Thread regarding Wells Fargo & Co. layoffs

@1mb Is that you Elizabeth Warren? ;D

Time to break this bank up. It’s well over due actually.

@iif sometimes you just gotta tell it how it is. Cold hard facts are hard to swallow but it's a reality we should brace.

What LOBs were sold already? I haven’t been keeping an eye on recent news to keep track.

Bravo, Janet Yellen! (for kicking WF in the shameful arse)

Bravo, Kamala Harris! (for singke-handedly squeezing more out of corrupt industry leaders during housing crisis)

Shame on WF for NEVER-ENDING corruption!

WF won't be merging. WF is being bought out – BIG DIFFERENCE. It's called a fire sale – selling off lines of business (pieces and parts) to highest bidders. ALREADY HAPPENING.

That is Charlie's job.

Get stock price up as much as possible ONE LAST TIME, so businesses can be sold for as good a price as possible AND shareholders can dump stock in a small window of time to s—ers (many on these boards) who delusionally think brighter days are ahead.

Brighter days are NOT ahead.

WF doesn't exists in any meaningful way anymore – and never did (corruption started under D–k K.)

Scharf and his cronies were brought in to wrap things up.

You wonder why Scharf hasn't shared his vision or tried to motivate employees (no longer TMs), or even made ANY regular appearances via Town Halls or communications???

Because he and his cronies don't give a scheit about you. They weren't brought in to care about or motivate you.

WAKE UP, SHEEP. Do you really need this spelled out for you any plainer that it already is???

@kig: one more thing I want to add is that I am a woman. And I think you probably are as well. I normally like to stand together with women and support them. Having said that, you’re the one who initiated critiquing me. Thus my response. Maybe under different/better circumstances, we would both be more understanding.

@kig. I am a long-term employee at Wells Fargo and have survived all the good and the bad here. I have first hand knowledge of the fraud and mismanagement from the inside at Wells Fargo for the past 12 years. I worked at an honest well-run company before then so I have plenty of perspective. So yes-I most certainly have an axe to grind.

I can lay out all the facts necessary to support my stance. You, a clearly new employee, come along with some bs random quote? Vitriolic? Is that your elitist word of the day? I’m clear about my viewpoint. What’s your agenda?

@svf The quote is just highlighting you have an opinion and it's nothing you "know for sure". Unless you have first hand knowledge of working at multiple banks concurrently to make that statement it just sounds like you have an axe to grind. Try using a less vitriolic rhetoric and maybe people will take you seriously.

People seem to have amnesia. Prior to 2016, WFC earnings power and associated metrics like ROE were best in class. There is absolutely no reason why it won’t get back to that and be near JPM. What company with that sort of earnings power would break itself up.

What about a merger with another bank, is this a reasonable outcome?

@vmw: That quote is from the 1800s, so....???

Also, Mr. Twain did not have the pleasure of working for John Stumpf, Carrie Tosltedt, Tim Sloan and Charlie Scharf. These executives could spoil Mother Theres’s attitude.

If the firm is paying you to try to change the narrative, they need to get someone else. You’re not very good at it.

@fzu It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.

• - Mark Twain

@rhf: Awww...Is this from the same person who wants us to write the government to lift that darn asset cap so we can keep our jobs?

i guess he doesnt want his job, he can be layed off

I can't believe people want to see their current bread and butter go under.

The bank will be fine after it shrinks drastically, that will mean many, many angry employees and jobs lost in the process.

Here is what I know for sure: Wells Fargo should be broken up. It’s a defective product managed by an incompetent team. Our Board continues to be negligent. What does it say that they couldn’t sell anyone on taking the CEO job? We landed the only guy who said yes.

It doesn’t make any logical sense that we keep finding morally compromised scoundrels in expensive suits, but somehow it keeps happening. Brand new scoundrels in the executive suite. Brand new scoundrels on the Board. We keep replacing the old scoundrels with new scoundrels, irrationally assuming we are going to get a different outcome. Is there a scoundrel farm somewhere I don’t know about?

We are irreparably broken. It’s woven in to the genetic code. Break the bank up and let customers go get better service, better technology, less abuse, less fees and higher interest rates at an online bank. Wells Fargo has, unfortunately, proven it does not deserve to be in business.

The asset cap was a death sentence issued by Janet Yellen as she left the Fed.

"If you're not growing, you're dying ".

It's already happening in slow motion as different business components get sold off all the time - probably to keep under the asset cap as opposed to genuinely wanting to be rid of said business components. Really hope the asset cap gets lifted soon so company can focus on growth again instead of just survival.

lol. Never. You’re delusional.