On 12/28/13, I wrote the following letter to the then CEO & President of Wells Fargo, John Stumpf. It was in part, a response to the LA Times Article and the poor response from Wells Fargo leadership.
I later worked for the executive office and saw how they handle these letters. They assign them to a paper-pusher who could care less. They draft a form response, and it gets tallied in the statistics.
By the time it makes it to the CEO, it's only data in a pie chart. "We had 365 complaints this month. x number of complaints about checking, y number about sales practices, Etc." They tally it up, if it's not a big enough stat, it gets zero attention. Most things that do require attention get just enough to make it go away, but never deal with the root.
I was one of many hundreds who spoke up loudly and actively for years before 2013 and years after. The news cycle of 2016 showed that it cost them $185 Million dollars to ignore the feedback their frontline Team Members tried to give them.
The final straw for me and my 11-year career with Wells Fargo came when they promoted Tim Sloan to CEO. I'd been watching Tim since he gave the official Wells Fargo response to the LA Times article about the sales goals issues. He said:
"I'm not aware of any overbearing sales culture," Chief Financial Officer Timothy Sloan said in an interview. LA Times article "Wells Fargo's pressure-cooker sales culture comes at a cost", published on 12/21/2013.
When I saw that they replaced John Stumpf with an even more willingly ignorant leader, Tim Sloan, I made my escape.
I'm happy I left the mega-bank. I hope the sales industry can do better. A true consultative approach. I help you get what you WANT and NEED and I benefit. That's true sales, which hasn't existed for a long time.
Since that period of my life is over, the results are all public now anyway, I feel free to share this letter from 2013. Maybe other CEOs or future CEOs could learn from their mistake.
I hope you enjoy:
Storyteller | Writer | Thinker | Consultant | Multipotentialite