The five largest banks in the US reaped tens of billions of dollars in profits in the first half of the year, thanks to Trump's tax cut.
Have workers seen any of these profits? Have you received a raise recently? #BetterBanks nyti.ms/2LsCVGm
Big Banks Are Earning Billions of Dollars. Trump’s Tax Cuts Are a Big Reason.
nytimes.com
The five largest United States banks reported tax rates of 22 percent or less for the second quarter this year. Lower taxes helped smooth over earnings rough spots.Have you ever felt pressure to work off the clock? Has this happened at your bank?
Wells Fargo has to pay $35 million to employees who weren’t paid overtime. Many of these employees worked off the clock during the fake accounts scandals, and felt pressure to meet extremely high sales goals. #BetterBanks
I don’t know how this would’ve helped management except the manager would’ve received a coaches bonus. Didn’t do much unless the entire branch wasn’t reaching its goal.
Wells Fargo may have to pay $35 million to current and former employees who weren’t paid overtime when working outside normal banking hours. “These ... employees allege that they were forced to work off the clock in order to meet the sales targets set by Wells Fargo’s senior management, as it was impossible to achieve such sales in a 40-hour workweek.”
What are your thoughts? Have you ever felt forced to work off the clock? #BetterBanks bit.ly/2khyzpv
Wells Fargo employees said they had to work off the clock. Now the bank could have to pay millions.
journalnow.com
A federal judge gave preliminary approval Tuesday to a settlement that would have Wells Fargo & Co. pay a combined $35 million to current and former employees who weren’t paid
This happened throughout the industry of Wells Fargo, labor laws they thought did not apply to them they figured they would face the consequences later and just pay the fines as they came no regards to employees or their family, just in my own case my wife had surgery for cancer I was allowed to be with her until she went to surgery, than I was told I had to report back to work, I explained that I had given plenty of notice. And why wasn't I given the time off. I was told not enough people to cover the floor. I said it's my wife and I was told be at work or u will not have a job, I than explained o have been with the company 6 years and I have a current 2 weeks PTO also 40 hrs of PTO transferred from the prev year. Again I was denied we needed the insurance so I went back to work. I will tell you the company is trying to hide much more than the lawsuits they have to pay per news reports. They can care less about their employees former and current, it's all lip service they try to contact u before going to the news, they will tell we will make it right. They always said do not speak to the media about internal problems, Wells Fargo to H.R said they will take care of it. Nothing came about it and was never was contacted. I guess the devil that it would just go away. It hasn't I hope they are prepared to face up to more of their mistakes. They should have had their bank charter pulled. For the crimes they committed , if this was a individual or a group of people that did what Wells Fargo did we would be in prison and no money or wealth
We would ALWAYS work over 40 in my district and RARELY get paid for it. Mandatory call nights if we didn’t meet our numbers for the day and then on a Friday if you were at overtime, “Just make it work. Our district isn’t allowing overtime right now.”
Yep we were told that If our work was not done we had to stay till it was finished and was not allowed over time. Many did. But I advised my manger that it violated the code of conduct and that I was uncomfortable violating a federal labor law. Lol
Wachovia never did this how dare they do this. I am so happy i did not accept their offers to remain with them.
BoA is just as bad as a teller we had to make 10 referrals a day. Ppl were already pissed off as it was with four tellers max during the lunch rush.
When I worked for PNC, there was people on my team, worked for the bank 15-30 years, they were caught in the cycle of working late at night and being paid salary. I spoke up about it, I was told "that's what we do" " we've been doing this for years". Well I got loud and called upper management out about it, and reported to the lines of HR. They heard me, and ended up enrolling IT to figure out everyones computer activity, and from that they back paid thousands and thousands of dollars to those who worked overtime but had never been paid. They then made effort to educate everyone to clock in and out accordingly to hours worked. This was a bank that paid salary, but made employees punch, and employees working for the bank many years were taught to punch the typical 8 hour day and not when they stayed late. It was a mess, of course they ended up not liking me at all. But watching people who were 50+ years old work late hours and never see a dime of overtime pay, made me so angry... they took advantage of them.
I like what Rita Gibson said, ALL banks have these issues, the difference is Wells Fargo is being pushed into the light to use as a grand example of what not to do. , and Wells Fargo is a big target to create new legislation, and new regs. It could be that Wells is just the worst if the worst, or pissed Congress off somehow,.. and someone promised to make them look awful, who knows.. but it wouldn't be possible to expose every single bank in detail, especially the ones that are loved for one reason or another, or have ties politically. Webs run so deep.
I got my check.
I don’t agree with that at all… Wells Fargo has always told their employees to track 100% of their time in time tracker formerly known as WebTime.... If it is outside of normal business hours… Wells Fargo will even pay a premium. I have been an employee of Wells Fargo for 14 years… And I did work in sales when all of this stuff was going on… And though it did suck, I did my job with Ethics and integrity. Of course, I am part of the Texas market… And perhaps other markets did not encourage their employees to track their time the way Texas advised their employees… So to other markets, I cannot speak.
Got a check cut from Wells Fargo if I sign check I agree not to sue Wells Fargo hmmm .... they are so sneaky and always have been . I work for another bank but I’ll be damned if I am pushed to meet any sales goals ( well I switched roles anyways lol )
Absolutely true 100%
This bank is a never ending story, they really made a mess
Looks like that whole "Going for Gr-eight" thing didn't work out to well.
Yup! Happened to me all the time. Specially during Jump into January.
Pretty sure it's not just wells...all of these banks do it...and they will be exposed.
Where I sign in I was working over 80 hours no counting commuting for 2.5 years over 100 miles on way
I didn't get a check yet
Was told to not clock in until 9 when they wanted me in at 830
Yep
When do I get my check???
They owe me
Yup been there before
Yup
Lol. I was working 80 weeks. It was HORRIBLE. But “salary”. I made more in my hourly position at a lesser wage.
We stand with PenFed Workers United! PenFed has told more than 100 employees they have to relocate or be out of a job. Workers in Eugene, Oregon will have to move to Texas or find new jobs. For many workers, this feels like "forced layoffs," especially since the company is doing really well! Last year, the company grew its assets from $1.6 billion to $24.5 billion and added 180,000 new members.
What are your thoughts? Will you be affected by these changes? #BetterBanks bit.ly/2jIXO3O
PenFed credit union workers in Eugene face 'impossible choice'
registerguard.com
Employees say more than 100 told they have to relocate or be out of a job
I work at PenFed and while my job isn't impacted I'm mad as heck that the company can hurt so many loyal employees and pretend like they're the good guys
When one of your companies 6 strategic intents is " Be a destination employer"...and they decide to relocate 1/4th of their jobs from one state to another. By destination they must mean...go to a new destination to keep your employment.
They are relocating to a more tax friendly place. It makes the company more efficient and profitable. It happens all the time. Its called business....plus didnt Oregon just pass another huge tax bill? Maybe that has something to do with it??
This is awful. I work (for now) at PenFed, and our previous CEO would specifically promise twice a year "PenFed has never had layoffs, and PenFed never will." Our new CEO is treating PenFed like a mega-bank, gobbling up smaller credit unions, insane growth speed, and exploiting workers. Profitable and successful companies shouldn't punish the workers with layoffs.
Chase credit card customers only have one more month to opt out of binding arbitration that prevents them from taking disputes to court or joining class-action lawsuits. These changes will affect 50 million customers.
Is this a way for credit-card companies to limit consumers' rights and boost company profits? What are your thoughts? #BetterBanks cnb.cx/2YSQt0R
JPMorgan Chase credit card customers have a month to opt out of binding arbitration
cnbc.com
JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court. You have until Aug. 7 to reject the binding arbitration agreement.