Thread regarding Wells Fargo & Co. layoffs

What if Wells Fargo had done it all differently?

Where would we be now if:

  1. John Stumpf and Carrie Tolstedt hadn’t pressured employees into scamming our customers? If Compliance and Human Resources were managed properly, if our BOD had taken there fiduciary responsibility seriously, if our leaders listened to Whistleblowers rather than firing them?

No Asset cap, no billions of $ lost to fines and lawsuits, no embarrassing testimonies before Congress, no time and money wasted digging up problems from prior years, no distrust from all stakeholders.

  1. Our BOD had taken it all seriously and put someone in the CEO seat other than Stumpf’s #2 man, Tim Sloan. What if Sloan had focused on the regulatory work rather than wasting money and time on expensive and misleading marketing campaigns, putting us further behind our competitors? What if Tim Sloan had spent $42 Billion on improving technology and infrastructure and hiring talented ethical people rather than company stock buybacks to line his own pocket?

No asset cap, no need for dramatic cost cutting which puts our long-term growth at peril, reduce employee headcount through attrition, no distrust from all stakeholders.
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  1. What if the BOD had hired someone for our 3rd CEO other that Scharf? What if they had brought in a CEO who did what he promised he would do which was to make our regulatory issues “his #1 Priority”. What if Scharf spent $18 Billion on improving technology and hiring talented ethical people rather than company stock buybacks to line his own pocket? What if our BOD had hired a strong modern CEO who communicated openly and often with his employees, who united employees rather than dividing us, who had a clear vision for the bank’s future and was smart enough to achieve buy-in and generate excitement towards that future? More simply: a CEO who valued and respected his employees?

Wells Fargo out from under the asset cap thriving and growing, new talent wanting to work for us, talented loyal employees working together to achieve success for themselves and the bank, trust from regulators, no additional money lost to fines and lawsuits and instead invested back in to improving long-term growth, WFC in the news every week for positive developments and successes, stock soaring to new heights due to shareholders’ renewed faith in our potential for continued growth and stability, customers recommending WFC to their family and friends, WFC a leader in banking and taking a stand against other banks who are offshoring American jobs.

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| 1711 views | | 13 replies (last September 19, 2021) | Reply
Post ID: @OP+1cTsltgH

13 replies (most recent on top)

the asset cap was not a result of the garbage that went on under Tolstedt.

The federal reserve imposed it for an overwhelming set of evidence that WF did not and could not effectively manage itself from a risk and customer harm perspective. Sales practices was one item of many. Add - auto finance issues, mortgage issues, corporate banking issues, etc... WFC had/has more consent orders, aged longer, than any other bank - by far.

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Post ID: @1ure+1cTsltgH

Everything the OP says is true. Not sure why anyone would call him/her a troll unless people prefer to keep their head in the sand.

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Post ID: @1uwz+1cTsltgH

The OP is right though.

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Post ID: @1nja+1cTsltgH

I wonder who these trolls are. They are on this board none stop posting hit posts. Could be people who got fired for doing unethical stuff, WF seem to have a habit of firing them and these guys go in rage mode because no one hires them again.

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Post ID: @1bzl+1cTsltgH

@rki+1cTsltgH
I think it is safe to say that you really need a product that sells to pull that off.

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Post ID: @sac+1cTsltgH

Post ID: @syq+1cTsltgH

Wow Gomer! You CAN add 1 and 1 and come up with 2! Keep working on that GED.

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Post ID: @pom+1cTsltgH

Post ID: @syq+1cTsltgH

We can all spot you. All you do is complain and whine and never have an intelligent thought on your own.

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Post ID: @rlt+1cTsltgH

I can always spot the same troll, he uses bold over and over and make stupid points.

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Post ID: @syq+1cTsltgH

@rki Henry Ford understood that if he paid every employee enough to buy one of his cars, they likely would, and he would see increased sales.

He was right, but somehow that lesson was lost.

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Post ID: @sjs+1cTsltgH

I just read an article on a CEO who cut his own salary in order to pay his employees a minimum of $70,000 per year. “Experts” predicted he would go bankrupt.

6 years later: his revenues have tripled, his customer base has doubled and his workforce has grown by 70%. His #1 philosophy is to “invest in people”.

It’s such basic common sense - I truly don’t understand why Wells Fargo execs can’t grasp it. Your employees represent your organization to the world. Your employees are responsible for keeping your customers happy, doing the work, the production, the effectiveness, the growth, the ideas, following the law, etc. WFC leaders can’t do it without the employees. It’s time to pay the leaders a lot less and invest in their employees and technology.

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Post ID: @rki+1cTsltgH

No point in dwelling on what didn't happen

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Post ID: @dku+1cTsltgH

If those things did not happen, this board would not be active.

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Post ID: @vmc+1cTsltgH

A lot more ppl than Stumpf, Toldstedt and Sloan were at fault. From Risk to HR to LOB leaders who all turned a blind eye. Every one should be in jail.

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Post ID: @tts+1cTsltgH

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