Thread regarding Wells Fargo & Co. layoffs

Folks suggesting Wells will ever be anything other than a massive crime syndicate should really spend some time reading up on the history of banking.

Wells, and the rest, will never change, they have no reason to change.

Did you see any perp walks after the account scandal broke? Or any of the other recent scandals?

Nope.

White collar crime pays because frat boys don't lock up other frat boys.

WF is still a fantastic place to work with a very talented pool of workers. I don’t know anyone who is unhappy with their actual jobs.

I wish Trump would focus his wrath on US companies offshoring jobs rather than freezing the visa applications. WF is a US company with very little overseas business. It is a ruse to suggest we are international. How about clawing back those 50,000 overseas EGS jobs and put America first!! Shame on our American EGS staff for willfully outsourcing jobs for financial gain. I do not GAS that other banks and businesses (ie, corporate friends of Trump) are also complicit... anyone who gets laid off should form a giant class action lawsuit.

WF needs to set itself apart from the pack because of our past abuse and cut the international work force. So the right thing, finally!!!

Let me add a third downside to the post below

#3 = no benefits

No PTO
No sick leave
No paid holidays
No medical or dental insurance
No 401k

Some companies cut FTEs only to bring them back 6 - 8 months later as contractors. This can be very attractive for those companies, as there is little-to-no training required to on-board that resource due to their familiarity. The downsides for the ex-FTE would include: 1) no real long-term job security (as contracts usually have a set length); and 2) they'd have to work at WF again.

@qdk the words "Wells Fargo" and "good management" do not ever belong in the same sentence.

The prediciment the bank is currently in is >89% because the opposite is true.

Unfortunately the wait won’t be over in 7 days. There were 26,000 layoffs announced when Sloan was CEO - to take place over a period of time. A few happened. Then he was let go. Then the Pandemic hit.

There might be a number announced on the call to keep the shareholders happy, but that doesn’t mean the people affected will find out who they are right away.

The uncertainty will drag on. Count on it.

Anybody know why the Q2 earnings call is scheduled for an hour later than the other 2020 earnings calls? https://newsroom.wf.com/es/press-release/corporate-and-financial/wells-fargo-announces-2020-earnings-release-date

Re the following reply: There are so many negative posts on this board.

If you are looking to speak out in favor of Wells Fargo and all that we are perhaps not fully appreciating, that would be welcomed valuable input. “A rising tide lifts all boats.” It might actually be helpful to someone on this board.

But you actually spew your own insensitive brand of negativity which is make misassumptions about fellow employees not having the right attitude or not updating their skills. Your post is both inconsiderate and pompous. I have news for you. You are no more safe from layoffs from this “once wonderful bank“ than any of the other employees. I don’t have bad will towards anyone, but I wouldn’t mind it if you got knocked down a few notches.

It's coming that's all that matters. This is straight talk and not a place for happy talk that inflates a false sense of confidence when the ax is coming. Be aware and keep your eyes/ears open. Best of luck to everyone.

To “There are so many negative posts on this board.”

It’s always good to hear opposing viewpoints. I’m guessing you are a newer employee, or have been lucky enough to work for a decent boss with a decent up line. I know others who work at WFC who love what they are doing, and that’s great.

I do find your tone to be off-putting, though. 2 Personally, I’m automatically suspicious of anyone that finds it unreasonable that employees have trouble remaining blindly positive while working for a bank who has paid out billions of dollars in judgements for illegal practices. Maybe you’re just better at looking the other way.

"You need to knock it off comparing to other banks."

Honestly? You obviously have no clue how Wall Street views these metrics and how that impacts our share price, investor confidence.

The metric listed is widely used to determine how efficiently banks are running

Not sure who is affected . WFAS seem immune for now. We have openings and we are still seeking talent mainly from within . Good luck guys!

@mpx You need to knock it off comparing to other banks. A lot of those banks, if I were WFC, I wouldn't want to be like. We don't need to jump off the cliff because the other banks are doing it, but rather do what works for WFC. That is called good management.

Which groups are the ones getting hit in this layoff ?

Folks, you can come up with a good estimate of the number of people they will lay off by looking at the data. To get our metric in line with the top banks, we would need to cut between 25,000 and 50,000 people. Do the math

Us:
https://csimarket.com/stocks/WFC-Revenue-per-Employee.html

JPMChase
https://csimarket.com/stocks/JPM-Revenue-per-Employee.html

Citi
https://csimarket.com/stocks/C-Revenue-per-Employee.html

Bank of America
https://csimarket.com/stocks/BAC-Revenue-per-Employee.html

On the Corp. and Investment Banking (CIB) all hands control call today, our control leader said that impending layoffs are an “intelligence conclusion.” This in response to a question specifically about layoffs. No numbers given and most of the response was corp. speak type language. This, along with Perry Pelos CONFIRMING layoffs in no uncertain terms means that even the once very profitable Wholesale Banking group will be hit. It does sound like the skills survey is more around the FRB consent order stuff, so less concerned about that now. Corp. Risk does have the activities survey, which could be more to be concerned over than this skills survey. Spans and layers confirmed, no big surprise there, and more realignment in the CIB org. Seems like a constant thing, which is unfortunate but perhaps needed after so many years of being organized differently compared to the other big banks.

I have no idea if the OP is right about the announcement (that's actually already happened twice lately, Shrewsberry and Scharf both said it) or the numbers to be let go.

But the OP is 100% correct on the reasons why they move jobs to India.

The US tax code is designed to reward companies for sending jobs offshore.

Other regulations, like worker protections and environmental rules do as well, but do you want child labor in the USA? Or American workers being sent into factories with toxic chemicals and no oversight?

I hope not. Some regulations are good.

Wells is a symptom of a bigger problem that's been around for years. The solution is political.

Ugh, WF has not taken any federal money.

As to the negativity comment... this board is about layoffs, not sure you’re in the right place if you want happy talk.

Regardless of the ratio of people who want to be here, there are going to be cuts, that is reality and you can confirm it’s hardly unique by looking at the posts about other companies.

@avc YES!!!! Well said!!!

There are so many negative posts on this board. It almost feel like many participants here cannot wait for this once wonderful bank to completely get eradicated. I have news for you, it will not happen. For every one of you who is unhappy, there are 4 or 5 people who are perfectly fine working here and do not want for this back to fail. Yes, the bank has had it own set of issues recently. Are you telling me that JP Morgan or Deutsche Bank did not? If you are so unhappy here, please use your energy on improving your skills and seeking other employment rather than to spew negativity on this board.

The issue with this theory is companies that just took Federal Money will have to return it to the US Government.

I'm sure Elizabeth and Bernie will be sure it is returned.

Throwing out numbers is dangerous. Unless you have an actual number - and no one has even hinted at one yet - you’re stirring the pot. No one has said an actual percentage.

10% seems low. Maybe it’s me but feels like we were facing 10% anyway pre-Covid. Think it will be closer to 20% to match Shrewsberry’s “as lean as possible” comments. They’ve not been shy about broadcasting these significant cuts.