The bank has been trimming its workforce since the third quarter of 2020. It has already reduced its employee base by nearly 40,000 and cuts are likely to continue, Santomassimo said.
Wells Fargo had 233,834 employees at the end of the June quarter compared to 243,674 in the second quarter last year.
https://finance.yahoo.com/news/wells-fargo-cfo-expects-more-150446835.html
Anyone know what finance people mean when they refer to “EI” ???
I heard tech was affected.
That's ok, 100% of the execs are dead wood and they cost a lot more. Let's start the deadwood downsizing there, mmmm-K?
If anyway has seen the quality of work from these offshore folk, only 20% of them are good 80% not good.
New executives and managers who came from JP Morgan are no better than the legacy Wells Fargo management.
I am with you. Legacy Wells Fargo management with old practices. is the definition of deadwood. The sooner they get the boot the sooner we can turn this place around.
Most middle mangers and directors can qualify as deadwood.
Most promotions or internal job hops I’ve seen over the last year are clearly related to location the person is in. I mean, people who haven’t done much of anything in stagnant role but they RTO in a hub. People who could t even get interviews before. It’s crazy. WF is going to be in even greater peril in a year or two than it is now.
For the clown who is always referring to deadwood, has it occurred to you that the bank’s policies, procedures, and bureaucracy do not allow most hardworking people at the bank to make decisions and/or take initiative?
Let’s hope there is some common sense in reducing deadwood!
Offering sign on bonuses to external hires and laying off internal. Makes sense
"Wells Fargo CFO expects more layoffs ahead"
Oh No! The sky is falling, the sky is falling!
If it can be done by an RTO person in a building that doesn't really NEED to be on a building, it can be done overseas for 1/6th the cost.
Licking boots won't save you.
did you not scroll down a few posts and see this is already been posted about?
Companies are realizing that if you can work remotely, your job can be done by someone offshore for 1/4 the cost.