He will not be fired.
He very smartly mass distributed this letter and it was picked up by national and local news media. Wells would not dare risk the PR hit for firing this guy. If they are as evil and vindictive as some suggest, then he will basically get their version of exile to Siberia, but it will not be immediate. Wells will wait for the story to cycle out of the news, and then quietly reassign him. His new assignment will be tailored so that it is as miserable as possible with the intention that he gets frustrated and quit - hopefully months later, and quietly.
Though his grammar is lacking, he makes some very salient points. For those wishing to trumpet some kind of capitalistic "be lucky you have your job" ideology - don't. The very problem here is that competition has been largely eradicated in this industry, and jobs are scarce, and those that have them are oftentimes overworked.
Meanwhile, Wells is one of the best capitalized banks, and its profits are excessive relative to its needs and conservative planning. There is nothing wrong with taking a conservative approach to forecasting, and until loan runoff (a real problem for that bank) is curtailed, long term planning is an issue. However, the very valid point that the employee makes is that the current staff of the entire bank has been subjected to minimal raises (applied to below market pay for most positions) since the takeover of Wachovia in 2008. The high level managers and execs, on the other hand, have continued to enjoy lucrative pay increases and large bonuses usually disguised from casual perusal.
I am also surprised that a bank like Norwest (Norwest adopted the name when it acquired Wells) does not value a management approach that employs retaining the best employees by paying them near the top of the market. Stated plainly, it would best align with the other conservative business strategies they apply. However, in this one regard, they depart from form. Why?
Also, I'm very intrigued by the potential effect of $3 Billion additional annual consumer wages in the US economy - a seemingly small pebble with a very meaningful ripple effect. The dollars would be put right back into the consumer economy immediately, and continually (not a one time payment, but annual salaries). It is staggering that this type of action by a single company would have such a potentially dramatic effect - the size and scale of the megacorporations in the US is such that they rival the federal government in terms of economic impact. That is a troubling thought. Here is a chance for a PR win for the bank; one that proves that there is a more positive side to that concern.