Was Wells Fargo ever about anything other than profit at all cost (and with our history, I do mean all cost?) Is there anybody here who has been at WFC long enough to remember a time when things were not this bad? When the idea of pushing employees into breaking the law would have been penalized instead of encouraged?
24 replies (most recent on top)
Sorry to say, but PatchMaster is WCHV - Charlotte based.
I wonder how many of you would not worry about profits if you owned your own company. And agree with a prior post about WF not being out for profit at any cost. Actually could be significantly different without all the give away millions to the "flavor of the month" political cause. Here is where many of our current issues really start.
This is a for profit business. This is a publicly owned company. If you do not understand what these comments mean, maybe you should consider more schooling.
The problem with Wells isn't that it lives to make a profit.
The problem is all the criming.
Which is a problem for all banks and always has been if you know banking history.
The culture doesn't have to be toxic, that's a management choice.
To OP:
It's a publicly traded company, not a non profit. You sound like that whiny AOC.
They don't care what the culture, employee experience or perception is like. If they did, the current board would of changed course on top leadership, abruptly. It's all about the Benjamin'$ Baby $$.
I’d go with incompetent. Norwest culture will never allow you to create a smoothly flowing process if it’s possible to make one with five disparate systems and three human handoffs. If the famous security PatchMaster didn’t come from a former Norwest hub, I am amazed.
Post ID: @bdv+1beIA5ri
Agreed. Most people at WFA haaaaate the bank.
Post ID: @qhu+1beIA5ri
Forgot about that. It’s an Important point.
WCHV bot AG Edwards in 2007, ran us in to the ground by 2008, and then we were sold to to Wells for a song. I (we) didn’t appreciate how good our leadership was at AGE until we went to work for WCHV and WFC. A friend of mine still says to this day “I can’t tell if these people are completely incompetent or a bunch of crooks.”
A little history lesson: Norwest bought Wells Fargo, not the other way around. Part of their reason for doing it was because the Norwest name was so bad that commercial institutions and municipalities wouldn't do business with them.
Wells Fargo had a better reputation and name so they bought the bank, moved the executives (including DK-the creator of calling branches "stores" and "8 is great" cross-selling) from Minneapolis to SF, and took the Wells name and history.
The WF way died in 1998.
It’s always been about profits over people, but it used to be easier to make money by ripping people (mostly customers) off. So it looked like we were doing great.
That was good for morale, and layoffs were not as frequent.
Now it’s different because we’re contracting instead of expanding, so everyone has the threat of losing their jobs hanging over their heads every day.
It was always like that for the branch people who were pressured to meet “sales goals “ or lose their jobs.
Now it’s like that for everyone.
@qjx that is textbook old-school Norwest Fargo.
@kgy+1beIA5ri you are so are correct....why did you hire me if you didn't need me!? The answer to that is because the right hand does not know what the left hand is doing here, at all! And, you have a bunch overpaid Directors and leaders who have no accountability for spending other peoples' money (shareholder). I literally left my last role because I was bored out of my mind! I did all the work that was asked of me, a lot of it was going away anyway. So then after I quit, my boss backfilled my role, for what?! What are they going to do to keep busy?! There goes another $200k. Yet, they complain about the need to cut expenses?!
My current role, my own leader cannot even effectively manage, engage, and lead the people she has now, yet is frantically hiring more! It's not about doing more with less, it's about these people building their own little empires to make themselves look so important and valuable. Then they wake up later and say "we have too many expenses, you all need to do more with less." I feel I cannot get out of this cesspool fast enough, it's never made a bit of sense to me! It defies common sense and basic management principles!
Post ID: @fsm+1beIA5ri
“LOL I can’t communicate without typing LOL, but I like to pretend LOL that I’m smarter than everyone else LOL.”
They want people to leave. I didn't feel valued here. Every time I listened to a town hall how many times did I hear, "Look. There are just too many people working here ". So why did you hire me if you didn't need me? For that, I could have went elsewhere where I felt valued and appreciated and needed.
Post ID: @fsm+1beIA5ri
Your are d-mber than a rock. Lol
Post ID: @znk+1beIA5ri
You should “grasp” that Wells Fargo stays away from recreational weed companies because they are a Federal bank and are afraid of lawsuits. WFC gives away money purely for PR purposes, not out of sincerity. And it doesn’t cost WFC a dime to donate money to charity or to not loan money to g-n manaufacturers, etc because they will just cut more employee jobs on the back end.
Morality has never comes in to play at Wells Fargo.
LOL
The culture used to be about screwing customers for more profit. Thank our previous leaders for that
Not anymore, all those “leaders” are long gone.
So if you don’t like where we are now I guess you preferred the old culture under Stumpf and tolstedt…
Got hired by Wells right as the Norwest takeover began, so no, I have never known a WF that didn't operate without profits being the supreme law of the land.
I'm not sure people in 2021 grasp what "profit at all cost" really means. Businesses don't really do it anymore, not like they did in the 19th century. WF certainly doesn't. We give money away at the drop of a hat and routinely turn down money making opportunities for woke reasons. If it was 'profit at any price' there surely wouldn't be any limits on what type of businesses we'd loan $ to. G-n manufacturers, oil companies, coal miners, recreational weed companies etc. all have $ that is as green as anyone else's and yet we often say "no".
I've been here over 20 years. This is by far the worst I have seen.
I remember back when we ripping people off purely for love of the game. Sad that it’s all about money these days.
Worked for WFC since 2008. It has been “make money at all costs” since I’ve been here. Managers were rewarded for pushing competitive sales contests that created conflicts of interests towards our clients.
Having said that, though, the work environment was much more fun and team oriented. Charlie should be running a sweatshop.
When I started in 2016 I liked that we were called Team Members. Now they just call us Employees. We no longer matter, we are just a number in their system, an easier way to lay us off as needed.
The culture is as bad as I have ever seen it. It is terrible. I am doing everything I can to leave. They want ppl to quit.