Comments on: Wells Fargo Commits to Try and Retain Wachovia Staff

By: Scot Herrick

Scot Herrick — Mon, 19 Jul 2010 18:39:52 +0000

Nothing of which has anything to do with this post, but it is a good background on Wells…who is now laying more people off.

By: KatherineRBrownton

KatherineRBrownton — Sun, 11 Jul 2010 20:12:01 +0000

Wells Fargo & Company is a specialized financial services company based in San Francisco, and is a provider of insurance, wells fargo bank locations mortgage, investments, banking, consumer finance catering to more than 23 million customers across the United States and a few other international countries. Wells Fargo’s distribution channels include 6,200 stores, the internet, and several other outlets.Being listed as one of the United States’ top-40 largest private employers, Wells Fargo has $500 billion in assets, and employs about 154,000 people. In 2006, Wells Fargo was ranked fifth in assets and fourth in market value of stock, and is the no.1 prime home-equity lender in Wells Fargo’s banking states.

By: Andrew

Andrew — Sun, 23 May 2010 01:11:28 +0000

I worked for Wachovia prior to the merger and was given several career options and actually ended up receiving a raise and a promotion during integration in my state this year. In fact the only people who were displaced that I'm aware of were some fairly high ranking execs and 2 regional managers. (who all received very generous severance packages) I truly believe that Wells Fargo wants to do what's best for people, their customers and their team members alike.

By: Scot Herrick

Scot Herrick — Sun, 13 Dec 2009 17:02:20 +0000

@ Seleste — I don’t know how many people finally laid off due to the merger, but you are correct that mergers always carry risk of layoffs. Much better to always be ready for a layoff; by the time the merger hits it is too late to build up your savings and get your networking in place.

By: Scot Herrick

Scot Herrick — Sun, 13 Dec 2009 17:02:00 +0000

By: Seleste

Seleste — Sun, 13 Dec 2009 09:53:15 +0000

I have worked for Wells Fargo for over 30 years. I have gone through many mergers over the past 23 years and I can honestly say, that this is the first mergers that makes me uneasy. Let’s be real. They will not be able to maintain alot of employees, during the process of completing the merger.

By: Seleste

Seleste — Sun, 13 Dec 2009 09:53:00 +0000

By: Scot

Scot — Thu, 16 Apr 2009 22:49:27 +0000

I don’t know the specific numbers coming out of Wells; just the profit numbers…

This, however, is a perfect example of why it is important to compare the Corporate Speak with what others say about the chances of this happening. Setting up a feed with all news about Wells Fargo (using their stock symbol will do it) will provide all sorts of news about Wells that doesn’t show up in normal corporate communications (including bank robberies!).

We don’t believe what they say — we watch what they do. If it matches, it builds trust. If it doesn’t, it doesn’t. I was just very surprised that a corporate group would publicly say they were going to try and retain when the vast corporate history (not just Wells) says this would not be the case.

Thanks for the comment — let us know how it goes.

By: Scot

Scot — Thu, 16 Apr 2009 22:49:00 +0000

I don’t know the specific numbers coming out of Wells; just the profit numbers…

Thanks for the comment — let us know how it goes.

By: Stephanie

Stephanie — Thu, 16 Apr 2009 20:02:28 +0000

I currently work for Wachovia and as someone that doesn’t have anything to do with the management aspect of the company, I can confidently say that no one is at all at ease with their position. Sure the VP’s are edgy but I’ve listened to more than one of my co-worker’s talk about updating their resume and putting it out there.

We haven’t had any reassurances any of us actually feel confident about so….it sort of feels as though we’re rats going down with the ship.