https://mobile.reuters.com/article/amp/idUSKBN24A27B
7 replies (most recent on top)
Looks like only one not giving concrete facts is your own leadership. Had to cut dividends?! Reminiscing of Wachovia’s demise which should have never have happened.
If you look at the other major banks and where their expense ratios are at, it would suggest WF needs to cut around 50k-60k positions. But that also assumes the banks and the type of business they Focus on match BOA and JPM. The reality is WF doesn’t have the same investment banking profile and works with smaller clients meaning it’s staffing numbers should be a little higher than Its competitors. I expect the layoff numbers will come in between 30k-40k. I don’t have any concrete numbers to back this up. Just my experience after being in banking for 30+ years. Good luck everyone.
Leadership feedback from yesterday... location strategy is being rethought (again). More interest at top in perm work from home. Really doubt location will be much of a consideration in mass layoffs.
I like your question as well... This seems more of a broad statement, with ZERO facts. It makes me wonder sometimes if its just random people not even affiliated with WF that posts on this board.
What does that mean,,,"unconcentrate major hub numbers?" What is your source?
someone said 50k cut only but your saying 110k cut? maybe no one knows until they get canned!
Considering they looking to cut headcount to 186k from 260k. Not only that but move additional 30k operations jobs to India. Total headcount likely to be upwards of 90-110k to get in line with head-counts similar to Citi and Chase. Des Moines/ St. Louis / Charlotte may really get hit hard. They are looking to Un concentrate major hub numbers