June will be a bloodbath..
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I think what we all need to consider is that layoffs are going to happen for all major companies like JP Morgan, Bank of America, etc. Due to already consent order issues and a pandemic like COVID-19, things have to change. layoffs are apart of the workforce some unplanned and planned. I am praying that everyone lands on their feet no matter if it’s with WF or with another company. This is probably not easy for any CEO to discuss but the market in general is struggling.
While I can pin point areas that I think are subject to be hit, it a hard and difficult topic and I encourage everyone to have a plan B, C, and D.
Boom, in San Fran business journal ... WFC to get really lean..
Oh @5nuu+15bSnqbu, layoffs are only esential if you believe companies sole reason to exist is to provide maximum ROI to investors.
What would be best for America and Americans is people employed, making enough to support themselves and their familes, to be fairly confident in their future so stress doesn't k–l them early, and to maybe take a week or two vacation every year.
If all we care about is shareholder return, eventually the Golden Goose (capitalism) will stop laying golden eggs and just start leaving droppings.
Job market is good depending on the domain you work in; you make it sound like this is the only employer on earth. Options are limitless now; maybe move to a new industry that is doing record profits right now, perhaps some companies wont be able to transform to the new reality as their products are static.
Let's face it, layoffs are essential. As someone pointed out, our efficiency ratio stinks. I did a quick regression of 12 big banks using revenue to predict employment. Wells Fargo's predicted employment was 203k. We'd need to cut over 20% of the workforce to get to that trendline, while our biggest competitors are already below it. Years of underinvestment in technology coupled with using people to fill process gaps means Charlie is going to cut. We should be grateful if it is less than 20%.
I am a nobody on the internet and posting scary stuff makes me feel important!
What are you suggesting - a merger of some sort? I'm sure a buyout will never happen nor be allowed. Last thing the country wants now would allow is a bigger bank.
Agreed. Unprecedented pandemic will open doors to unprecedented moves and excuses.
Look up the orgchart under COO and tell me what you see.
Yes, but this is the case for many companies in light of the new reality. Wells has a lot of open positions too, are they laying off and hiring new people too? Or perhaps another solution is to move people to different groups instead of bringing in new hires to the company as a new hire has a much higher cost.
And he can’t grow revenue exponentially because of the asset cap—- all he can do is cut.. deep
To those that are refusing to acknowledge reality—and pending layoffs— wake up and see the bigger picture... wfc efficiency ratio is worst in category approx 68% vs 56% peers, Charlie cant carry the expenses Forward thru 2021, regardless of covid, ppp, etc.. will not give up the dividend before mass layoffs, and oh yeah his hiring guarantee is over this year so he needs to do something to justify his compensation and im sure the profit share will come back next year regardless of wfc performance (that saved lot of $$ this year but not nearly enough- he needs a lot more savings -expect a trickle of layoffs in June then massive scale in July
Span and Layer
Terminating contractors is not a layoff bloodbath.. Please. There is a known plan going on to get rid of contractors.
I have three on my team and one did not have their contract renewed and went bye bye.
MR = Managed Resource = contractor
What is an MR?
Thread is legitimate. MRs were given notice today.
feds woudlnt appreciate they putting more people on unemployment when they took the aid from the govt
Desperate for attention much?
Firing has clearly been going on, in particular across risk functions and pretty high up the organization. I am certain that there will be more performance based action going forward.
Don’t be an ostrich, PR and optics from PPP and covid are so overrated when Charlie considers protecting wfc he means he won’t sacrifice the divided, but people- you bet!
You have to love posts like this. I hate to call it "fake news", but how else do you interpret it? This is in line with sensational storylines that we see on all major news media, these days
Wells took government aid money like the other biggies (Citi, JPMC, BOFA). Because they took the money, they will not be doing anything until 2021.
Seriously. Post something with substance. Yahoos have been crying the sky is falling for years
Can you be any more cryptic or do you have details to share?