Based on the following story, I retract my defense. At Wells Fargom stupidity knows no bounds. Thankfully I rarely worked for people like this. I do know from experience however, that HR isn’t there to protect employees at all, it’s there to protect management from employees.
Almost two weeks ago, Wells Fargo fired two percent of its global workforce after the exposure of massive fraud in its…hotair.com
All those people weren’t fired in a single year, but over four years, meaning about 1,300 people per year out of 262,000 employees. Have you looked at crime stats for a city of 260 thousand?? Yeah, a few mid level guys chasing bonuses probably participated, but there’s no conspiracy and it doesn’t include anyone close to the top. Try to imagine a guy managing 1.8 trillion in assets trying to boost the number of accounts by helping people cheat by opening fake accounts. The whole idea is laughable. The primary factor of course, is that the unethical people that did this were mostly stealing from the bank, customers lost very little in this scam. Yes, management should have been looking more closely at cheating, but the actual criminals really were low level people who tried to get bigger bonus checks for opening accounts. And tell me please how ANY manager of a quarter million people could keep up with all the criminals among the staff?
In another post you questioned the pay of the CEO. How much do you think people skilled enough to manage a quarter million people, almost two trillion dollars, and generating twenty two billion in profit should get paid, especially when they don’t get ninety percent of that money unless they deliver returns for all those pension fund stockholders? BTW, Mr Stumpf was one of eleven kids, grew up on a diary farm, graduated in the bottom half of his high school class, and worked in a bakery for a year before enrolling in college as a provisional student. It says he makes about 22 million a year, or one tenth of one percent of bank earnings, hardly exorbitant.