Wells Fargo reviews

Unfortunately, there seems to be more negatives than positives working for Wells Fargo. The sales culture throughout the company is aggressive, with a tunnel vision towards production numbers, with no concern regarding the appropriateness of the sale to the client. It doesn't seem to matter if the customer doesn't benefit from the loan, acct, etc; nor management seem to worry much about the overall revenue impact (for example, bankers are sell equity lines, credit cards, etc to customers that state clearly they don't want to have or use them)- incurring set up costs(appraisals, back office underwriting, etc) that are paid by the bank, with no revenue being generated. The only focus is on the quarterly numbers of new accounts opened and loans generated. Within the wealth management group, there is still an aggressive focus on sales; the investment managers, brokers, and trust team members are paid primarily from fees and revenue that they generate on an annual basis, so there is a strong incentive to keep all clients in accounts that charge annual management fees as a percentage of assets, even when the accounts aren't actively managed- trades are only executed a handful of times a year, so a client would spend much less if they paid per transaction, but again, this is strongly discouraged. Team members are not encouraged in any way to take ownership of the company- there used to be an expression "run it like you own it", that is no longer used. The entry level to mid level managers are underpaid and overworked, and typically don't have much experience, so there is very little direction or mentoring, it's very much learn as you go, and if your sales numbers drop for a quarter, expect to have your job threatened, even if you've performed above standard for years prior. And finally, office politics are a huge issue; gossip and backstabbing seem to be everyday events, especially as you move up to and past the VP level. Talent and results become less and less important, but who you are "friends" with becomes more and more important as you try to grow a career here.

Pressure and sometimes unreasonable/illogical expectations. A manager that I work for evidently spends too much time reading self help books or attending self help spiritual finding or that sort of seminar where they fill you with a lot of rubbish about how you can be the best in your profession by pushing (forcing would be a better term) a "power of positive thinking" attitude on those who work under this person. This is the kind of person who is overly ambitious and uses people for fuel to attain their promotions. There needs to be more communication when there are changes to the way other departments have policy changes which affect other units around them.