Thread regarding Wells Fargo & Co. layoffs

@ccb+17zCkQJO. Thank you for correcting me. What I was trying to say is that those 2 transactions by selling WFAM and maybe AUto Devision in 2021 and laying off 6k employees will be add to the Net Profit of around $8 bill for 2021. Yes, that’s only for 2021 and not every year.

Post ID: @ccb+17zCkQJO

You obviously have no concept how these transactions would affect the financial statements.

1. The sales will take the assets off the books and provide cash. It's a one time transaction of 8 billion. It does not amount to a expense reduction in perpetuity.
2. The 6000 jobs will be a savings to the bank. At a generous 150k per employee that's not even $1 billion. So that's less than 10% of the on going annual rate of 10billion they are shooting for cutting.

That's right $10 billion less in expenses every year.

Very good defensive move by Charlie. This action, ifi seen to fruition, will make WF less attractive to the likes of Goldman Sachs.

sounds like they are selling the business piece by piece;

i am looking hard for next position, hope it comes soon

Can they try a little harder and get rid of all of WIM?

Can they sell WFA please. St. Louis needs new owners

I think Auto Business Line will be the next to go. As the bank froze majority of Auto Loans recently. That division has close to 5 thousand FTE. So, if they sell it for around $5 Billion and cut almost 5k employees will bring Charlie around $6 billion in profit for the year. Plus a sale in WFAM line of $3 Billion that has around 1k employees. Which will total around $10 billion in expenses cut. That’s the number he was aiming for!

Makes sense to sell off the least profitable parts.

They're dismantling this place.

I wish they'd sell Auto off.

Let me guess, JPM is interested?