https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2020-08-21/wells-fargo-resumes-job-cuts-in-break-with-top-u-s-competitors
Other reductions in the weeks and months ahead will also result from existing efforts to thin management ranks, remove underperformers and pare expenses, the people said.
Has anyone heard if vendor leasing will be laid off?
Agree with other poster that the layoffs are necessary and a good business decision by Charlie. There’s a lot of fat to cut to get us in line with what our major competitors are doing. We have too large a branch network and too small span of control for managers currently. Am I worried I might be considered fat too? Yes, but I still agree with this business decision.
The OCC filings show almost 270 branches were closed this year so that's a head start to saving 10 billion a year. More to come over the months and years. Good luck!
Who has been layed off in August? There is some news from todays on msn showing wells fargo resumed layoffs.
Also is there a bigger one next week based on the many posts with Tuesdays date?
So who got laid off ?
Of course we're going to have layoffs during COVID, we're Wells Fargo.
If you report on our bad behaviour we'll pull our ads, and our ads are worth tens of millions.
Six companies own all the cable and broadcast media, and our board knows their boards, and our friends on their boards aren't going to allow too much bad news about their friends.
In other news, I see the last of the bankcrupt Trump c-sino's is finally being torn down.
I wonder if it's all related?
We haven’t even seen the impact of the coming loan defaults either. People don’t have that extra $600 anymore and the executive order for $300 could take weeks (if they get it at all).
All of this has put my plans on homeownership on hold. This will be ongoing for years. You see one round and you think it's over, you got through it. It's over. Then it starts all over again never putting you at ease.
The executives say they're doing this for 3 benefit of the bank's survival. But what about the people it will impact? I don't see anyone reaping the rewards of this bloodshed but the greedy big wigs. It's sad and I hope we all muddle through. I know we will.
All Charlie needs to do is have someone unscramble all of the pseudonyms of all the people on this site asking to get laid off or that post about hating their jobs and wanting to leave and we’d get halfway to $10B quickly.
Expect Core/legacy BBG to go bye bye soon.
It won't be pretty for a few years. BUT it's a job, not your career, have faith ya'll and good luck on your journey.
Dumpster fire is putting it mildly
Unfortunately for Wells, I might welcome getting the chop because this place is a total dumpster fire. I'm a new hire and getting great 360 feedback on my performance so far, but the incompetence I see is sending me looking for another job already.
While the timing is poor, this is long overdue. Our current structure was fine when the other banks were on the verge of collapse in 2008, but times have changed.