Start looking for jobs. All hell is about to break out. You should read bank of New York lay-off site. Here comes the hurricane.
5 replies (most recent on top)
John R. Shrewsberry – Senior EVP, Chief Financial Officer
There's no question – we've had this discussion before that at the end of this process that for a company of our size relative to peers that you're mentioning, we have a lower risk mix of businesses or a less complex, less global et cetera mix of businesses and our expenses per total dollar of revenue for our size – our (ph) asset base should be lower. That's definitely the goal.
Ironic that BofAML is asking that question when it wasn’t ALL that long ago they were the ones teeter-tottering about to fall down flat on their face. One should ask the same of BofA - why can’t you get the stock price to rise above $30 and permanently breakout?
Move to India. That where the jobs will be soon
Water is wet.
Erika Najarian – Bank of America Merrill Lynch – Analyst
So my first question is it really has to do with what more you can do to deliver this company more efficiently. We hear you loud and clear that until you have a new leader, you're not going to – help us give us a sense of the expense trajectory, which is totally fair. But as I think about the dynamics of capital return and opportunities to continue to restructure the firm, so as of year-end 2018, Wells Fargo had 2,595 more employees than JPMorgan, and your employee base declined just 3% since 2009. And you have peer banks in the United States that have 50,000 less employees than you do for larger asset bases.
And I'm wondering, how is the board thinking about the interplay of the fact that you have a ton of excess capital, you continue to build excess capital, why shouldn't that be – why shouldn't that now be an opportunity to restructure the firm in a more dramatic way than you've been telling us? I mean, in essence, with a new leadership coming in, the market is giving you sort of a path, or so to speak, to really rethink the company beyond sort of taking 10% off of your headcount in three years.