By and large the employees in charge at Wells Fargo are lazy, inept, self-centered, cliquish, delusional as to their importance/worth lousy excuses of human beings. The addition of Wachovia added East coast arrogance to the mix. It is absolutely amazing the institution has yet to close down due to its institutional ineptness. The people making the decisions on who they run off only serves to perpetuate the before mentioned as that type of personality endeavors to keep either its own kind around or those who they can keep under their thumb.
To go along with the above, no one is able to accept it when a decision is made to just simply do as instructed. Every thing is turned into a drawn out debate as to the merits of every course of action ever attempted. The worst examples of this are from those who should be setting the examples, the ‘senior’ leaders for the business lines. Have testing teams dare to have the temerity to point out any of the many deficiencies in the business and it is a full-blown as----t on the lower level employee just doing their job.
This place is a joke, with the most recent OCC fail on the resubmission plans aptly demonstrates, and a bad joke at that. It deserves to fail.
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I agree. This is nothing but silos based upon merger heritage pointing fingers at one another. Wells was and is corrupt. Wachovia was corrupt. Golden West was corrupt. Everybody resents the mergers which they went through but these institutions were far lake one another in their histories and corruption.
In other words, we really belong together and we shared corporate cultures before we were merged. It’s up to Charlie and our regulators to gracefully sell off chunks of the problem child of U.S. banking in order to prevent a too big to fail scenario.
OP must not have been around for very long. :-)
I've seen plenty of dufus people and yeah some really good people as well. What's been different over the past few years is all new people from other banks + bringing in their buds from old jobs. Heck, I even saw something today on linkedin where somebody was saying they're joining and another person pretty much saying "we're putting the old team back together".
You can't just bring in all these outside people and think everything is going to magically change especially when they're not the A list people + how entrenched things are w/in the company.
Charlie has been around how many years? Oh yeah, still tons of issues.
Saul has been around how many years? Yeah, finally some traction on a few things, but the company is WAY behind on things like cloud adoption and a host of other things.
I have been saying for a month that the TOP talent will leave WFC first. I said last week I interviewed at another bank and they told me they would wait until bonus payout. The recruiter knew when the bonus was going to happen and her team planned it in. So yes, there is about to be a scramble for top talent. That leaves WFC with some good people who were comfortable and the best and brightest working in a remote environment with higher pay.
As for the WFC NAV, I believe it will probably kiss 52 at some point and bounce around the 40's to low 50's. The interest rate environment will not impact the stock as those prices will be built in well before we see all 4 executed next year. Given such a long timeline I suspect we will see some additional bad news. My prediction is for the next 3 months. I would not hold more than 5% of this POS stock until the cap is lifted. Those gambling for the cap to be lifted can sit around and dollar cost average, but there are better stocks to play with than WFC.
Wachovia middle and lower tier management along with way too ,Amy front line staff survived and took control . This is where the classic WB poor work qualifies crept into every wf product and process.
They should have cut a good 1/4 of staff post merger rather than keep nearly the entire org together.
Cracks me up seeing all of the comments that Wachovia wrecked Wells Fargo. Pick a pay was cr-p but WF weathered that storm well. Exactly 1 WB senior executive remained after the merger so how did he single handedly wreck WF. The fake account scandal as it turns out was well underway at the time of the WB purchase. That was a WF creation and ultimately brought ruin to the bank. All of the other scandals were not created at WB like repossessing service members cars and charging for insurance people didn't need. Those were created after the merger by the leadership at that time which I already noted was not WB leadership.
@1tvt+1eBGWVot big deal, all the lavish perks of Wachovia pre merger existed at wells too. Fact is Wachovia was amplified wells problems. Not saying it created the problems but it certainly put gasoline on it.
No getting out of failed bank jail by saying Wachovia made a little mistake with pick a pay. No, it showed their ineptitude, mismanagement and obviously poor financial risk management, which after all is the foundational principal of banking. Wachovia is a failed institution that has dragged wells down from problems it already had but weren’t big enough to bring it down without Wachovia and subsequent growth of combined company.
That sir is fact and reality.
i posted something similar recently about how wells is a charity. someone literally said that they hope that the poster gets tracked, they sound very angry. how sad that posts like these can be misinterpreted as sounding so angry that it should be looked into. we all know it, there is a lot wrong with wells and the lazy employees here. that is why most of us who are not lazy only deal with a small group who we know are willing to work, who feel as though they are responsible for work, because they get paid to work.
the res of the folks told me i need to go get high, thats not the answer for everything, but ok point taken. others told gave me some criticism that i had to think about.
this op sounds like they have been here for a long time. have seen the same thing over and over and has a lot of history with the company.
Fake accounts were first reported from CA/LA Times, so let’s not get that twisted. Wachovia was a solid company that made a detrimental mistake by buying Golden West (CA company) for their pick a pay mortgage. Wachovia employees were treated like cr-p for the first 3 years after the merger and told to “sit down, you got bought” regularly. I personally knew several attorneys who resigned because the new Policies were a joke and true due diligence was no longer being conducted, and that was back in 2011.
I’m not saying I support what we’ve become but I do mind having Wachovia thrown under the bus unnecessarily. When working for them we had regular COA increases, actual parties & trips to celebrate milestone anniversaries, annual pay increases that were based on the work you put in and not some generic everyone gets 2%. Blame our current “leadership” and don’t go fishing for unnecessary scapegoats.
Ignoring the WF v. Wachovia riff, this thread is right on the money. The WSJ and Financial Times need to see this thread. Asset cap will remain in 2022, I can hear r/wallstreetbets chanting "Short $WFC" like thee years ago.
Never mind, chatter is waiting for a short signal on $WFC. That signal will be failing with OCC/FED despite double-checking the checker IT&V, outside auditors, and compliance teams. The five-year trend is down 12%, about time to take profits on the 3/2020 drop.
"but never have they understood what they are testing or auditing well enough to actually add value at a process/control level."
Amen. I've never had a convo with an auditor that was worth anything. The last one asked me for the "names of the scripts or programs" that did user input validation in our UI. I politely explained that it was a desktop application, so there aren't "scripts" anywhere.
They got indignant and demanded to see (and have copies of and timestamps for the last changes to all of them) all the code that does user input validation. I again politely explained that we did validation in thousands of places, so, that wasnt going to be feasible.
They got even more indignant and cc-ed my 2-up saying they must have everything they have requested within 2 days. So I sent them a link to IAM, told them the role they needed to request, and gave them the repo URL, including my 2-up in the response. My 2-up then replied over the top of me that he would be happy to expedite approvals for any IAM requests 😅😁😆
@1gov AMEN!! T&V can suck it. Most worthless group EVER. Any conversation with them as a governance partner is exhausting. They have no idea what they are doing most of the time and make matters worse for our BUs. I basically have to ref between them all while providing an approval to this nonsense.
@1wge "Wachovia had a strong brand."
lol, what? they were literally a punchline in the banking industry.
Citi was so lucky they didn’t get Wachovia.
@npm+1eBGWVot it's not just IT&V. I have seen the described reactions to findings by front line teams, regular people 'raising their hand', and even hired outside law firms to review disclosures and sales practices. The 'leaders' argued with the 'experts' they hired to help get things in order. These narcissists simply can't accept anything other than they know best and their opinions are superior to all others.
“Wachovia ruined Wells Fargo”.
World Savings/Golden West ruined Wachovia. Wachovia just had to get in on the Pick-A-Payment/No Doc/Let’s give a loan to anybody with a pulse gravy train. Right before the train jumped the tracks.
Gotta give it to Marion and Herb. They knew when to take the money and run.
"but never have they understood what they are testing or auditing well enough to actually add value at a process/control level."
DING DING DING ‼️‼️‼️
Wachovia had a strong brand. A trusted brand. And a recognized brand.
Wells did not, but just had a better balance sheet.
@npm+1eBGWVot fake accounts were done out of Calif.
The failed bank of Wachovia was the downfall of WFC
Wachovia ruined Wells Fargo
I was with you until the key example being from independent testing and validation. Testing and audit functions here have been a box checking joke for years. They’ve gone through phases of finding more things, or putting more emphasis on calling those things issues, but never have they understood what they are testing or auditing well enough to actually add value at a process/control level.
Otherwise yes, wrong people are leaving, company is a joke, east coast ego I can see that a bit even. But then again we can’t all be nice Midwesterner’s and Californians, if we were who would have made all the fake accounts?