$12 Million Wells Fargo Employee Discusses Job Cuts "To Lower Costs" + Wells Finds Yet Another Way to Penalize the Poor!

Charlotte Observer Reporter Austin Weinstein posted a story yesterday about John Shrewsberry mentioning to investors the cutback of $10 Billion in spending Wells Fargo needs to do will be "mostly people"

What Mr. Shrewsberry didn't mention is that he makes $12 million + a year, plus more if the stock does well. That's almost $6,000 an hour!

I discuss how the closure of branches isn't necessarily where the cuts will come from, as I am familiar with small town New Mexico branches that employed 2-3 people at most! I also talk about how the infrastructure of certain departments or elimination of some products will lead to a different type of bank than the "All-in-one" model banks loved 15 years ago. 

I can't get over how much goddamn money he makes.

I discuss Bank of America's prospects for something similar soon as well!

Plus, I discuss the email sent to millions of Wells Fargo customers discussing changes to requirements to avoid fees for their basic checking accounts, one week after announcing their no overdraft fee account for a fee! I discuss how Wells lowered some elements of the requirements, but are still a moot point to someone working minimum wage, based on the likelihood of their boss being "old school" and not doing direct deposit.

I discuss how slowly but surely, this is a "punishment fee" for those who don't adapt to the method of banking Wells wants to do,and why I don't like it.

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