This is a line that caught my attention in the preview of the second chapter of articles coming out in American Banker regarding interviews with Michael Bacon.
This has always been the problem at Wells Fargo, even today. Glad-handlers and yes-men move up. Managers and employees who care about doing the right thing stall out or get laid off.
The problem is that too many people are making too much money for looking the other way.
Raise your hand and ask questions about why a certain desk is functioning purely to produce profits for the bank, rather than it’s stated purpose of “maintaining an inventory” for our clients. You will be accused of not being a team player. Employees who focus on maintaining an attractive inventory for clients rather than producing profits from said inventory don’t get the big bonuses.
Point out that client business is now being directed to internal players in order to “keep the business in-house”, creating a conflict of interest where there previously was none.
You will no longer be invited to meetings.
State that technology issues force departments and employees to make decisions which do not benefit our clients. You will be told to “get in line with the direction the business is going.”
Who does Managed Money benefit most, the bank or our clients?? That’s always a fun question to ask.
Just pointing out that nothing has changed. We are merely finding different ways to spin the bs and perpetuate the greed.