Time of recession where many banks are not doing well, Wells Fargo is one in the list. It was approved $25 billion of bailout money.
Wells Fargo organised a twelve nights trip for top employees and guest beginning Friday at the Wynn Las Vegas and the Encore Las Vegas.
When Associated Press confronted, the company first denied and then finally cancelled the trip.
Wells Fargo has a tradition of yearly conference. These conference has more than 1000 top employees and guest, all-expense paid trips includes helicopter rides, wine tasting, horse back riding in Puerto Rico and a private Jimmy Buffet concert .
The question is taxpayer bailout money, should it be used for a enjoyment of company employees? In this economic crisis, can a company really think about a enjoyment trip?
Other companies have decided not to conduct any recreation programs/trips for the employee,because of the current scenario and seems like a wise decision too.
When there is no money to lend and fulfil creditors request,and not able to keep the current employee strength how the management even came up with this suggestion and then decision of the trip. As the trip was due this friday, it means booking formalites must have been completed too.
A employee mentioned that Vegas trip will provide a unique opportunity to focus on how to serve U.S. home owners better. Statement itself is quite contradictory, explained in financial terms it means, employee recreation and money spent by our employer bank(Wells Fargo), will help us,the employees, to think better how to service the customers.What was the agenda of conference? How to serve Bank Customers with no money?
One more amusing point about Wells Fargo was, the trip was declared with the declaration of $2.8 million loss to Wells Fargo in last quarter of 2008. Read it as a Sad news followed by a Happy one.
A company in loss, could definitely not have got enough money,finance to organize the trip.So it was all the taxpayers money which was going to be run down the slot machines, card tables and the shows.
Wells Fargo,is not a very good company,as voted by employees,because of the layoff and now it seems it should not be our bank too and also it should not be considered for further bailout packages.
The top employees, either have not felt the heat of recession, or missed the news of 1.7 million who lost jobs in January 2009 and so could not be a good judge of customers money.