1.
Wella Fargo executive Tim Sloan and others under him will continue to get fired.
2.
Wells Fargo will not meet their yearly stress test.
3.
Wells Fargo will continue to have growth capped by Federal Reserve.
4.
More businesses will continue to be sold in Consumer Lending and Wholesale.
5.
Layoffs accelerating based cost cutting measures to compensate for lack of growth.
Yup
Wells Fargo Management is NOT displacing employees with severance packages to reach 5-10% attrition. The company found a legal loop hole that sends employees out the door with zero. Management places an employee on probation with a plan for improvement in their job. Management decides expectations of job performance are not being met according to the improvement plan the emp!over signed, thus grounds for termination. No severance package. Involuntary resignation. Good luck finding your next job with involuntary resignation on your resume. So, if you are placed on probation at Well Fargo, suggest you resign immediately if you prefer a voluntary resignation. The company will meet their goal of 5% to 10% attrition by 2020 using this method vs. providing long term dedicated employees with an exit package, to assist with health care coverage while seeking emp!oyment. Ironically, the manager is saving the company money and will most likely be compensated for reducing costs. 2019 and 2020 involuntary resignations will increase substantially at Wells Fargo along with management compensation.
There is ONE possible ray of hope. New external leadership that comes in and cleans house EARNESTLY and COMPLETELY, CHANGES the toxic culture from the top down, RESTORES FAITH, and MOTIVATES employees could change the direction and reverse the downward spiral. We have to sincerely earn customer trust and serve customers with excellent, honest, competitive products and services EVERY SINGLE DAY.
It's happened at other companies mired in scandal and catastrophies (e.g., BP). It can work. But only if Wells Fargo cares enough to make it happen.
If not, the brand will never rebound and the company will be sold off and evaporate into the ether -- along with employee jobs and a once fervently loyal customer base -- just like Enron, Arthur Andersen, Lehman Brothers and many more.
Wells Fargo, I beg you, please put aside what remains of your misguided ego and avoid becoming a dinosaur carcass NOW. You don't have the leadership to fix this mess. Bring in those who can.
Stump was not a sacrificial lamb. He was a CEO responsible for ethical leadership of Wells Fargo. He had a major blind spot with his DR Tolstedt and others. He was blinded by his ego and greed -- loved being the golden one among regulators and a darling among shareholders. He ignored blatant facts (e.g., industry average # of products per customer) and believed his own hype. He thought the gravy train would never end (or at least not on his watch, just like D--k K. before him). He received multiple warnings of goings on among the ranks and those employees were magically they were subsequently terminated. Any negative news he ignored or squashed.
Leadership gets paid a LOT of $$$ to do a job. WF leadership has failed -- and continues to fail. Ill-equipped and too concerned about their millions in golden parachute $$$.
Don't pity the people who ran this co. in the ground, who have ruined its reputation, terminated tons of ethical, hard working employees, and gutted your retirement with stock that has lost a massive amount of value.
Instead, pray for new, better external leadership before WF is no more.
Agree with all but #1. Stumph was the sacrificial lamb. Sloan and his top executives will continue to rake in the cash while continuing to disrupt and destroy the lives of team members and customers with impunity.
Employees who truthful answer any work survey will be fired.
I predict the Christmas party will s---
WF will have a major security breach leading to billions in fines and remediations and the company will be broken up.
1) Customers will continue to take their business needs elsewhere. Just like we are seeing in new money loans. Clients (consumer and business) do not trust us and our rates are not competitive. Leadership knows the impact of this will not only be felt short term but over years to come. They also know it will likely be over a decade before we have customers trust again. This will amplify the layoffs and departments being sold off. Leadership wants to talk about record breaking profits, these numbers are grossly inaccurate or better put inflated when you deduct the 2.5 billion a quarter from the tax windfall Trump gave. The truth is (and leadership knows it) we are grossly behind where we should be and where our competitors are. 2) Top leaders will continue to be given pay increases compensating them completely disproportionately to their performance all while cutting cost at the expense of the everyday team member. If senior leaders are fired, they will be well taken care of. Unlike any of you.
3) Tim Sloan will add to the already 40.6 billon (or $157,000 per employee) dollars in stock buy backs (directly manipulating the price of stock and impacting the value. Directly impacting the board and senior leaders compensation) (this was illegal 20 years ago) All while cutting costs at the expense of the everyday team member (health care plan, pay performance incentives).
4) With the 10% reduction in staffing all of us will see an increase in our workload. We have been seeing it in the branches for years. What once was a role with a “steady” amount of work will either be eliminated and redirected to a different team or will be amplified to a “slammed” amount of work. Even with the huge jump in production requirements, 1 to 2% pay increases will be the max amount of compensation you will receive. Corporate knows a lot more than 10% of the company is looking for work elsewhere. That’s why if you look on LinkedIn you will see Wells Fargo adds for new positions constantly. Corporate knows 2019 will likely have a mass exodus. The infuriating thing is,,, they won’t do anything to fix it. They are too busy lining their own pockets to do their job and save the company. With our current leadership direction, in 20 years WF will be gone.
You're a truth seer, prophet, and a sage your crystal ball is accurate. God bless