2021 will really shine when it comes to layoffs. We are nowhere near to reaching the desired number of employees and the chances are they'll pick things up next year to get there sooner. After all, fewer employees means fewer costs means more bonus money for the ELT. Nobody cares about long-term results.
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Outsourcing!
I'm shocked!
Oh, wait, no I'm not. American corporations are required by law, under threat of shareholder lawsuits, to provide maximum return for shareholders.
Our tax laws are set up to make it more profitable to have offshore workers.
If you don't like it, learn to follow the money, and vote better.
Capitalism doesn't wave a flag, folks.
@qbx nailed it. It’s the outsourcing, I.e. cheap labor that reduces their expenses. Do we want to be another company that betrays our country and outsources American jobs? Apparently Charlie thinks so given how we are operating now.
Anyone who thinks the other banks larger than us are truly running their companies with 20% less staff have missed an important metric. WF carries around a 54% FTE cost per dollar of expense. Our peer banks are in the mid to high 30's. That means they OUTSOUCE more functions that WF not necessarily that they have less FTE performing similar work. Outsourced functions with thousands of people in other companies performing the same functions that a WF FTE does do not count in that metric nor the total number of employees everyone like to gripe about.
Yawn