That was tough to see. So many good people in research. They did not deserve this
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That is due to the both the cost overhead as well as regulatory violations of the previous head of research and global head of research. Diane Schumaker-Kreig sent analysts to pitch toys-r-us deal and promise favorable research - that has been prohibited since the late 1990s and cost shareholders $10mm fine. Marielle Jan-debuer was head of structured products and supervised for 2-1/2 year without the proper license and operated under the license of another person - also regulatory violation. When a person reported her to compliance they were fired in retaliation. The new board of directors was made aware and the office of executive allegations investigated. Basically, the whole thing was rotten to the core and the best way to deal with something like that is terminate them all with prejudice.
Sorry!
https://www.google.com/amp/s/www.thestreet.com/.amp/investing/wells-fargo-cuts-dozens-of-bond-analysts-media-report-says
I'm sorry.