Thread regarding Wells Fargo & Co. layoffs

I just signed the UAW petition to show my support for workers over predatory C-Suite executives. See below.

https://actionnetwork.org/petitions/big-3-ceo-petition-1?source=standwithuspage

Pro-union or anti-union, Charlie - at $24.5M/year - makes 300 times more than his average employee and 600 times more than his lowest-paid employees. Assuming 40 hours per week and no PTO, Charlie makes $11,778 per hour. For what??

Mike S. and Jon W. - at $13M/year.and $14M/year- make approximately 185 times more than the average employee and 325 times more than the lowest-paid employees.

Scott P - at $10M/year: 142 times more than the average employee and 250 times more than the lowest-paid employees.

Additionally, Wells Board Members - at approx $400,000/year are paid 5 times more than the average employee for attending 4 to 6 meetings per year?!? They all nominate and vote for each other and have the hubris to recommend voting down shareholder proposals.

They are not getting higher pay because they provide that much more value, are more skilled, and/or more productive than the typical worker. It reflects their power to set their own pay as well as the growing abuse of stock award incentives.

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Post ID: @OP+1oGZmVPN

6 replies (most recent on top)

Unionizing is not going to help improve your white collar job.

Correct. White collar is not blue collar. Good luck finding a job outside of WF. Future employers would consider you the plague, fearing you would bring that nonsense to their company. You’re in denial if you think otherwise. Fortune 500 companies loathe unions.

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Post ID: @1jmm+1oGZmVPN

That 170k includes benefits… still, a good deal…

Parcel delivery drivers will earn an average of $170,000 in annual pay and benefits by the end of the deal, up from $145,000, UPS chief executive Carol Tomé told investors earlier this month. Part-time employees, which represent a significant portion of UPS's workforce, will receive the largest relative pay increases. Aug 22, 2023
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Post ID: @1gnk+1oGZmVPN

OP,

What is the "correct" ratio of executive earnings to mail room worker earnings? And who decides that?

Compensation is the result of supply and demand in the labor market.

If you're not happy with your earnings, then find something better. If you can't find a better paying job, that means you're maxed out for what you currently have to offer, which in turn means that it's time to increase your value - learn better skills, or, accept your current place.

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Post ID: @vyh+1oGZmVPN

Adding to the conversation: UPS drivers just signed a union deal where they will increase full-time workers' compensation to $170,000 from roughly $145,000 over five years. Drivers pay $0 towards their healthcare premiums and get up to seven weeks of paid vacation, plus an average of 18 days off for holidays, sick leave and option days.

I would imagine that more than 70% of Wells Fargo employees would take that deal.

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Post ID: @zrv+1oGZmVPN

Unionizing is not the solution. You won’t be paid materially more and you’ll pay union dues. Employees that have been around a while will see vacation reduce. Many negative aspects of unionizing. Finding a new job is a better solution.

To be clear, CEO pay is out of control BUT it’s not a WFC-specific issue. It’s an issue in general. Use your voice to seek reform/regulation across the board. Unionizing is not going to help improve your white collar job. It’s just not.

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Post ID: @lrg+1oGZmVPN

🥱 🥱 🥱

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Post ID: @akc+1oGZmVPN

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