Did anyone notice the statement in the last town hall was a focus on fee driven income? If the goal switched to focus on actually helping customers it would help employee morale (this and halting layoff)…maybe instead of fee driven income as a focus…maybe focus on educating customers on budgeting and investing? Maybe more customer programs that actually help like budgeting classes? Ways to reduce debt? Nope. Instead it’s - how can we increase our fee driven income.
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They went from 25 to 5 to 1 bp on saving. It’s hard to not be able to max nii when you pay 1bp. Oh! They forgot people would pull their money.
Eight is Great!
Focusing on the customer would require empathy, intelligence and strategy. None of those are things exist at this company.
Oh come on, when Kowach was here we were offering at least 300% deals and they still couldn't grow the business. Granted the deal packages have gone up, but don't act like Kowach was some sort of revelation.
This has been very obvious in WIM over the past few years. Under Kowach and predecessors, it was a service based “build it and they will come” model. We didn’t try to compete with other wirehouses for the top pay packages, instead we were focused on offering a best in class service model to attract advisors.
Under Barry and Sol, this has been flipped on its head. They have been gutting service capabilities and spending the money on exorbitant pay packages to bring in established advisors from other firms to the detriment of legacy WF advisors.
My goal is for Wells Fargo to be broken up. I cannot imagine any serious advisor working for a firm that has done so much damage to clients. How much business have advisors lost because prospective clients avoid the firm. To those advisors still at Wells Fargo, you're id--ts.
Those comments are geared more toward CIB, CB and WIM. Not your basic retail bank customers. Also, increasing fee revenue doesn't mean charge your current customers more for the same. It's to grow that asset base to generate more fee income.
There is almost no fee that is worth what it costs for retail consumers. If NII is now a core part of Goals, then the company has nothing of value to consumers. But we already know that.
I’ll put aside treasury management for commercial customers (where there are fees that are worth it) but TM is also largely a commodity anyway.
Here come the payday loans again!