What’s happening in St. Louis?
21 replies (most recent on top)
The onboarding teams are without a doubt the worst in the industry. The transition team literally lost all the talent and the managers are useless
It is nice to see this situation in the wild, I experienced this firsthand. Watching news teams come to WFA for massive money … and then we can’t onboard their book of business. Such a disconnect
Yowzers! WFA is indeed a mess. I’ve been in mid-level management here for 13 years and never seen such terrible morale—at home office and out in the field. People, including bosses, are openly discussing their external job searches (I guess that’s the idea-sharing and collaboration they wanted from RTO). After four years of living in fear of getting the axe from constant reorgs, people are burned out and have lost their loyalty to the company. We were kept on our toes by it for a year or two, now we’re just fed-up. The company’s consolidated the field governance structure into clumsy multi-state units in attempts to save money on managers, but backsliding on important risk management in the bargain. Job titles are ridiculously verbose, keep getting changed, and do not remotely describe the tasks one performs. Attrition has hit a critical mass where the remaining people are quitting from being overwhelmed. Raises have consistently lagged inflation, profit sharing was discontinued, and guided distribution rankings have poisoned once-stable teams. There are dead roaches everywhere on the STL campus. Our CEO’s most visible presence is in the form of tone-deaf Friday emails about his business and vacation travels; everybody rolls their eyes at these. I could go on and on and on. The results of poor, unfocused management are everywhere you look. In three/four short years, a once-mighty institution has been devastated.
WFA isn't alone, many groups could desperately use some kind of stability in leadership. The last 3-4 years it's changed so many times that there's little point in even listening to the new guy, he'll be gone in 6 months anyway.
The employees who are still here are solid. It’s the bank’s leaders who have effed everything up. I’ve never seen such a bunch of overhyped overpaid clowns who have faked their way up the corporate ladder.
No one understands the confusing chain of command. Spans and Layers is a disaster and has caused chaos. Job titles are a joke. Offshoring has made the most simple of tasks a complete nightmare The systems require manual support to keep even basic tasks functioning. Wells Fargo has to pay millions of dollars to bring in new FA’s and then our systems can’t handle their unique business needs and Compliance shuts them down on the rest.
The amount of re-orgs over the past few years have been mind blowing. I have no idea what anyone does anymore.
Ask any WFA financial advisor or front office personnel! We are constantly wondering wtf happened. We can’t get clients onboarded because half of operations apparently quit over the last year. When I find a good contact in the back office I receive an auto reply weeks later informing me they don’t work here anymore.
WFA in StL is losing their dedicated seating footprint, can’t keep people hired, and their leadership has been quietly fired.
The money spent to prop up WFA through buying FAs didn’t pan out. They have been talking about a formal reorganization for years but are not skilled enough to do it. Many of the people left are just waiting for their severance
What is going on with WFA not having a CEO, or a leader, anymore? Who is in charge??
@2hsv+1nQE4mhP you are a liar
I’ve heard employee morale is particularly low in St Louis. Been a few STL Managers-Only meetings trying to find some solution.
Prepare to move to Texas at your own expense to keep your job
I work at the WFA campus in STL. I also used to love it here. Worked hard, felt rewarded accordingly, averaged 60 hours a week, busted my ar-e. Now there’s no point in working any harder than needed to avoid an Inconsistently Meets. I work 35 hours a week and only help colleagues/new hires in cases where the boss will notice and beef up my rating. Otherwise, checked out until I find something better. I’m sorry, but there’s simply no point in working harder any more. I do what I’m incentivized to do, and I’m not running a charity here, either.
The same as the other business lines. Failed NYC leadership leading to non stop attrition
Unfortunately, things aren’t very good here. Terrible morale and we’ve hemorrhaged a lot of great talent. I used to LOVE working here but like many, I’m eyeing the exits. Management in the last three years or so had really run things into the ground.
Nothing. Another worthless post.
What is blow back?
Still exists
“Blow Back”? Sounds ominous.
You made the post, you tell us. I work there and everything seems business as usual to me.
Blow back will be severe