Poor reading comprehension and problem solving abilities, and an almost blissful disregard for accountability and what's right and wrong.
11 replies (most recent on top)
The execs knew they were out of control in jacking up their stock price by faking the growth of consumer accounts so they aren't dumb. But flagrantly stupid in thinking they would never get caught and let it snowball, until the company has to be shut down.
I imagine there are a lot more dead bodies buried in mass graves the bank is trying to hide, so therefore, it is up to the employees to blow the whistle, not by calling the ethics hotline, but the major newspapers like the Los Angeles Times with evidence and anonymously, which was what set it all off. The power of the media can't be ignored.
The problem with Wells and with all modern corporations came about in the early 80's, when the idea of shareholder supremacy took hold.
The responsibly of a corporation should include being a good citizen. It does not.
The order of priority should be customers, employees, and then shareholders.
The actual order is shareholders, customers, employees.
This is bad for America and Americans, because a modern corporation has no problem reducing headcount to pay off shareholders, and they have no problem working with bad actors on the international stage.
Look at how many banks/companies sneak around the rules about dealing with Iran, or how many banks have been caught laundering money for d--g cartels and dictators.
Wells is a corrupt company, no question, but the problem is bigger than Wells.
If you're too weak to resist the dollar signs, you have no moral compass. You are full of greed.
They're not stupid. They know full well what they are doing. This is a symptom of a much larger problem. Too many people lack any sort of moral compass. Anyone who does make it up with one is too weak to resist the dollar signs or has their career destroyed.
roughly 262,000 workers, it would reduce its total headcount by up to 26,0000. Last month the bank handed out roughly 1,000 60-day notices to employees across the United States, and over the summer it laid off 600 employees in its mortgage division.
The reductions are intended to help the bank reach its goal of cutting costs by $4 billion by 2020 as it tries to increase profit and recover from a series of sales-practice scandals while operating under the Federal Reserve’s asset cap.
Aside from headcount cuts, Wells Fargo has pledged to lower costs and become more efficient by reducing its branch count by about 800 by 2020
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Wells Fargo is such a crooked bank they actually get caught
From November, but worth a repost.
"Wells Fargo made some serious blunders in their corporate governance, and that's cost them quite a bit," said Iowa State University economist Peter Orazem. "Now employees are paying for those sorts of decisions, even if they weren't directly involved with it."
I guess greed is right so that they can get their huge salaries. But I also agree with the original poster that they have learning disabilities, as being greedy doesn't take skills.
100% agree with previous post. It's absolutely G R E E D ! ! !
Everything that has happened, everything they did, was due to one thing and one thing only. Greed.
The fake account scandal, forcing people to pay for auto insurance they didn’t need, steering people into overpriced investments, repossessing the vehicles of military serving overseas, repossessing homes, all of it. Greed.
I respectfully disagree. We got into this mess due to promoting and hiring a bunch of “yes men” who let the board tell them how to run a bank. They were so focused on keeping the board happy that they could have cared less about the problems that they were creating. The board dictated their pay and that’s all that mattered to them. Look at all the scandals. There hasn’t been one that would have been easily spotted long before they started. Also, as someone in lower lever management I can assure you, ideas that are not in-line with mid level or higher level leadership are not met with an “inclusive” attitude. It’s met with punishment and a bullseye on your back. Tell your DM you think the policy they are promoting isn’t going to work. See how inclusive WF really is. With all due respect, aside from the “lack of accountability” portion of your statement, I could not disagree with you more. To say that they had “poor reading and comprehension skills” makes it seem as if they were duped or maybe slow. As the multiple investigations have proven they more than aware of what was happening and could care less.