Thread regarding Wells Fargo & Co. layoffs

Post ID: @2xat+1me3KzsI

I’m neither of those job descriptions, but if it helps those employees to gain some power against the C- suite: I will support it.

People do realize that the union is targeting the bankers and customer service workers? They are not taking the entirety of the bank.

A Union is needed
Wells is a good company but it’s not a fair company. HR is full of it

Post ID: @1flv+1me3KzsI

Actually - most of us bought the house first and then the airport came.

if you don't like your working conditions you can leave at any time. in some ways it's like moving into a house next to an airport and then complaining about all the plane noise.

I want to start a Union and be the Union Boss Man. I will charge everyone at the company 100 dollars per pay period to belong. Then I will meet with Charlie and say we want Current pay + 100 dollars + 1 more vacation day. 3 months in i tell all you suckers i have gotten you 100 more dollars but not the extra vacation day. Then i will sit and do nothing because that's part of the deal. I sit, you work and pay me and my union boys union dues to watch you like goats, while we kick it.

As another poster mentioned, unionizing is a symptom of a bigger problem in this company, although I’m not sure it hurts the exec plan because they could just hasten the layoffs to meet short term goals before leaving town. As for the company, long term, I think it’s absolutely disastrous. They’ll be left with a large number of folks who have communication challenges, are part of a union or have had half of their talented people taken away. Imagine the next logical step would be a slice and dice for JP or others to scoop up. For those who have been around for a while, I think you can recognize how much more rotten the culture is compared with let’s say 8 years ago, and it’s strange to me how the current series of events has no regard for good employees.

Correcting below: Meant to type INcapable…

Wells Fargo pays a lot of money to McKinsey & Co for consulting services, which says to me that our grossly overcompensated executives are capable of managing the bank on their own skills and talents. (So get rid of them!)

Interestingly, Mckinsey & Co just laid off 2000 of their own employees “to help preserve the compensation pool for its partners”.

So the company who advises Wells Fargo is run by a bunch of greedy ba$ta-d$ too.

Let’s lay-off the relatively low-paid people who are doing the work to further enrich the impotent Boys Club at the top.

What’s happening at Wells Fargo is a classic market failure described in econ 101 textbooks. Wells Fargo’s case is, however, unique in that the typical agency cost and resultant wealth transfer issue is happening more at the executive (and their MD/EVP minions who are happy to chop off) and employee level, not at the executive and shareholder level. By laying off employees constantly and randomly without giving much thought to long term consequences and strategy, they are able to successfully meet their own salary and bonus targets to get shareholder approvals and line their own pockets, while doing a lousy job in terms of actually strengthening the franchise. The thing is, the shareholders, most of whom are institutions (ie d-mb money), don’t care. They don’t do their homework properly. They are only happy to see expenses, costs and headcount going down and think that’s progress. Top line is ignored because of the asset cap. Effectively, all they need to do is cutting costs, that’s all. Since none of the mechanisms (shareholders, executives) that are supposed to be in place actually works, it is up to the employees to take matters into their own hands. In that sense, a union may actually be a solution to hold these guys accountable. Someone has to care.

Yes and I hope it passes. I was thrown out after 30 plus years with the company. Charlie has zero regard for loyal employees and peoples retirement. You are correct that this would not be an issue if we had management that were leaders. ShMe on Wells Fargo

Thanks for posting this a third time. I didn't quite get it the first two times.