It’s sad to watch a company die, to see all the wasted potential, to see everything the employees are being put through on a daily basis, to see the greed of those on top consume everything that was once good here... We were once at the top of the world. What happened?
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That is an incorrect statement.
The efficiency ratio is expenses divided by revenue.
Contractors are an expense. They are a third party expense instead of an employee expense.
All expenses except interest expense count in the efficiency ratio.
The other banks have the same size workforce but many are contractors and thus don't count toward the efficiency ratio. It's all a game - a numbers game.
The company is not dying. Change is needed to satisfy regulators. WF got itself in this mess and is 10 years behind other banks its size.
maybe we'll get rid of some of the thousands of ex-BOA employees we've hired in the last couple of years.
We were never on top of the world. We looked like we were but it was all fake.
If you compare the size of WF's workforce with BoA's, WF needs to become leaner than before.