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.
Even though this was originally a reply to another thread, @WFKZi9r-yqm worded up an excellent analysis of how things are done at WF and underlined the wrong direction that the company is on.