Another Example of Wells Fargo Toxic Culture

Want more evidence that the wheels have come off of the truck?

Another Example of Wells Fargo Toxic Culture

Want more evidence that the wheels have come off of the truck? The stories that come out involving Wells Fargo are not only numerous - they point to a culture that is toxic and out of control.

This lawsuit starts with a former employee of Wells Fargo, Cheryl Widmayer. She claims that Wells Fargo terminated her and retaliated against her for alleging gender discrimination. Ms. Widmayer borrowed money from financial adviser Alan Hafferkamp. Wells Fargo has strict rules concerning exchanging money between associates. So what is the big deal? Why the lawsuit?

The policy states that no exchanging of funds can occur between an associate and their supervisor. The problem is that she was terminated when Mr. Hafferkamp was just an associate and not a supervisor. Oh ohhh...

The story gets better. It was Mr. Hafferkamp's wife that tipped off Ms. Widmayer's boss that it happened. Do you think that there is more too the story? OK, I digress!

The point is simply this. A company that has strong rules and effective compliance in place would never let that happen. More than one person in management should have been consulted before firing someone and more than one should have been aware of the rules. Further, that is why banks have attorneys. Only at Wells Fargo would this happen.

So, why is this important? If you are banking with Wells Fargo or working with their brokerage office, at what point do you suffer as a result of their toxic culture? The stories keep coming out. Keep in mind something. Where you hold your money is as important as who watches over it. You might have great relationships and confidence in those who handle your banking and investments. If that is the case, just keep a watchful eye on your accounts as you should do anyway. If not, I would think twice about letting Wells Fargo hold any of your money.

Comments
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BobBrooks
BobBrooks

Editor

@tlswift58 - exactly! I would have thought the suit would have been for wrongful termination. I didn't get the whole gender suit. Allegedly Ms. Widmayer borrowed from the financial adviser which her supervisor was unaware until the financial advisers wife called the supervisor and alerted him. For a wife to get involved and make that call tells me there is more to the story.

tlswift58
tlswift58

So, is this a gender discrimination case? The point seems a tad mixed, so the question. If Ms. Widmayer borrowed money - his own or Wells Fargo's - from someone who would have become her boss, but because she was fired first - that did not happen? Mr. Hafferkamp's wife spoke to WF while "they" were still simply coworkers and somehow knew of WF's Supervisor / Associate clause for loaning money - so some bigshot boss decides to fire Ms. Widmayer for breaking a rule that seems to not exist? WOW - things are real cludgy at WF for sure. While I can believe Mrs. Hafferkamp told the boss of the loan, exactly what does that have to do with firing her, since there was no Supervisor / Associate relationship at that point or did she know something he or we didn't. Maybe the "relationship" between Mrs. Hafferkamp and "The Boss" needs closer examination by WF before throwing people under the bus like Starbucks has a nasty habit of doing!

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