Wells Fargo Chief Defends Employee-Recognition Events

[Amerigo Vespucci]

Wells Fargo Chief Defends Employee-Recognition Events

Feb. 8 (Bloomberg) -- John Stumpf, chief executive officer of Wells Fargo & Co., defended corporate events that recognize top achievers after the bank canceled at least two because of what he said was “misleading” news coverage.

In a full-page ad in today’s New York Times, Stumpf said the events serve to honor top bankers, financial advisers, tellers and mortgage salespeople at the second-biggest U.S. home lender. The bank, which received $25 billion in government bailout aid last year, is compelled to cancel the meetings amid “misperceptions” created by media reports, he said.

“The problem is many media stories on this subject have been deliberately misleading,” Stumpf wrote. “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!”

Lawmakers and regulators have disparaged financial companies for perks and bonuses offered to employees since the U.S. government’s $700 billion rescue plan was announced in October. Citigroup Inc., which has $45 billion in government bailout funds, and U.S. Bancorp, the biggest bank based in Minnesota, also canceled employee-recognition events.

http://www.bloomberg.com/apps/news?pid=20601087&sid=azMgX4KlLq10&refer=home

[Mayberry Machiavelli]

1. Hey it's not their fault they have to be held at high class strip clubs!

[Duckhunter935]

2. how many tellers?

Bet you is is just for very highly paid personnel

[Tansy_Gold]

3. Mr. Stumpf should pay for it then.

n/t