cuts in Front office international...? anyone know anything
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Charlie has made it clear he isn’t that interested in being competitive internationally. This role is minor in comparison to other companies and he has said multiple times his focus is on our domestic footprint and strengthening the brand, as he loves to say. Not saying it means there will be cuts but it isn’t a priority to be competitive.
Front Office International generally ultimately reports to Lisa but within risk and finance rollups they are generally part of the product line vs. having the rollups be based on geography.
JW didn’t seem to indicate CIB should expect a lot of large scale displacements on the last all hands call.
Some, yes, largely I would think to trim lower performers and simplify the international footprint where certain businesses continue to not be profitable.
Charlie will want to grow CIB overall given his background and the leaders he’s bringing in will as well, CIB may never be a JP or Goldman, but with the right strategy and investment, CIB could easily improve their position in the market.
Can WF compete with other large multinational banks (JPM, Goldman, HSBC, UBS, Morgan Stanley, French and Chinese banks)?
I’d guess they sell these businesses, they are not competitive in it and the compliance costs per country are excessive
CIB has ABS DCM M+A macro FX Spread Rates etc usual products
and service international large corps, banks, PE funds, hedge funds usually with a link to the US but not always...
team in Japan, Singapore, Australia, Frankfurt UK, France, China, Dubai etc.....
What does Front office international do? Who do they service?