Wells Fargo Worker Asks For $3B Raise - For Everyone
So Oates sent an email to Stumpf, and hundreds of thousands of co-workers, suggesting that Wells Fargo give everyone a $10,000 raise, according to the Charlotte Observer. For roughly 300,000 employees, that would be roughly $3 billion, or about $4.71 an hour, still leaving $17.9 billion in corporate profits.
Stumpf's total compensation last year was $19.3 million, or 473 times more than the average Wells Fargo employee, according to Bloomberg.
The emailed letter found its way online to Reddit. Oates didn't pull any punches:
Oates told the Observer that he had no regrets, although some might wonder if he had burned both ends of the bridge he stood on. He's received many thank-you emails, though nothing yet from Stumpf, and apparently is still employed at Wells Fargo. He's been working there for almost seven years and has seen his income rise from $13 to just over $15 an hour. Oates isn't worried, as his manager told him that he's not in trouble.
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 $19 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 $2.8 million and bonuses equating to $4 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.
Here's what Wells Fargo told the Huffington Post when asked about the situation: "We provide market competitive compensation that combines base pay with a broad array of benefits and career-development opportunities for team members. Team members receive an annual performance and salary review. And all of our team members' compensation levels significantly exceed federal minimums."
One question: If everyone gets an extra $10,000, does that mean Stumpf is included? He might want to give the proposal some serious thought.
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