aside How Wells Fargo Bullied Their Employees, Part II

bank-sloan-new-ceo-104014451-4ed4-fm-frost-sloan-1-101216-600x400 Recently, the fall out from Wells Fargo’s fraudulent activities has incurred lots of media attention. Now the NY Times is focusing on the harm done to the employees having to work in this dysfunctional work culture. My own research indicates that the frontline agents at the numerous call centers and the bank branches were required to cross sell on each and every contact with clients and to meet unrealistic sales goal of 6 to 8 accounts per person. These Wells Fargo’s expectations for their agents date back to 2005.
Now that the CEO and Chairman of Wells Fargo, John Stumpf has retired, the question is, will his replacement, Timothy Sloan be of a similar ilk or an agent for transforming the work culture for the better? This would encompass not only treating their customers with respect and integrity but also, their frontline employees.
bank-good-photo-tim-sloan-104015545-5ed2-sb-1013-stumpfretires-600x400According to Matt Egan of CNN News, he states on 10/20/16 that Senators Elizabeth Warren and Bob Menendez are asking the similar questions. Because Mr. Sloan has been with Wells Fargo for 29 years, they are questioning if he was aware of the bank’s fraudulent activities and did nothing.
Senators Warren and Menendez have penned a letter to the board regarding their concerns. The board did respond with the statement that their independent directors have complete confidence in the stewardship of the new CEO, Timothy Sloan and in his commitment that what happened does not occur again.
bank-good-cartoon-wellsfargoMr. Egan of CNN News writes the following: “Janet Seiberg, a Cowen & Co. analyst sees the letter from Warren as a “threat to Mr. Sloan’s future as CEO” and called it a make or break moment.” The key, Seiberg wrote on a research report, will be whether Sloan can convince lawmakers that he did not tacitly condone illegal activity.
The following are some excerpts from the 10/20/16 NY Times article, “Voices From Wells Fargo’ by Stacey Cowley (This is a continuation of the prior blog’s tales by Wells Fargo’s employees):
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“I felt like a cheat.”
Ashlie Storms, teller and banker in West Milford, N.J., 2005 to 2016
“I started with Wachovia as a teller and worked my way up to lead teller, then teller manager. When the conversion to Wells Fargo came in 2011, my position converted to service manager.”
bank-graph-wells-fargo-loss-stock-api“Being in the same office for so long, I got to know each customer’s financial footprint very well. When I saw so many of those relationships end because they were put in the hands of faulty bankers, I decided to become a banker myself when the opportunity opened.”
“It was a struggle for me at first, since I am a firm believer that the customer is always right. If they tell me they’re not interested in a product or service, who am I to make them do otherwise? I wouldn’t want to be forced into opening something I don’t need. Having that attitude got me nowhere.”
“It was sink or swim.We would have conference calls with regional presidents and managers coaching us on how to word our selling points so the customer can’t say no. I felt like a cheat. I started losing sleep and got nauseous every Sunday night over the start of the next work week.”
 bank-good-emp-quote-160909123038-wells-fargo-fake-account-employee-780x439“This year, I reported a customer incident to the corporate office and the ethics line. Soon after, my district manager showed up. Not his usual friendly style either–he just grabbed my manager and sat in the back office with the door closed. I started to feel sick.”
“After an hour or so, he walked out. My manager then called me into the back office to give me a performance improvement plan. Retaliation at its finest. I never had any conversation with anyone regarding my performance, or my interactions with customers, lack of sales or my attitude. I felt cornered and just low. For the first time in my career with the company, I did the right thing– and I was reprimanded for it.”
“I almost left without having a back up plan, but then I was offered a job at a dealership. It was a pay cut at first, but is very rewarding compared to what I endured.”
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“The reason I’m not shutting up is that I’ve realized how many employees were in the same position as me.
Julie Miller, banker and manager in Allentown, PA., 2005-2013
“I got terminated for not achieving my sales goals one year after receiving an annual award for being in the top 2% of managers in the country for sales.”
“I moved to a new branch, and the goals in that branch were so insane that there was no way to reach them without lying or committing fraud. They would grill us every day; it was nonstop badgering and berating. It was verbal and mental abuse.”
bank-wmp-photo-welcome-to-wf-img_5529” I was like, “I just divorced a guy because he was like this to me, and now I’m working for a company that does it?”
“After I was fired, I couldn’t get a job in banking because I had been fired. I was unemployed for two years. I had to take a big chunk of money out of my 401(k) just to survive, and to pay my Wells Fargo mortgage so I wouldn’t lose my house.”
bank-wells-fargo-great-cartoon-ows_147510364141419“I was at the House Financial Services Committee hearing, representing the Committee for Better Banks. I was sitting five feet away from John Stumpf. He lied. He said, “People should not be fired for missing sales goals.” That’s exactly why I was fired.”
“I filed a wrongful termination lawsuit. I’m not allowed to discuss the outcome. They gave me some small compensation to shut up and go away. The reason I’m not shutting up is that I’ve realized how many employees were in the same position as me.”
RELATED ARTICLE:

money.cnn.com/2016/10/18/…/wellsfargo-warned-fake-accounts-2007/

 4 days ago – A letter written by a Wells Fargo whistleblower in 2007 warned then-CEO … However, CNNMoney has obtained a 2007 letter addressed to Stumpf .