All we seem to be doing is selling and closing stuff and cutting people. Barely an acquisition in sight. Most of the people who leave on their own are never replaced, not to mention those who were laid off. Is it just me or has WF given up on growth altogether? What's the end goal here? Just to keep shrinking until what?
10 replies (most recent on top)
OP... growth means an increase in EPS, or “Earnings per Share”. It requires 10 Wells employees to accomplish what 3 do at competing banks. Obviously that is not sustainable. You would not pay 3 handymen to accomplish what one good handyman coukd, nor should you expect Wells to to overpay for underperformance. The more inefficient an LOB, employee or software engineer is, the more likely that it will be sold or s/he will be displaced. The best software engineers who can automate jobs to improve efficiency will be valued. The rest are at risk.
Everybody read Post ID: @lqn+18wWY2hL 3 times slowly. This Poster is dead on correct.
I think of growth as in my compensation, no luck with that either here!
Growth doesn’t mean employees. People need to realize this on this board. We’re getting to a “smaller” headcount and expense base so that we can “grow” revenue.
by selling off the businesses!
#Faceplant. Do we really have to explain that mandates to cut $10B in expenses are generally not compatible with acquisitions?
I really hope this post was a joke. Incredibly clueless if it ain’t
Might want to read the news or look at some of the corporate emails around asset cap restriction. I’m really not sure how anyone working for the bank would not already know this.
Cant grow due to asset cap restriction. Hence all the selling.
The regulators want a simplified bank. Charlie was hired to cut businesses and people to simplify the bank and lower systemic risk to the banking system to satisfy the Fed and OCC. This is the agreement with the regulators in order to appease them so they will lift the asset cap. They can’t do any acquisitions because the regulators will freak. Growth with this bank is at least 3 years away. It is going to be cut cut cut and divest divest for the next few years.