WF needs to close at least 500 branches and ~500 stand-alone mortgage offices, move its HQ out of the Bay Area, combine as many regional offices as possible, take the corporate lead on WORK FROM HOME opportunities and dramatically reduce lease expenses. Sell off redundant businesses and close unprofitable businesses.
Total headcount reduction should be 25,000 - 50,000.
Prior CEO's never had the courage to make the tough call. I guess we will see if C.S. does or not. He's probably second-guessing this job choice...The clock is ticking and the longer this is drawn out the higher the probability of losing any qualified employees who have stuck through the storm.
WF employees — welcome to the wonderful world of Wall St. banking....enjoy the ride – it's going to be wild.
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Minnesota nice is being passive-aggressive and being cliquey.
The Minnesota nice culture is a bit of a myth. Wells is struggling ... to survive. The new bunch of the mgt folks from NY are doing their best to salvage the situation . The problem was not caused by this lot. Let us be clear.
Well stated— wfc has been acquired without an M&A deal- (look at all the exec hires across enterprise JPM, Santander,) the Minnesota nice “gee whiz” culture is done- direct, fast Pace and no bs— welcome to the real world!
It’s going to be way more than 25k. There are more than 10k going just in my OC member’s world.
We need to get rid of all office space outside the 15 cities. There are plans afoot to let all those leases expire over the next several years.
On the bright side your still collecting checks. Your checks are likely more than unemployment checks so take this time to save up as much as possible or re-skill up or look for work elsewhere.
If it's going to come, it'll come.
Great advices but no one will give you a sh–. The management only cares about their bonus and the stock price, and how they look on the newspaper.
Rip it off already! I want to take a month off!
Shrewsbury said 1.5k branches will close. Called it the glidepath from 5.5k to 4k.
Sloan had made a commitment to cut at least 10%, but his resignation followed by the pandemic bought people a couple of years at least.