Has anyone heard anything recently about layoffs on the retail bank side in the branches? Just wondering if/when the layoffs are heading our way.
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About two years ago WF announces it would be at around 5000 branches by the end of 2020. We are still about that target so there will be some additional closures. There were a number of closures delayed this year because of the Covid impact. So the closures this year are so far following the norm. The new target announced by the CFO was about 4000 branches with no time frame given. This wil be over a couple of years also. There may also be sales to other institutions just like we did to Flagstar.
All of that being said there will be some positions eliminated across the retail network announced around October. It is unfortunate but our staffing models don’t match our competitors. There will definitely be opportunities for people willing to take on new responsibilities but some of the positions will be eliminated and staffing cut as the company pushes more activities as self service.
The round of closures for feb 2021 will be announced in October
End of 2020 to end of 2021 main priorities are to lift asset cap and reduce 10 billion in expenses. The average branch costs about $500,000 in salaries (average 12 branch employees managers, teller and bankers of course these are conservative figures) eliminating these roles also eliminates the support roles. Look at the OCC filings almost 300 closed so far this year. Best of luck!
Strange how I commented this and it never showed up. Let’s try again. Branches will continue to be closed sporadically through the end of 2020 and through the end of 2021. Just review the OCC website for all of the branches that have been closed so far this year well over 300! Many more to come to meet where our competitors are at. Main focus is getting the asset cap lifted the second goals is to reduce expenses by 10 billion dollars. A good chunk of the 10 billion is structured around branch and branch operations. Your average branch of 12 employees runs just under $500,000 in salaries (conservative salaries for managers, tellers and bankers combined.) This is all my opinion based off some hard evidence. Good luck!
Retail will be a bloodbath and take the bulk of the hits on cuts. Unfortunate , but true. Simple because of branch network size.
Consumer / community side will be taking a majority hit. Top to bottom
I am stating purely from opinion here but they are coming sporadically. It won’t happen quickly but it will happen over time. My opinion is that a good bunch of branches will be slated to close by the end of this year with the remainder closing into end of 2021. Saving 10 billion dollars and getting the asset cap lifted are the main priorities. Definitely look at the OCC records where the branch closing applications are listed to give you a better idea of what is to come. Good luck!
I guess you need to find out if your branch is closing. And, the less branches there are, the less people they need to run them from front and back of house. Isn't WF closing over 1k branches, if so I would say layoffs are heading your way. Read the internet, seems like branches are closing all over as it's a huge expense.