes of others.
Well during those glory years Wells was ripping off their customers. Eventually Wells got caught and the party came to an end.
Sorry to hear it impacted your dream jobs...
@jpp+196h8gXm, I feel the same way as you. I just left recent in December for a new job, and same for me, my stress is way down. I was in IT as well. Things got much worse towards December for sure/end of year 2020
Wells Fargo was a much smaller bank in 2001. I started in IT in 2005 and the work was a lot of fun and it was cool to work at WF then, at least in IT. They almost doubled in size when they bought Wachovia. That is when I saw things starting to change a lot. There was no longer that “we are all in this together feeling” from the company. I never thought I would leave WF but I did find a new job for a much smaller company last October and my stress levels have gone down significantly.
In 2001 WFC earned $4B for the year. We earned $3B in just the 4th Q alone, even with asset caps and consent orders. Banking may be 'less cool', but it still rakes in the profits.
yea, get out of there, this company is worst one to work for, never won a best workplace award, many people breaking laws there
Cool story bro
What exactly is your problem?
What exactly is your problem?