Just read the article. I know this will get some negative feedback but honestly, I’m really pleased with the transparency. We all know why it is happening but at this point complaining about that won’t help. Hard decisions are having to be made.
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Thank you, Wells Fargo PR team, for this obvious BS post.
Get back to us when Stumpf and the gang are being perp walked and we aren't facing layoffs because of their criminally negligent management.
They’re not really “hard decisions” when executives from outside the company come in, at very high pay, and tell all of us middle and working class underlings that we make too much money.
They’ll get rich, we get the unemployment line
What we’re seeing here is the result of poor investment in technology and risk management that stretches decades back. When the top line was roaring there was less care for it all. Sad to see it come to this.
What they dont say is expense ratio is influenced by BONE HEADED DECISIONS like cheating customers and getting caught....theres a few billions in fines.
Or forgetting to do your DUE DILLIGANCE on electronic check deposits, getting sued for patent infringement by USAA and LOSING mightly.
Or by changing maturity dates on HELOC loans without notifying customers, getting caught, and getting SUED IN COURT.
Or discriminating based on nationality and hiring indians to replace americans and getting RELENTLESSLY SUED in court.
Adding up a few fuuukups like this and soon you are talking about real walking around money. And all impact that precious expense ratio.
These are all MASSIVE STRATEGIC BLUNDERS performed by novices who think the rules dont apply to them.
Lets prove them wrong.....
@sbq Anyone who really thinks 80% of the staff is toxic, and THEY are part of the good 20%? I’m going to have to ask for some proof of your excellent contributions and “positive attitude” that puts you above some 210,000 or so employees.
Other than Mr. Brilliant here, there was some good reading in this thread.
Why can't WF claw back the $10B from the former CEO and executive crooks who looted the company? Freeze the bank accounts and sieze the property of Stumpf and Tolstedt for starters.
"multi-year journey" – means lower your expectations until about 2025. How in the world does WF convince anyone - analyists, employees, consumers – that now they really have a plan? "Streamlining business operations" (i.e., layoffs) will buy WF some time. WF's high efficiency ratio is no doubt an indication of corporate bloat, but I don't think layoffs are the single magic solution.
I can make it easy for him, toss out all the toxic workers; that will cut out about 80% of teh staff; no need for over thinking
great article! he left out firing all the toxic people! That prob get rid of 70 perent of the company right there!
@uze - where you getting 6 months max severance? Handbook still says 2 weeks for every year up to 52 weeks. Enlighten me on how you plan getting 18 months genius
they chose to use a stock image of an indian national.
let that sink in for a few minutes
its like trump saying usps is corrupt, and then ordering them to remove mailboxes and mail sorting machines.
I see nothing that wasn't already known in that article.
Ironic that it was talking about reducing redundancy.
to @jey. it IS on teamworks. Click on the article, "Embarking on a multiyear journey..." A woman is gazing off with a laptop open in front of her.
I'll add this multi year journey to the other multi year journey Tim Sloan had to save billions. Seriously though there are a ton of lazy people that need to be cut, they drag the place down. On any given project about half the people are dead weight, i.e. PM's, managers who don't dare get their hands dirty, managers of managers, the PPT creators who feed management bull, agile anything, scrum masters.. insane dead weight. Add to that all the people offshore with no brains, they're cheap for a reason, there are some things better left to one person who is highly skilled than 20 off shore heads who are clueless, they're not saving money for some jobs and they've already abused that route to the extreme. They should cut the bottom 10% every year, make it clear, only the best get to stay. They need to cut the contractors, and get these consulting companies replaced with quality wf hires.
Just offer early separation. Will make wells look kinder.5
Lawyers are your friends.
They cut severance to maximum 6 months which is total sheit compared to their peers.
A friendly reminder that lawsuits are a negotiation of another means.
If you are disabled, over 40, or an american citizen who is being displaced by a foreign national you very likely have an extremely strong case.
Lawyer up and get that 18 months severance that only those that have balls to challenge a sh– company like this get.
Can someone post the article on teamworks?
They are using the article to prep people so that when 20,000 people get lay-off packages on 9/16, there will not be massive shock. Oh, and there are 7 waves of layoffs between now and the end of the year. Can you say tsunami???
It’s on Teamworks main page.
I read it too, but a lot of it was verbatim from what Scharf told analysts on the earnings call and partly a repetition of what Powell said in his townhall. It would be nice actually if they said this stuff to employees first. Instead you learn more by reading the earnings call transcript.
Ok cool. Thanks. Was looking for news.
In team work the latest news
What article are you referring to? Sorry, not seeing it.