https://www.bloomberg.com/news/articles/2020-10-07/wells-fargo-eliminates-more-than-700-jobs-in-commercial-banking
9 replies (most recent on top)
This is old news of notices given in September that finally were leaked to the news media. Over 700 is a vague number and other reports say the number was over 1,000. Either way, the cuts were significant depending on market and basically was a purging of legacy business banking people in market. As much as the CEO is getting the knock, these cuts have been in the works for quite awhile.
From the list of positions and ages of those “impacted”, it was over 70% people over age 50.
Thoughts and prayers to our 700 comrades in Commercial
@1bkb+17jeeY1J, based on your reading of the 2019 annual report, I don’t think you understand the dividing line between CB and CIB. Legacy WFS on its own has been ~half of all Wholesale revenue for years. Add CTB, FIG, and CRE in there and there you have it at over 50. The 2020 report will fully break it out, although obviously it’s going to be a down year for many parts of the bank. Not trying to be rude about it, but’s it’s how it will be. PP and ANN should be out soon as well if I had to guess.
cite your source
Per the 2019 annual report investment banking contributed income of $1.8 billion. Commercial banking contributes the rest of the $27 billion
More to come in CB. This was inevitable, especially after the split of Wholesale into CB and CIB. CB had less than half the revenue with triple the employees to generate it.
the layoffs will and do effect everyone... no one is immune...
@lsg, all of us are impacted, unfortunately.
I’m a fairly new regional service advisor for WF, does this lay-off impact roles like mine? I’m not too familiar with all the various roles or orgs inside WF so please excuse any ignorance on my side.
So it begins...but don’t lose hope guys. You’ll get up standing stronger than ever. Been there, done that.