Portland, Oregon-based Wells Fargo branch employee Tyrel Oates emailed the bank’s CEO asking for a $US10,000 raise for himself and his colleagues, the Charlotte Observer reported.
He also CC’d 200,000 other Wells Fargo employees on the email to CEO John Stumpf. Talk about some chutzpah!
In the letter, Oates brought up the issue of income inequality. He pointed out that Stumpf took home $US19 million in compensation for 2013.
He also made a request that the company raise every employees’ salary by $US10,000 to “show the rest of the United States, if not the world that, yes big corporations can have a heart other than philanthropic endeavours.”
“My proposal is take $US3 billion dollars, just a small fraction of what Wells Fargo pulls in annually, and raise every employees annual salary by $US10,000 dollars. This equates to an hourly raise about $US4.71 per hour. Think, as well, of the positive publicity in a time of extreme consumer scepticism towards banks,” Oates wrote.
Oates told the Charlotte Observer that he has been with Wells Fargo for about seven years. He started out making $US13 per hour. Now his hourly rate is $US15, the report said.
Stumpf, 60, actually comes from humble beginnings, too. He grew up on a dairy farm in Minnesota. He didn’t make good grades in high school and didn’t have much money so he ended up working as a bread maker after graduation. Eventually, he got into St. Cloud University and landed a job at First Bank in St. Paul as a repossession agent. He ultimately ended up getting his MBA from the University of Minnesota.
Here’s the letter[via Reddit]
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 $US5.7 billion, and total revenue of $US21.1 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 $US19 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 $US2.8 million and bonuses equating to $US4 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 $US3 billion dollars, just a small fraction of what Wells Fargo pulls in annually, and raise every employees annual salary by $US10,000 dollars. This equates to an hourly raise about $US4.71 per hour. Think, as well, of the positive publicity in a time of extreme consumer scepticism 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 endeavours.
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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