Take it from somebody who used to work for two other big-name banks before WFC, they're all the same. I see people here bemoan how bad it's here, how it's the worst this, the worst that, when it's actually normal. Everything WFC is doing and the way it treats its employees is normal for the banking sector. I'm not saying it's right, but it's not unique or specific for WFC. If you think you can transfer to another bank and get better treatment, you're in for a major disappointment.
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I can't speak for other banks, but the climate here IMO is the worst I've seen since the wake of the financial crisis. The problem then was the market; the problem now is of the bank's own creation: mismanagement.
There is a huge difference between working at a corporation that's growing, or at least holding steady, and a corporation that's circling the bowl.
Every place has problems, because every place has people, and people are what they are. But watching people losing their jobs and wondering if you're next is a completely different thing from working in a place where people are moving ahead and you can see a future.
This kind of situation brings out the best in nobody.
More money, more problems. The comp packages for executives is not designed for any real care of the company. While that is not unique to banks, the scale of a national bank and all the moving parts lends itself to chaos.
Maybe, but you are aware that several other banks are already "back in the office", right? WF is likely going to be one of the last big banks to do so if the September time frame holds up.
WF is following the Chase playbook and that is unfortunate because it is a toxic environment there.
So basically we are jumping off the cliff because the other kids are.
That is not true at all, WF is uniquely a clusterfuck. If you’re at WF reading this, don’t be discouraged by these people’s sour grapes. Most other companies are not actually carrying out deliberately opaque layoffs and bassackwards location/wfh policies in an effort to drive their own employees away to save the cost of a package. That is not normal.
The wells of old was toxic
I like this new wells.
Those that survive the reign of Charles I will have a chance at working for a new version of the "good old days" style WF. No one likes working at a place where the axe is looming over them, that's clearly the biggest problem most employees have with the place in 2021. COVID put a lot of terms that would have happened in 2020 on hold, so we're going to get 3 years worth of terms in a roughly 1.5 year span. April 2021 - September 2022 is the gauntlet we are running. If you're still here for Christmas 2022, you will likely have an opportunity to make it a career here. For those that want to stay here long term, I hope you survive the cuts. For those that don't, maybe you'll get paid to leave. Either way, the company won't stop cutting until the board sees the employee cost #s they want to see, so buckle up my friends.
Like the poster below, things used to be better here and that difference used to attract good workers to the bank. A lot of people on this site remember those times, and those are a lot of the complaints you read about. People are chasing for the Wells of old, but that is going to be real hard to find.
I can tell you Wells used to be a lot better than what it is is now, having been there for Kovacevich through Chainsaw, and having moved on to a competitor, it’s better than the Kovacevich days. Maybe a lot of the banks are like this, but that’s probably because they copy Dimon, and Chainsaw is a disciple.
It's not just other banks that are the same as here. Most corporations have turned into to total #%#& shows. They lie to you to get you to take the job and knowing you will walk in 12 to 18 months. Just look at the research, most employees don't want to work for these places...it's not just banks.
Most people who have worked in the banking industry for a substantial amount of time end up jumping around between the major players. As one of those people who have worked for a few banks, there's no way anyone can pretend what's happening at Wells is normal. This place is a mess. I made a huge mistake coming here, and I feel stupid because so many people warned me.
Can't want to escape Wells and get back to the normal banking world.
I agree with OP. I have worked at banks prior to here and the last major bank I worked for was tooted as one of the best companies to work for according to Fortune 500. It was horrible. They treated employees horrific. Every time you look, someone was being let go. Managers were bullies. When I came to Wells, it wasn't great, but it was tolerable compared to that other fortune 500 top places to work bank. People who complain probably have not worked at other companies and think it's going to be better when it won't be.
But Charlie...it's only because you were at those other banks that made those experiences similar to the one you are creating here.
I agree with you OP. I worked at 2 other major banks and one was on slightly worse, the other way worse where they full on lied about the bonus payout. Only problem as of recent is the last 3 years they flooded the place with some really poor quality hires both here and in India.
I've worked for a bigger bank than WF, and a smaller bank. Neither of them where anywhere near this level of sh-t show.