Many believe that the board/HY has a medium term headcount goal, a specific number to which they'd like to reduce the domestic internal employee numbers to. If so, what's your guess? I think it's around 120k. Basically two more years of downsizing. Sometime around 2030 the current regime bails with huge golden parachutes and a real team of executive leaders is brought in to grow the business.
9 replies (most recent on top)
You might be next ! See you Tuesday!!!
Yes, IP don't count, neither do contractors. No one cares about either one, and they don't care about WF either. We had almost 260k American FTEs at one point. Go back and look at 2010-2012 reports to investors. They used to brag about how high the % of domestic employees we had. Now they can't wait to get rid of us.
@b5 Tried it myself, based on various assumptions, 180-190k at BOA efficiency ratio level, or 150-170k at JPM's. Not great, but not too far from target either. Hang on there!
We have ~150k US employees, with 47-ish in I&P. There will be a floor, but it will be a moving one based on how AI proves or disproves its business-case and if we acquire regional banks like Regions and expand the branch footprint, etc.
@bc Q2 report says 197k, it's less than 150k now?
@br
Zero. Zero?
Where in your pea brain mind can reconcile a "to big to fail" US bank be able to function or allowed to function with NO US employees?
Child.
Zero. The goal is zero U.S. employees. Another score for Bangalore. Nobody’s sad in Hyderabad
We already have less than 150k. Hard to imagine that's the objective...
If you run an exercise of looking at our revenue, efficiency ratings, and NIM and then comparing to our peers and their current headcount- multiple AI models suggest a headcount of about 150k taking into account our asset mix (we have more community banking) compared to the other large banks. Try it yourself and see what number you get back.