John Stumpf discussed 2014 letter from employee who proposed raise for all Wells workers
Stumpf says Wells monitors what other banks pay to make sure it is competitive
On income inequality: ‘I have family members on every rung of the economic ladder’
It was a year ago last month that then-Wells Fargo employee Tyrel Oates went from obscurity to national headlines thanks to a letter he wrote asking CEO John Stumpf to give every Wells employee a raise.
I got the chance to ask Stumpf about that letter last week while he was in town to visit with employees and customers of the San Francisco-based bank. The CEO since 2007 defended the bank’s compensation practices.
“To get the best team, you have to be competitive in your compensation, your benefits, in the work that people do, in their advancement opportunities,” Stumpf said. “And we think we do all of that. In fact, when we open jobs up and look for team members, we are oversubscribed in a big way.”
When it comes to pay, Wells Fargo already takes steps to be competitive, he said, noting that the bank monitors what other financial services companies pay in salaries. Last year, 40,000 Wells employees received promotions of various types that came with increased compensation and responsibilities, he said.
“We think that makes sense, as opposed to a carte blanche deal where it’s unrelated to performance, merit and really not keeping with our comp policies and paying for market rates for people,” Stumpf said.