Reading our board about our layoffs.
What's really sad is that they don't believe that they will be facing the same problem soon. Read away. Any one who thinks their bank will not be laying off is delusional.
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BoA already did the offshore thing and found out it didn’t work so they had to hire people to fix the problems offshore created and/or supervise them. Now WF are making the same mistakes they and Chase did. These MBA id–ts never learn. Of course, they never actually did the job either.
People go between BofA and Wells all the time especially in Charlotte.
Nobody at BofA should be talking sh*t. They're not any better.
Look at their layoff board and you will see that they had a few years of layoff pain. They are good now, but they do have a long history of layoffs.
At the same time, if you dig deeper into layoffs history for Wells, you will see that we almost had no posts on this board up until two years ago.
11 years at BofA, joined WFC about 3 years ago.
They are as messed up as us, but they were less agressive and less mistakes were made.
Well research well because these are uncertain times for everyone and not just Wells Fargo.
I happen to like it here and all of this is heartbreaking for me. I recently joined.
Your previous post sounded as if you were enjoying our misery. But tough times do not last and we will pull through. Is the grass greener? I don't believe so but I doubt it would be greener at BOA, Goldman. Morgan or Jp Morgan. Banking is a tough, unstable business.
That's because they have already been through it. Their stock at one time was down to 4.00 a share and CEO Brian Moynihan said that the adoption of technology at the second-biggest U.S. lender has allowed him to cut 100,000 workers in less than a decade.
Hi. It's me. I'm the one who said that I love reading your boards. I was doing so for several reasons. A few people that I worked with in the past left BofA to go to Wells. I just wanted to see if the grass was greener. And yes, it's possible that BofA could have layoffs in 2021. I am well positioned to withstand it, if it happens to me. I'm here to do my own personal research.
Bank of America had to reorganize and downsize following the 2008 financial crisis and the impact of them taking on Countrywide and Merrill Lynch. I remember them closing branches and announcing cuts of 30,000 people back then.
Today, BOA has 1,000 less branches than Wells and 60,000 less people. In addition to closing branches, they did a lot of branch changes making smaller branches requiring less staff. They also sold off business units like merchant services to First Data which used to be in house.
Wells Fargo today still almost has many employees as the combined Wells / Wachovia did at merger day 1 in 2009.
BofA does not even compare to WF. There are problems, but nothing like at WF.
True, but WF layoffs are much more extreme than the other banks will be because we are positioned so horribly against our competitors from a cost perspective.