Okay, I am ready to rattle some cages! If you currently work for Wells Fargo, you might be a little sensitive to the information in this article. I do hope it sinks in though. Because you deserve better!
When I evaluate a company on whether I would like to partner with them or not, I always look at their culture. Wells Fargo has over the years been caught doing some REALLY SHADY things that tell me all I need to know about their culture. They are willing to “Throw their hard working employees under the bus just to protect their own A**’s. That is their most recent message to me. After their most recent discovery of 2 million false bank account creations, they fired 5,300 of its employees. Yes, the employees where probably partially at fault, but the real question is, Did Wells Fargo encourage them in their sales training to do this? With 2 million checking, savings and credit card accounts, I am going to say YES THEY DID!!!
There is NO DOUBT this is hitting Branches and Loan Officers business. This isn’t an isolated incident either. Their corporate structure is really messed up. Consumer Affairs has ranked them with a 1 out of 5 start. I wonder why??? Maybe it could be because of the following:
Just last month, the big bank needed to pay out $3.4 million to customers for a mailing error.
And a few months prior, just in May, the CFPB took action against a former Wells Fargo employee for an illegal mortgage fee-shifting scheme.
And Wells Fargo also agreed earlier this year to a $1.2 billion settlement with the Department of Justice over charges that it violated the False Claims Act with its Federal Housing Administration lending from 2001-2010.
Now, federal prosecutors are even investigating Wells Fargo for its sales practices, according to an article by Emily Glazer and Christopher Matthews for The Wall Street Journal.
I can tell you one thing. You might be able to overlook Wells Fargo’s mistakes, but your clients won’t! How has this effected your book of business? Will you get thrown under the bus too in the future? These uncertainties are understandable for sure. Are you ready to begin working for someone who values you and works with actual integrity?
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