I have to state from the start that this is not just a Wells Fargo issue, this is the entire industry's issue. It has become a custom to cut experienced employees to fix the problems created by incompetent and self–serving upper management. This has proven to be the wrong move again and again but it still keeps happening. No wonder so many people are switching industries. Who wants to work in a field where working hard to improve your income just puts a target on your back?
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Another productive member of society having fun with their downticks. Good for them.
Sadly, the Stagecoach is from the century before the prior century!
@qgn: this statement you made is the lerfect summary for all the activity on this site and what is happening.
"The Stagecoach is still a stagecoach from the prior century, no matter how many people they kick off if it."
The world is changing, and WFC has to change along with it –I get that. On the other hand, it appears they are just getting rid of people (many with experience that is still needed), and not bothering to move in to the modern world with technology, processes, attitude, innovation. The Stagecoach is still a stagecoach from the prior century, no matter how many people they kick off if it.
I’m waiting for the next big blunder to occur. I give it within the next year to two years. We will be hacked, or the system will fail for days/weeks, or someone will Blow the Whistle on one of the many things WFC is hoping no one digs too deeply in to. Between all the upheaval and instability, and the cost cutting, and the loss of experience, and the 1980’s technology and whatever access to sensitive information we are a sending overseas – you know it’s coming. Not if, but when.
They should remove irrelevant roles but WF is forgetting one thing, they are a bank and not a technology company. Yes, we need technology but the bank must run as a bank first. Too much focus on AI and Agile.
There are roles that was relevant 20+ years ago and is now obsolete but WF still employs these people. Roles, like the regional service advisor, is an obsolete role with tenures ranging in the 15–25 year range. They get paid well, have benefits, etc., however their role is no longer relevant. Cutting this group may appear like WF is removing experienced roles based on the employee tenure but, in reality, the role has been made obsolete over time.
It is not just every bank, but every corporation. The first way to cut expenses or jack up the stock price (usually hand in hand) is cut staff or offshore which is basically the same thing.
Just so you know, every bank is the same. Wells just got caught and is under the microscope. The feds not dare look at other banks right now because there would be nothing left.
I understand why what I’m going to say will sound negative. And I might not be proud of myself for feeling this way, but it is the truth.
If it didn’t mean that 260,000 innocent employees would lose their jobs: I would love to see WFC fail. WFC deserves to fail. WFC might have been a responsible well –run bank 20 years ago, but they have devolved into a greedy predatory company that is enriching it’s self–serving top execs and BOD while taking advantage of and abusing their employees, their customers, and their communities. Sorry, Charlie is no better than the prior CEOs. He’s different, but he’s in it for himself, same as the others.
WFC contributes nothing unique to the finance community, we don’t do anything better than anyone, we are not making the world a better place – we just take advantage of people in every way we can get away with, and the C–Suite gets paid richly for doing so.
I think you have it wrong. the bank is trying to cut expenses desperately. usually the more experienced folks are higher paid. if there is a lower paid individual that does a similar job, that person will take on the job and the experienced will lose the job.
its not that the bank wants to lay off experienced folks. its unfortunately a byproduct of the issues here. if your manager has done a decent job raising talent, it would be an easy transition because there is well trained talent waiting in the wings.
in my area, my manager has done a poor job raising talent, which will lead to problems down the road.
I have only been here 5 years, but many of us had ZERO control over any of the past issues! Zero. In fact, we raised our hands, like many did, and it fell on deaf ears. Now, if you have any tenure here you're the bad guy/gal?! Come on, man!
It’s not just banking. It happens in every industry. What choice does an incompetent manager have when he needs to make his screwups look like someone else’s fault, but to fire someone else?