Wells Fargo hired "interim" workers as part of a strategy to increase "production capacity" during an upswing in the mortgage market, only to lay those same workers off in April, 2011 when the mortgage market slowed. That's almost 2000 people who were simply let go once the "production capacity" gap closed.
When jobs are lost, people can't refinance or purchase a home. So, Wells Fargo effectively contributed to their own problem. Instead of working to find more ways to employ more people, which could actually increase their own earning potential by having more people and families able to purchase and use their products, Wells Fargo sought to "cushion the blow" of lost revenue in their quarterly earnings statement to shareholders. On paper, their numbers might look better in the short term, but what about the future?
This same strategy of effectively cutting off, or injuring the source of wealth and prosperity impacts each of us as consumers as well. By charging more and higher fees, and giving less by eliminating truly free checking options, millions of American's will actually become "unbanked". Many customers will just walk away from their banks, because they are either fed up, or simply can't afford to have a bank account anymore. The source of profit for big banks, their customer's money, is slowly being drained away. What happens when it's all gone?
At Affinity Plus, we give when we get.
Have you been bitten by your bank yet? What are you going to do about it?