Does anybody have a clue or idea of how many were displaced this week? Are they still ongoing like daily or are the stopped until the November time frame I’ve read in this site?
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I will self select myself, this job s—s
it was thousands of people across the bank. a rounding error in a 250k fte enterprise, but each of those people are in a tough spot. sad.
Because layoffs are only part of the story. Wall Street is only interested in layoffs that translate into an improved bottom line, efficiency ratio etc. Even in years when WF had lots of displacements, increased costs due to the scandal ate all those savings up.
Besides, layoffs may be necessary to right the ship but they're not exactly great PR for a big bank on their own. No reason to announce the now.
They'll follow standard operating procedure, announcing layoffs are part of a bigger belt-tightening earnings story that has been fine-tuned to appeal to investors.
Here’s what I don’t understand. We know the shareholders were informed this was happening. Presumably you want to tell people you’re cutting expenses and by how much. So are they going to wait and tell people at the Q4 meeting? No news site has the info AFAIK and Teamworks is a rough guess at best.
Teamworks doesn’t take effect immediately, it can be weeks or months to show displacements there. The number you see would also include foreign countries, so efforts that include shuffling work/bodies offshore would not accurately reflect displacements.
The way I have been tracking is to see how many people report to UpChuck. When I started looking it was 277M as of today there are 270M - closer to 271M if you round up.
Its been about 1000 a week downward, give or take.