My gut tells me it will be a nice round number.
50,000
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Approximately 12 % of the workforce globally. India and Philippines jointly at 10%.
WF will exit securities business and other small facilitation business that are high in capital costs. Will also send one tower in Charlotte and the SF HQ building . The land there is worth more than the building. Total wrote off : $250m in Q3.
@SM all by EOB or some in 2021?
Fact (not conjecture): 20-30% (52K - 78K)
In phases.
130000
10 beeeeelion
At least 10%; that was already stated in the last year. That was while we had good profits- would guess that number will be doubled if things don’t improve. Word to the wise- make sure you are bringing value and not being dead weight! Layoffs aren’t new, but we haven’t had one of this size or spread in a very long time. Usually it’s a particularl lob.
What is most telling is, they let it leak before telling people internally in a humane, respectful fashion.. Shows you exactly how rotten the culture is. They see you as a head, not a human being. Sickening. Press like if you think so.
First wave will be 30,000 and the second wave 35,000.
Nice Friday afternoon activity. Shrewsberry said they want to cut headcount to “as lean a state as we can responsibly operate.” I’m going with the 20% figure as well, in several phases over the next year. And it probably goes without saying that number grows if the economy goes off a cliff due to pandemic issues.
Bring back D–k Kovacevich. Only he could help bring Wells Fargo back on a growth path.
69,420....my favorite numbers! :-P
@qmd I like it. Here’s my guess.
88,888
20% of whatever the current headcount is
Eight. Eight is Great. Right?!