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Wells Fargo worker asks CEO for raise in email, CC'ing hundreds of thousands

 
 
 
whoops, forgot to post the actual email.

http://money.cnn.com/2014/story-supplement/wells-fargo-full-email/index.html?iid=EL

Mr. Stumpf,

With the increasing focus on income inequality in the United States. Wells Fargo has an opportunity to be at the forefront of helping to reduce this by setting the bar, leading by example, and showing the other large corporations that it is very possible to maintain a profitable company that not only looks out for its consumers and shareholders, but its employees as well.

This year Wells Fargo in its second quarter alone had a net income of $5.7 billion, and total revenue of $21.1 billion. These are very impressive numbers, and is obvious evidence that Wells Fargo is one of, if not the most profitable company in the nation right now. So, why not take some of this and distribute it to the rest of the employees.

Sure, the company provides while not great, some pretty good benefits, as well as discretionary profit sharing for those who partake in our 401k program. While the benefits are nice, the profit sharing through the 401k only goes to make the company itself and its shareholders more profitable, and not really boost the income of the thousands of us here every day making this company the prestigious power house that it is.

Last year, you had pulled in over $19 million, more than most of the employees will see in our lifetimes. It is understood that your position carries a lot of weight and responsibility; however, with a base salary of $2.8 million and bonuses equating to $4 million, is alone one of the main arguments of income inequality. Where the vast majority, the undeniable profit drivers, with the exception of upper management positions barely make enough to live comfortably on their own, the distribution of income in this company is no better than that of the other big players in the corporate world.

My estimate is that Wells Fargo has roughly around 300,000 employees. My proposal is take $3 billion dollars, just a small fraction of what Wells Fargo pulls in annually, and raise every employees annual salary by $10,000 dollars. This equates to an hourly raise about $4.71 per hour. Think, as well, of the positive publicity in a time of extreme consumer skepticism towards banks. By doing this, Wells Fargo will not only help to make its people, its family, more happy, productive, and financially stable, it will also show the rest of the United States, if not the world that, yes big corporations can have a heart other than philanthropic endeavors.

P.S. – To all of my fellow team members who receive a copy of this email. Though Wells Fargo does not allow the formation of unions, this does not mean we cannot stand united. Each and every one of us plays an integral part in the success of this company. It is time that we ask, no, it is time that we demand to be rightfully compensated for the hard work that we accomplish, and for the great part we all have played in the success of this company. There are many of us out there who come to work every day and give it our all, yet, we struggle to make ends meet while our peers in upper management and company executives reap the majority of the rewards. One of our lowest scored TMCS questions is that our opinions matter. Well they do! This email has been sent to hundreds of thousands Wells Fargo employees, (as many as I could cc from the outlook global address book). And while the voice of one person in a world as large as ours may seem only like a whisper, the combined voices of each and all of us can move mountains!

With the warmest of regards,
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Oh, anyway, I found the information in the OP from this article about the larger picture of tackling the CEO-worker pay gap.

Tackling the CEO-worker pay gap

Paying corporate executives big salaries, of course, is a time-honored practice in American business. But the growing pay disparity along with the financial crisis have set the wheels of change in motion —and not just among the Occupy Wall Street set. The U.S. Securities and Exchange Commission, for example, is poised to adopt a rule that seeks, in a seemingly small way, to address deepening inequities in CEO and worker pay.

A provision of the sweeping Dodd-Frank Wall Street reform bill passed in 2010, the so-called “pay-ratio rule” will require public companies to disclose the ratio between the compensation of their CEO and the median compensation of all other employees. Though public companies are already required to disclose CEO compensation, they are not required to reveal what average workers make.

As the SEC prepared to finalize the new compensation rules, Oregon Business surveyed dozens of the state’s public companies about the information that will be required. We also talked with corporations, socially responsible investment firms and economists about the rule in context of corporate and macroeconomic performance.

A tool to help investors assess company operations, the pay-ratio rule spotlights rising concerns about inequality and economic stagnation in this country.
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Sounds like a guy who wants to be a social media sensation more than a banker.
 
probably get paid better as a social media sensation
 
Guess he doesn't understand how capitalism works. He'll probably just get fired and replaced by someone willing to do his job for less money.
 
Loren Pechtel said:
dismal said:
Sounds like a guy who wants to be a social media sensation more than a banker.
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Yeah. Anyone who deliberately does a mass CC: at that level should get fired for it.
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Really. That's why you think he should get fired? :rolleyes:

Reading an email takes maybe average of 5 seconds of working time. Multiply by ten thousand, and you waste about 14 man hours. And it happened once. Show me an employee who in his whole career has not deliberately wasted that much by taking unnecessary sick leave, browsing the internet during office hours, taking long lunches and coffee breaks, and so on. That hardly warrants firing someone.

No, the reason why he will be fired is because of the media attention and the ruckus it will cause inside Wells-Fargo. But I think he knew that and it won't come off as a surprise. More power to him.
 
Employee thinks he and his fellow employees deserve a raise. And in other news, water is still wet, and dog bites man.
 
How much of that $5.7B profit is due to the fact that investors put in some $85 billion into the bank to capitalize it over the years (and retained another $90B of prior earnings)? In what way are the employees responsible for that? What would be really impressive is if they still make the $5.7 billion after returning that $175 billion to the investors. I'd say that would be worth a substantial raise.
 
Jayjay said:
Loren Pechtel said:
Yeah. Anyone who deliberately does a mass CC: at that level should get fired for it.
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Really. That's why you think he should get fired? :rolleyes:

Reading an email takes maybe average of 5 seconds of working time. Multiply by ten thousand, and you waste about 14 man hours. And it happened once. Show me an employee who in his whole career has not deliberately wasted that much by taking unnecessary sick leave, browsing the internet during office hours, taking long lunches and coffee breaks, and so on. That hardly warrants firing someone.

No, the reason why he will be fired is because of the media attention and the ruckus it will cause inside Wells-Fargo. But I think he knew that and it won't come off as a surprise. More power to him.
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5 seconds? Maybe to dismiss something as spam but this was something from a fellow employee. It's going to take a lot more than 5 seconds to dismiss. Furthermore, it's deliberately abusive.
 
Axulus said:
How much of that $5.7B profit is due to the fact that investors put in some $85 billion into the bank to capitalize it over the years (and retained another $90B of prior earnings)?
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Almost none. Wells has been a consistently profitable bank in recent years, with revenue and profit growth ahead of it's competitors. However, it shares the same (mainly instiutional) shareholders with several other large banks, most of whom provide all of them with very similar funding profile. No, the differentiator is the employees, and in particular the local retail strategy which has grown the non-interest business. (profits have grown in the interest business as well, but that's in line with other banks).

We're presently in an era of cheap capital, even if it is occasionally hard to get. A large consistently profitable entity like Wells has no difficultly securing funding, and it's shareholders are both easily replaceable and being paid well above both market and revenue rates.

Axulus said:
In what way are the employees responsible for that?
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Well, according to the performance characteristics of the bank, they've been sucessful in both treating customers better than their competitors, and in selling them more financial products, despite having the same shareholders as their less competitive rivals.
 
My thought would be what is the employee's worth to the company? Putting request in an email for a raise does not seem like a good idea.
 
Loren Pechtel said:
Jayjay said:
Really. That's why you think he should get fired? :rolleyes:

Reading an email takes maybe average of 5 seconds of working time. Multiply by ten thousand, and you waste about 14 man hours. And it happened once. Show me an employee who in his whole career has not deliberately wasted that much by taking unnecessary sick leave, browsing the internet during office hours, taking long lunches and coffee breaks, and so on. That hardly warrants firing someone.

No, the reason why he will be fired is because of the media attention and the ruckus it will cause inside Wells-Fargo. But I think he knew that and it won't come off as a surprise. More power to him.
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5 seconds? Maybe to dismiss something as spam but this was something from a fellow employee. It's going to take a lot more than 5 seconds to dismiss. Furthermore, it's deliberately abusive.
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Still protecting the powers that be I see

Keep up the good work. Would not want those pesky proles getting all uppity now would we?
 
Jayjay said:
Loren Pechtel said:
Yeah. Anyone who deliberately does a mass CC: at that level should get fired for it.
Click to expand...
Really. That's why you think he should get fired? :rolleyes:

Reading an email takes maybe average of 5 seconds of working time. Multiply by ten thousand, and you waste about 14 man hours. And it happened once. Show me an employee who in his whole career has not deliberately wasted that much by taking unnecessary sick leave, browsing the internet during office hours, taking long lunches and coffee breaks, and so on. That hardly warrants firing someone.

No, the reason why he will be fired is because of the media attention and the ruckus it will cause inside Wells-Fargo. But I think he knew that and it won't come off as a surprise. More power to him.
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A public servant in Australia was fired about a year ago because he sent an email CCing the entire Department asking if anyone knew the name of the woman he had met at a party.

CCing an entire organisation is indeed a very serious thing to do.
 
Metaphor said:
Jayjay said:
Really. That's why you think he should get fired? :rolleyes:

Reading an email takes maybe average of 5 seconds of working time. Multiply by ten thousand, and you waste about 14 man hours. And it happened once. Show me an employee who in his whole career has not deliberately wasted that much by taking unnecessary sick leave, browsing the internet during office hours, taking long lunches and coffee breaks, and so on. That hardly warrants firing someone.

No, the reason why he will be fired is because of the media attention and the ruckus it will cause inside Wells-Fargo. But I think he knew that and it won't come off as a surprise. More power to him.
Click to expand...

A public servant in Australia was fired about a year ago because he sent an email CCing the entire Department asking if anyone knew the name of the woman he had met at a party.

CCing an entire organisation is indeed a very serious thing to do.
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Unless it is work related and very limited in frequency.
 
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