Our hat is off to Tyrel Oates. He’s 30 years old, and works for Wells Fargo in Oregon making $15 an hour. And he asked Wells Fargo’s CEO, John Stumpf, to take a stand on income inequality by giving everyone in the company a $10,000/year raise.
And he cc-ed 200,000 coworkers on the email.
You can read the email in full at money.cnn.com. Here’s an excerpt:
“My estimate is that Wells Fargo has roughly around 300,000 employees. My proposal is take $3 billion dollars, just a small fraction of what Wells Fargo pulls in annually, and raise every employee’s annual salary by $10,000 dollars. This equates to an hourly raise [of] about $4.71 per hour. Think, as well, of the positive publicity in a time of extreme consumer skepticism towards banks. By doing this, Wells Fargo will not only help to make its people, its family, more happy, productive, and financially stable, it will also show the rest of the United States, if not the world, that, yes, big corporations can have a heart other than philanthropic endeavors.”
Sending his message to so many of his co-workers wasn’t easy, or quick. But Oates was determined:
“Oates took his lunch hour and breaks over the course of a couple weeks and composed 11 separate e-mails, filling in the CC line starting with every group e-mail distribution list he found in the company directory.
Then he worked his way alphabetically down through every individual address he could find.”
Wells Fargo’s CEO John Stumpf, who made $19.3 million last year, has yet to respond to Oates’ letter. But Oates’ coworkers have told him that they share his views, and thanked him for writing the email. Oates
Tyrel Oates: we salute you!