CEO Challenge: Wells Fargo reverse course and put American Jobs First

Timothy J. Sloan
Chief Executive Officer
Wells Fargo & Co. (@AWellsFargo: twitter)
420 Montgomery Street
San Francisco, CA 97101-1207

Dear Mr. Sloan:

Wells Fargo & Co. exists to create American jobs to serve customers and the by product is profits for shareholders.  It does not exist to maximize shareholder profits first, contrary to what Wall Street shareholders preach.

We are writing to express our strong disapproval of the deeply entrenched corporate practice of eliminating American jobs to maximize short-term profits for your Wall Street shareholders.  While the problem of protecting shareholder profits at the expense of jobholders, is not unique to Wells Fargo the recent reoccurring action by Wells Fargo to eliminate so many American jobs is particularly concerning.  This dependence on cost cutting and the resulting loss of American jobs have had a devastating economic and social impact on the families and communities all across the United States.

Wells Fargo’s elimination of 70 American Jobs followed by another 130 in the last week has been a vicious economic blow to the families, the many U.S. Cities, although it profits your shareholders.  The cuts are even more concerning when you consider the compensation the Executive Officers will receive as compared to the income of the people whose jobs you eliminated. While you may take the blame for failure, you give the burden for failure to others.

On behalf of the Americans unemployed by Wells Fargo, the remaining employed Americans, and the American families who have been hurt by the recent job cuts, we urge you to reverse course. We urge you to bring back the jobs from cities across the country; to reverse your pledge to cut $2 billion in cost and more American jobs for your shareholders; and to make a long-term commitment to growth and productivity improvements, thereby creating new American jobs.

By reversing course and investing in long-term growth and productivity improvements Wells Fargo will not only improve its reputation and standing in the community, but more importantly Wells Fargo will be doing its part to grow the American economy by helping the American jobholders and families live the American dream. This is the virtuous cycle that will strengthen the very customers your company relies on.

It is now the time for all profitable corporations, including Wells Fargo to take the CEO Challenge to change the way Wells Fargo is rigged to maximize short-term shareholder profits and become an advocate for putting “American Jobs First.”

To this end, we ask you to consider the following to be corporate policy going forward.

Put American Jobs First and Shareholder Profits Second

  1. Publicly state it is in Wells Fargo’s long-term best interests to put American jobs first and shareholder profits second.
  2. No longer use the goal of maximizing short-term profits for shareholders to justify, formulate, and implement any strategy, initiative or cost action that eliminates an American job or to compensate the Executive Officers.
  3. Let the employee decide when their American job is no longer needed, which may occur with either an Equitable Employment Termination Agreement, (similar to a Golden Parachute), or by personal choice to leave. (TheCompany decides when to hire.)

Promote Long-term Growth and Productivity Improvements

  1. Compensate and reward Executive Officers for creating long-term sustainable growth, that also creates American Jobs.
  2. Share the profits of investments that improve the company’s productivity with employees in the form of higher wages, bonuses, and benefits.

Thank you for your consideration of our request.  We look forward to your response.


Great American Scorecard (@ScorecardUSA: twitter)


Honorable Nancy Pelosi, United States Representative (@NancyPelosi: twitter)
Honorable Dianne Feinstein, United States Senate (@SenFeinstein: twitter)
Honorable Kamala D. Harris, United States Senate (@KamalaHarris: twitter)
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