Open Office. It’s 100% coming. Likely will start discussing after he has been there for 6 months and then rollout as construction allows.
New CEO loves to sit in skinny jeans in an open office. All employees will do it soon. Don’t like it? Quit....
Sorry to all WFC employees.
Wells Fargo started the shift to open offices long ago. One of the reasons I skipped out laughing when I got my package.
Cutting 10% of branches would be 600, that could maybe happen over 5 years or so.
If you know anything about consumer banking, you know that closing a branch is a minimum 180 day process with OCC notices and approvals. The branches that would be closed before the end of the year are already well known.
Not sure why BNY people are on the WF section trying to gin up fear.
Thanos will get rid of 50% of you at WFC. Before the Avengers come back to save you it will be too late as this is not a movie. Its real life.
Open Office concepts have been proven to reduce productivity
http://usir.salford.ac.uk/id/eprint/39106/3/BAE-D-16-00533_final%20manuscript[1].pdf
Scale is immaterial, a percentage is a percentage. BONY sold off retail decades ago and branches exist only as a necessity for the connected super wealthy. Honestly, branch banking is simple stuff.
Scharf was only hampered in cutting as deeply and quickly as he desired due to his total lack of understanding and visibility into the complexity of the organization. Much higher percentage cuts are possible far more quickly than you could ever imagine. He knows exactly how to cut branch banking 10% to 15% before Christmas. He cares nothing about employee morale so there are no brakes.
Wanna bet? Oh, and those numbers for both employees and branches are coming down big time.
You still don't know what you're talking about. BNY has 50k employees, WF has 270,000+.
BNY has 40 some branches, WF has 6000+
The scale is simply not comparable
Whatever interchangable white male CEO wants to do won't be done at nearly the same pace as it may have been at a company that's five times bigger.