I would like to offer a different perspective that may be unpopular on this forum, if I may.
These cost cutting initiatives for non revenue jobs are actually benefitting our customers pretty significantly. We are simply able to afford to offer better products in terms of deposit interest rates, as well as richer rewards programs. As a revenue generating employee who works directly with customers, it makes it much easier for me to do business.
Oh Charlie, stop posting here.
How naive. Cost cutting goes straight into raising dividends and stock buy-backs on behalf of SHAREHOLDERS. There is no other stakeholder in this company any more except investors, period. Not that Wells Fargo is unique in this regard. It's just that the company used to balance investors, employees, and customers. No more.
Wells Fargo corporate is not customer centric. Listen to how they describe deposits. It’s never the customer’s money (which it is), it’s Wells Fargo’s money.
I pulled my money out of WF about 4 years ago when I saw how poorly they (corporate) treated customers. And after I found out about HR using an employee's personal bank records to write a PIP. They are supposed to be stewards for the customer, even when the customer is an employee. Corporate doesn’t see it that way. They think it’s their money and that they own the employee.
I do think we have good team members who are customer centric. The issue is coming from the top down.
Chase savings pays 0.01%, WF 0.05% and Capital One 4.25%. Any guesses where my money is…and you can move funds between banks online without banker or teller assistance. So, as a consumer who wishes to “generate revenue” shop around.
"offer better products in terms of deposit interest rates" WRONG. They just lowered savings rates. I think it was 0.25% and it went down to 0.05% for regular savings.
"pull retail locations from a large city that employs thousands of WF employees leaving us with one ATM" What city?
@vkt+1uiHfsd3 What about businesses that need cash/coin?
Not every transaction can be done online…..unless you are suggesting WF exit retail banking? If so WF is done
A line was drawn in the sand. That’s all this is. Like it and you’re a villain, don’t like it because you’re affected by it and you’re now a martyr. GTFO. Everything works out in the end. The company will suffer, we will suffer, customers will suffer then everything will start to smooth out. It always does.
LOL! Like customers will actually see any of that cost savings from better interest rates or credit card rewards. I'm guessing it will all go to C suite's 20% raise and bonus plan.
St. Louis? Honestly though, 90% of the time you walked by the three tellers weren't doing anything.
Plus, the only reason I need to go into a bank is for a cashier's check and that doesn't happen often. Almost everything can be done remotely (ironically) by phone or Internet.
Fixed it for you.
" cost cutting initiatives for American jobs to foreign workers are actually benefitting our CEO pretty significantly "
"American without jobs are simply able to afford to offer better products in terms of deposit interest rates"
Wells Fargo is a poorly managed firm with an asset cap, consent decrees, unions and old technology. A bad company making cuts is still better off broken up and it's CEO fired. Any advisor exposing clients to this firm is not worth a nickel.
@OP yeah, all the technology and operations people behind every single system and process that enables you to "generate revenue" by BSing people aren't worth a penny.
LMAOGTFOHWTBS
I'd like to know who thought it was a good idea to pull retail locations from a large city that employs thousands of WF employees leaving us with one ATM and the closest retail location being a three hour drive? So now WF employees are choosing to bank with other financial companies.
Yes certainly all those savings will be passed onto the customer. What selfless heroes we have on the board.
Even better deal once all the retail peeps are gone, eh?