Thread regarding Wells Fargo & Co. layoffs

Facts are facts

Look, I may or may not wind up being affected by this cut or another one, but facts are facts - we are WAY bloated from a people perspective. Denying that is just kidding yourself. And our costs for doing business is around 74 cents on the dollar. We should be at like 54 or 55. I don't like Charlie and I'm not a fan of how much and why he seems to want to change our culture, but this sort of thing would be necessary either way. 20-25 percent, as I read in another thread here, seems like an awful lot, but 10 percent?

Yeah, we really do need to lose it. And it should start with the people who s—ks, but firing people for performance is so hard they just keep getting shuttled around from one team to another. Yeah, you all know at LEAST one of those. That's REALITY.

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| 1651 views | | 8 replies (last October 28, 2020) | Reply
Post ID: @OP+17DHtCwR

8 replies (most recent on top)

OP is not wrong to an extent. Our costs are way too high and some businesses have to go. But how much cost impact comes from all this litigation and mess we did not cause?

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Post ID: @1rzh+17DHtCwR

Facts are Facts:

If Wells Fargo can find a way to mess it up, they will.
If Wells Fargo can over-complicate something, they will.
If a Wells Fargo CEO can screw it up with Warren Buffet after 30 years, Charlie will.

That’s REALITY.

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Post ID: @1vzj+17DHtCwR

I just can’t believe the stock didn’t shoot up up to $60 when we made the change from team member to employee. Wall Street really is missing out not jumping all in on Wells with that long term strategy

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Post ID: @1urs+17DHtCwR

So laying off people in bulk because some other bank only has x amount of employees is logical? WF hasn't had an original idea. WF has not addressed the horrible managers. I have a team that fought to keep manual, time s—ing, non-reportable processes instead of working towards automation. Our tech manager is not the least bit technical and scared of change. You can say .55 cents bla bla bla. Who is going to pick up the slack when you don't have enough bodies? The lack of knowledge & expertise by the management is often the problem and they get to keep their jobs. No one asked us to review our manager. Our opinion doesn't matter.

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Post ID: @1ydk+17DHtCwR

Facts are facts

The market isn’t drinking the Kool-aid either. WFC stock fell below a major support level of 22 today. Already trading lower in after-hours. More sellers than buyers.

S&P 500 Down 0.30%
WFC. Down 3.88%

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Post ID: @1bto+17DHtCwR

What about SORM?

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Post ID: @1eau+17DHtCwR

Posting your Corporate Kool-aid twice doesn’t make you sound like any less of a s— up.

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Post ID: @1hwd+17DHtCwR

OP’s comments are courtesy of Corporate Communications.

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Post ID: @1ghv+17DHtCwR

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