Even though I heard multiple times that this is Corporate America and that the toxic environment and the constant threat of layoffs is present at every bank and not just WF, I’m not sure that that’s entirely true.
I have a couple of friends that work at competing companies and none of them feel threatened by layoffs and all of them are happy with their job. Is it really like we say, or is there a totally different reality at other places?
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Yes
Former Mohan Stanley staffer here . Trading areas were great there but cut throat . Control functions were very political - it was all about who knew and not what. Wells in comparison: everything is bureaucratic. Nasty work culture through out but areas like controls especially bureaucratic.
I’ve worked at Lowe’s and B of A and I actually think they were worse. A team I worked was so awful at Lowe’s I think the turnover rate was in the 90% percent rate. The ineptitude of the management and technology team was nothing short of stupefying. It’s been a few years so hopefully it improved. Another corporation was so bad (I didn’t work there, thank goodness) an employee hung himself outside corporate headquarters. My WF experience has been fairly decent compared to them.
I've probably talked to at least 7 to 8 other banks in the last 3 years - they all are a cluster. This industry is a circle jerk of reactive pond sc-m and it why it's so heavily regulated because it needs to be regulated.
I worked at a smaller bank before Wells and they were constantly laying off. It was like a game of survivors. Couldn't sleep at night seeing your friends go and wondering when you're next.
Its the banking industry as a whole. It's a swamp. This entire industry needs reform and regulation like never before.
I am a former JPM employee. It was a political war and I was stressed 365 days a year. It is far more competitive and toxic. Decided to move to Wells and can’t be happier. I know I am not safe here as well, but that is corporate America for you.
I worked for 2 other banks, BOA and CITI. Both were far worse than WF.
All businesses have ups and downs but not all businesses get caught opening fake accounts and end up in the position WF is in.
I left Wells 6 months ago and am at a large regional bank. It is a much better culture and better management. No threats of layoffs.
My experience has been that all the banks are behind in process engineering and tech, but this is the only one I have worked for with a broken leadership culture. Thats why we are having layoffs. Scandals are from broken leadership accountability models more than from corrupt employees at the front line
I have worked in 2 other companies and never once worried about layoffs. First company I have ever faced this. They want worker to work in a state of fear, more like the co------t mentality.
In any case, the bigger issue is is they dont know when to hire contractors vs full time employees, this is due to unskilled management and lack of knowledge at that level. Also workers that add no value like the tech secretaries.
@aoc. I am interested how long ago you joined. If it was anywhere in the last 2-3 years, I would agree. Before that, the bank ran a lot better in more respects.
Was it perfect? No. Nowhere is. But at least there was a transparent plan that was communicated to everyone, and no threats of layoffs hanging over people’s head.
Now it is just like anywhere else where this has gone on. The difference is, the rest learned from the mistakes these people are making now. But guess what? These people came from those places and are doing the exact same thing all over again and proving Einstein’s theory of insanity.
I’ve worked at 3 large banks including WF. It is without question the worst.
Inefficient in every way imaginable, way too many managers, way too much administrative overhead and bureaucracy, broken technology and processes everywhere, and worst of all, absolutely zero focus on customers. There are so many managers making so many bad decisions, it’s surreal. It is simply is too far gone to fix, which is why I just left.
It is proving difficult for even Chainsaw to execute blanket layoffs. The old regime knew they couldn’t cut staff because our systems are so pre-historic, which is also the old regime’s fault. WFC needs a lot more employees to keep the whole S Show running. And they still do - I have not seen 1 system improvement in our LOB that doesn’t require more people to help it gimp along and be viewed as a “seamless update.”
The only way for Charlie to cut staff is to close branches and sell off businesses. And that is exactly what he’s doing. WFC will never be able to get in line with the other banks unless they close shop, take off 5 years to re-do literally everything, and then start over.
I also joined a smaller regional bank after Wells. Layoffs also happen here but they are infrequent and small scale. Definitely not an ongoing threat hanging over all our heads. My bank keeps a very close eye on costs, so they can adjust other things (projects, open reps) to cut back without impacting existing employees. Wells failed to make tough trade-offs for years, so eventually huge layoffs were their only option.
I moved to a smaller regional bank (still covers a pretty large area of the US) and I've heard no mention of layoffs since joining.
Just read the other layoff job boards and you'll see how miserable everyone else is, as well. Yes, it's Corporate America.
It was that way for Chase and BoA for several years but I think they have already learned the lessons that Chucky seems not to have yet and are past all that now. Took both a while to recover from all that loss of knowledge and the consequences of sending too many jobs overseas.