Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Wells Fargo CEO sort of responds to employee raise request

Notify me of new replies via email
Mortgage Professional America | 27 Oct 2014, 08:16 AM Agree 0
John Stumpf defends his bank’s pay model at a company town hall meeting after an employee emailed him and cc’d 200,000 others at the bank about getting a raise.
  • Sam | | 27 Oct 2014, 09:47 AM Agree 0
    Another DNC play for class war, war on women, etc. What's next - a war on terrorists? Just kidding. .
  • Some dude in banking | | 27 Oct 2014, 09:47 AM Agree 0
    Let me get this straight, his company received $36 billion in bailout money under his helm and he makes 186:1 compared to his median employees pay? Basically what I gathered from his statement is that all the other big banks are screwing their employees so we're all competitive in that regard.
  • Nancy V | | 27 Oct 2014, 10:00 AM Agree 0
    I'd like to know what Mr Oates actually does. Since there are many hands on a file at Wells, is he an initial mortgage application taker? Does he handle processing, does he receive borrowers initial documentation, does he prepare a file for underwriting, does he receive documentation to clear conditions, is he in the QC dept pre or post closing? What is it that he does that he is defending his income based on the tasks he and other employees do at Wells? I am sure there are performance incentives built in also.
    From what I know about Wells employees and what they do, $15 an hr for most of them seems fitting. It makes no difference what a company makes as profit. That is their business. They structure their whole model a certain way. When you become an employee of any major company, its pretty much spelled out how your pay will be structured. If you don't like it, either negotiate up front or work somewhere else.
  • Some other DUDE in Banking | | 27 Oct 2014, 11:20 AM Agree 0
    This is a reply to "Some Dude at Banking"

    Have you ever owned a business? If that employee is not happy with what he is getting paid, perhaps he/she should look else where if they know better perhaps they should open their own business and hire all the other Wells Fargo employees that think they deserve the raise! Oh WAIT! they don't pay for the monthly expenses and they don't care if the company is profitable or not, when WF was bleeding money every month for years they were getting their salary at the end of the month regardless of what it takes for that business to make payroll but now all of a sudden because company made some profit, employees are entitled to that profit?

    Let me give you a simple lesson, Profit should go to those who take the risk, in this case WF shareholders are the one that are taking the risk every month, therefore they deserve the profit! you want to make money, take some risk, if it pays off you will get rich and if it doens't you go broke! don't try to get rich with other peoples risk, reward, knowledge, sacrifices and experience!
  • Greg | | 27 Oct 2014, 11:41 AM Agree 0
    We should probably be referring to Tyrel as an ex-employee
  • Wm Matz | | 27 Oct 2014, 11:53 AM Agree 0
    This is why the Big Banks secretly supported "reform", because it was mostly directed at brokers. Now the 80% of brokers who could/did not qualify under NMLS have to work for a Bankster to do mortgages. That means banks can pay originators less because folks are lined up to take any openings. Which means more money for the Banksters at the top.
  • Suzy | | 27 Oct 2014, 12:16 PM Agree 0
    Well Said Nancy
  • Chad | | 27 Oct 2014, 01:04 PM Agree 0
    Many times, employees feel that they deserve raises simply because they work somewhere. They believe that every year they work, they should get a raise, even if the employee has done nothing to increase his/her value to the company. Most employees at $15 an hour can be replaced by other people at that same wage with little or no training. That is simply what the position they fill is worth. "Some Dude at Banking" is correct, employees have no real understanding of business and its risks. The CEO of the company is hired to grow and increase the value of the company, thus increasing share prices and giving a payoff for the risks that the shareholders of Wells have taken. The CEO has a certain skill set that is designed to propel profit for the company. When the CEO does a good job, they reap big rewards because of the overall value of the company(which in this case is a near 200Billion$ company). While its true that the CEO makes a lot of money, they also make a lot of money for the shareholders which is why they deserve their compensation. Profits help to grow a company which creates more jobs in the marketplace. $15 jobs and more. Conversely, when the CEO fails, they are generally fired. Same rules apply to all, those who show increased value to a company get rewarded, those who do not... do not. $15 employees should seek to find ways to add extra value and shine their workplace. Then they will get promotions instead of raises.
  • Chris | | 27 Oct 2014, 06:40 PM Agree 0
    I'm in the business and bases on your comments and line by line knowledge yiu are as well. Still doesn't explain why you are insensitive to what the real worker does for WF. Its obvious by your comments you are a bitch!
  • Chad | | 27 Oct 2014, 08:10 PM Agree 0
    Chris - who determines who the "real workers" are at WF? You? Or is this just an opportunity for you to call someone a bitch without a consequence?
  • Marc | | 27 Oct 2014, 09:09 PM Agree 0
    I work at Wells Fargo and agree with the ex employee statement. He is receiving competitive wage, great affordable health care, matching 401k, and bonuses from profit sharing. Get a clue..
  • | | 28 Oct 2014, 08:39 PM Agree 0
    I hope John and his POS company get what they deserve. Prison.
  • Tim Treadaway | | 28 Oct 2014, 08:47 PM Agree 0
    POS company. Screws employees that work their butts off. Anyone that works there need to find another job.
  • arniehoule | | 30 Oct 2014, 03:39 PM Agree 0
    I am a u.s vet ihave a car mortgage with wells fargo a few month ago I got real sick ask my sister to make my payment it got there late also at this time I was having my home refinance .because it got there late they reported to the credit score they . its not there fault or mine they don't care they let me lose my home . so y would they care about u
  • Griff | | 30 Oct 2014, 08:24 PM Agree 0
    I wonder does Tyrel Oates still have a job?
  • arnie | | 06 Nov 2014, 08:38 AM Agree 0
    bet he took his raise
  • | | 08 Apr 2015, 12:00 PM Agree 0
    Wow! Even at $19.3 million per year (not the $65 million mentioned) that is $2203.20/hour, assuming an individual was working 24 hours a day for 365 days a year.
Post a reply