I guess we laid off 5000 or so - go us - but we really need to be under 200,000 for our revenue size
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OP is right. The best way to fix this is to re-organize to 95% of Risk/Compliance and 5% banking functions. I'm sure Wells Fargo can do this with less than 100k employees. No service, No f@ks, but at least they're good with security and governance.
@1tvp+18b8ocuU I've helped this bank earn money without issue for two decades. They've screwed me multiple times during that two decades.
I'll b–ch about them all I want, even if I kind of like working here. I've earned it.
yea if they can get their tech right one day, they can get down to 90k people; now it is way too old and manual. People trying to save their jobs i guess.
that headcount figure doesn't even include all the 3rd party consultants and outside consulting firm headcount. This place is ripe for a massive amount of automation and a massive headcount reduction over the next 5-10 years. Also doesn't help when you look at this board and see so many people bash their own company, it's like stabbing yourself in the back.
Dont worry folks. Charlie will sell asset management, WF retail services (private label credit card), student loan business, and corporate trust. That should get a quick reduction of 10-20k employees right away.
Folks, we are near the bottom.... The only way to make these numbers more in line with our competitors is to cut employees. There is no other way.
https://csimarket.com/stocks/WFC-Revenue-per-Employee.html
https://csimarket.com/stocks/competitionNO4.php?code=WFC
Hey OP, what's keeping you here? Go on, walk your talk.
One can also look up the Managing Director, India and see all the resources located there to see how much that number rises. That person reports up to Lester
if you are going off what is in teamworks that also includes our friends in WF India and Philippines so while the headcount may not change much the cost per head might as some things shift overseas or domestically to cheaper locations. Additionally, layoffs/headcount reduction isn't the only tactic being deployed, cancelling open positions will also help of which there aren't too many open positions within WF these days; 800 last I checked vs. thousands a year ago.
Just a regurgitation of what has already been said publicly.
Risk and Compliance are the areas we have been told by the fed to beef up.
Employees in those areas aren’t going anywhere even though those areas are bloated.
So the rest of us will have to absorb a few more cuts to make up for it. Common knowledge at this point
@1xxc+18b8ocuU - you are 100% correct about this. They are some of the biggest areas of obstruction to progress in WF. They have zero business knowledge for the areas they need to support.
Charlie, give it up. We won’t accept layoffs no matter what you say.
Your comment makes no sense. Number of employees should be based upon the number of customers we need to support. Excellent Customer service will help WFC return to the top. And WFC should start by laying off 50 percent of the compliance teams, they do not add any value.