Will most if the layoffs be absorbed the bank side? Will WFA be heavily affected?
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There was a span of layoffs last year when they merged the Private Client Group (formerly Wachovia) with the Wealth Brokerage Group (bank side of WF Advisors). When that happened there was an overlap of many management and operational roles so many were let go and/or made to re-apply and interview to get any newly created positions. They let some really good people go. With this current layoff, they’ve already reduced the number of FRA’s and there’s rumor that the CA to FA production ratio will go up meaning CA’s will be let go and remaining CA’s will handle more than they already do. No one is immune from this, I’m afraid. During the Great Recession many firms let go of low producing brokers so I could see that happening again.
There was a span of layoffs last year when they merged the Private Client Group (formerly Wachovia) with the Wealth Brokerage Group (bank side of WF Advisors). When that happened there was an overlap of many management and operational roles so many were let go and/or made to re-apply and interview to get any newly created positions. They let some really good people go. With this current layoff, they’ve already reduced the number of FRA’s and there’s rumor that the CA to FA production ratio will go up meaning CA’s will be let go and remaining CA’s will handle more than they already do. No one is immune from this, I’m afraid. During the Great Recession many firms let go of low producing brokers so I could see that happening again.
Not as broad as the bank but any overlap roles in the channel merger are susceptible. Outside of this WFA has ran historically lean compared to the bank.
It's not being sold but yes there will be cuts and combinations with PWM and WCS.
Yes. WFA brokerage will be equally affected. They have said repeatedly that cuts will across the firm at all levels. Spans & layers cuts have been occurring already in the brokerage side l.
Yes
ANYONE.
Most likely it will be spun off in the asset sale.
RIP 11/17/2020
Who would they layoff? Service center, back office operations, managers, or low producing advisors?
Service center?