Employment sentiment at Wells Fargo fallen since June

Timothy
J. Sloan, President and CEO of Wells Fargo

Washington
Post

• Wells Fargo’s employee satisfaction has fallen since
  June 2018, according to a new analysis by UBS.
• Employees’ assessment of the bank’s business outlook
  dropped to its lowest since 2015.
• Wells Fargo has been struggling to restore its
  reputation since
  the fake account scandal.

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Employees’ satisfaction at Wells Fargo has weakened since June,
and staff’s confidence in the firm’s business outlook has dropped
to its lowest since 2015, according to a new analysis on
employment sentiment conducted by UBS Global Research. 

The analysis, based on over 9,300 responses from Wells Fargo
employees from jobs site Glassdoor, comes as the firm has been
battling to revamp its reputation
in the wake of the fake account sales scandal in 2016. 

Wells Fargo’s overall employee satisfaction score — which
contains a number of factors like work/life balance, compensation
and benefits, as well as career opportunities —  has
declined significantly in the last three months. CEO Tim Sloan’s
approval score still lags behind its peers both from bulge
bracket banks and regional banks, although it has remained stable
this year. 

CEO
approval at Wells Fargo remains stable, but lags behind its peers
averages.
(Screenshot: UBS Global
Research report)

Overall, employees’ confidence in the bank’s future dropped in
September to 58.6% from 72.2% in June and its lowest level since
2015. The figure also stands at 11% below peer averages. 

A Wells Fargo spokesperson declined to comment on the UBS
report. 

Wells have been hit with a range of problems over the last
several years, beginning
with the fake-accounts scandal in 2016, when the firm said
employees had opened millions of customer accounts without their
consent to meet sales targets. This forced the resignation of CEO
John Stumpf. His replacement, Sloan, has been battling to
overcome the scandal and a series of subsequent issues.

In September, the bank denied a report that its board of
directors had been reaching out to CEO candidates to replace
Sloan. It also announced it would
cut its staff by about 5% to 10% within the next three
years.

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