Given the massive amount of branches there are nationwide I don’t think 5300 people being fired is that big of a hit. Now, it still is significant for that many people to be fired in a short period no matter the size of the company.
When I said growth I was mostly speaking on absolute market share. Over the past 15–20 years banks have been merging or being acquired. Wells Fargo’s most recent acquisition large retail bank acquisition was Wachovia. Between JP Morgan, Bank of America, Citigroup, and Wells Fargo there is a pretty big stranglehold on big retail banks across the country.
The sales based system in Wells Fargo was designed to ensure that current customers stayed put, and pressure was on bankers and tellers to try to get new customers signed up. As we saw, there were lots of false numbers being chased. I feel like those big banks are reaching the limits of pure market share growth. The only way up is through even bigger mergers. The sham accounts only back that idea because you had people desperate to hit their sales goals that were nigh impossible to meet.