Hey U.S. taxpayers, feeling guilty about salary caps on Wall Street boys and the tough questions bank bosses have to answer in public, all because of the measly $700 billion it’s costing to bail them out of their own problems?
Wells Fargo CEO John Stumpf thinks you (and the media) should feel bad about denying his bank’s best and brightest from getting their fair share of company baseball caps, key chain and all the other trappings that go with how the company rewards its top performers — innocents one and all.
“Something doesn’t feel right,” says Stumpf in a full-page ad in The New York Times Sunday. The paper wrote about the ad and the issue today.
“The problem is many media stories on this subject have been deliberately misleading. These one-sided stories lead you to believe every employee recognition event is a junket, a boondoggle, a waste, or that it’s for highly-paid executives. Nonsense! Because of the misperceptions these stories have created, Wells Fargo has decided to cancel all its major annual recognition events for its team members for the rest of this year.”
Their only gratitude will be the thanks their chief offered at the end of the ad. Oh, and their jobs.