Came to WF from another large bank, and I'm in shock at what a sh-t show it is. A new scandal in the news every other week, and millions poured into programs only for sudden "re-evaluation" or org changes that make it start over. I was also stupid enough to open a team member bank account and after less than a year, I'm going back to my old bank. I hear HR loudly discussing confidential issues every time I'm in the office, senior management refusing to sponsor their own programs and passing the buck... How is this bank still operating?! I'll be getting the he-l out as soon as it wouldn't ki-l my resume to leave.
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Of all the big banks only Citi trades at a steeper discount to book value than WFC but Citi is a atypical relative to JPM, BofA, etc. I think quantitatively, qualitatively, and from a compliace/regulatory perspective WFC is far and away the worst bank in America. Do any other large banks have an asset cap?
The "all big banks suck* statement adds no value and WFC clearly sucks the most!
Experience-wise, they collectively stink for similar and dissimilar reasons.
One key difference is that Wells is more full of bloat than any of them - look at the numbers. No doubt name of us are caught in the wake as legions of middle managers and self anointed execs fight to take or protect turf in the waves of reorgs. No doubt the experience is a grind for so many.
The worst part of it is - none or little of that bloated activity is actually for the customer or shareholder benefit.
All big banks suck. Go back to the home page of this site and click on any big bank name.
You could literally copy paste “this may be the worst bank in the world” into any of them and everyone will agree
@ueo...gaslighting adds even less value than the political trolls on here. OP's point was 100% on point and very relevant to layoffs.
I can't believe we still have 5-8 layers of manager in many areas. The whole "minimum 7 directs" didn't even make it to the halfway mark.
@xvw What LOB? You could at least say if its the bank, mortgage, auto, wim, etc.
Corrupt? meh. Incompetent? 100%!!
Just wait - there are two monumental reorgs in the pipeline right now. Think along the lines of what just happened with risk and control. Large business unit and their tech moving around plus the TI moves finally hitting.
Good luck to all!
Indeed, and now the regulators have their knives out once again...not sure what will be left of the bank when Charles is finally gone.
The re-orgs are a product of replacing execs every other year. New boss comes in, has a different vision from old
Boss = re-org. Assume 8 levels of mgmt, that’s a minimum of 5 execs that want to re-org their little fiefdom.
Have stability at top levels of house, there will be less change.
The endless reorgs are what does it for me. So much time and energy wasted shuffling sh-t around with no benefit whatsoever, just added confusion, and then we do it all over again every 6-18 months. It’s getting really old.
Definitely the worst... The most corrupt in the universe...