Thread regarding Wells Fargo & Co. layoffs

I would, you would, and everyone here would. Lol

https://www.thelayoff.com/post/@1mbr+18sqKRGe

Exactly on the money

Post ID: @1mbr+18sqKRGe

I agree with you regarding the third party software. Our department runs on several different systems, which we pay for, because WFC’s technology is so far behind. We literally cannot get anything done with WFC’s technology, it would take years and years. We now also have 2 employees who work for our department, who do nothing but design programs to help us gather and evaluate data, as well as linking the info from from all the platforms.

I don’t know how we manage to stay in business, honestly. The WFC house is built on such a shaky foundation, and now we are focusing on cost-cutting at a time where we need to be investing a lot of money to shore it all up. I don’t see a possible happy ending from where I sit.

Which third party software? Tell me how much would it cost to get it scoped, coded, maintained and how long would that take to get into people’s hands? Not everything should be developed in house. There are some suites of software that offer considerable savings by using 3rd party packaged software.

So tell me, how is it saving the bank money by purchasing all this third party software? How many jobs did that cost?

Interesting nobody mentions either that or all the newly created executive positions that are at least seven figures.

@1nbe+18sqKRGe

The ceo has to think about what is best for the company as a whole. He’s running a for profit company and not a charity. He has to think about every single employee.

Laying off 65,000 people and giving them good packages, to save the other 200k employees in the long run is the tough thing to do but it is the right thing to do.

Post ID: @1mlq+18sqKRGe

No. Not kidding. Do I want to go to my grave knowing I put 65,000 families out of work so that big business can make more money? No I really don’t. Good for you, though! And good for Charlie. I don’t need or want blood money.

The higher up in an organization you are, the more of a face you are and the less actual work you do.

That being said, our CEO is not very eloquent even, so I get the criticism based on his paycheck.

You're kidding right? If somebody paid me $36MM (and more) to clean up a large corporation I'd do it in a heartbeat. Would I like laying off people? No. But if that's what it takes, that's what you do.

If wells is to survive do do well, expenses need to be cut and things need be run much better than what the CEOs did over the past 10+ years.

Not to make you feel worse but $36MM was just his salary he got an additional $20MM+ in shares.
Think total he got was $59MM, ridiculous that anyone gets that much, no one is worth it CEO's in Europe/UK get below $10MM don't understand why the US rewards people such high amounts fordoing very little, he is a figure head that all, the BOD and Op Committee (any currently the FED) set the strategy not Charlie

People have done worse for less

Post ID: @1rvw+18sqKRGe

I read your post twice and have no idea where you stand.

I don’t think anyone fears Charlie. I question his character as a man and i question the character of the people who are drinking the company Kool-aid. I question the motivation and intelligence of the Stepford Wives spewing the “Somebody has to do it” mantra.

I don’t fear him. I just think he and everyone who support him are in it for themselves and don’t care about anyone but themselves.

Oh my god what is this constant fascination and fear of the new CEO!!

Honestly who CARES!! I pay him no mind because I have my own id–tic management to deal with here in the trenches

Sharf could decree “give every employee $1 million” and by the time it filters down to me through my mgmt they will tell me “Scharf said we have to punch you 1 million times”

FFS people can we stop all this fear mongering that the ceo is going to personally decide to fire us. He is just the latest fool in a long line of fools.

It doesn’t matter if mother Teresa was appointed ceo these layoffs were always going to happen. It’s your mgmt who decides who stays and goes.

But let’s stop all this nonsense of feeling personally attacked and offended because someone attacked/defended the new ceo.

There is something inherently suspect about employees who claim to support the guy who is getting paid $36,000,000 to eliminate their own $75,000 - $150,000 jobs. It doesn’t make sense, therefore I don’t believe it. Maybe you are under the false belief that it somehow increases your chances of survival to ingratiate yourself to him.

Your defense doesn’t add up. What has he done to make you loyal to him? You don’t know him to be different from any other guy you meet on the street. For all you know, he’ll be worse than Stumpf and Sloan. Do you fall in love with the first person you meet? How about when he tells you there’s a 1 in 4 chance he’s going to rob you blind? I’m not buying it one bit.

Post ID: @vft+18sqKRGe Gee you sound nice. Are you on Match.com? I’m looking for a sanctimonious self-absorbed arrogant a-hole who thinks he’s cool for surviving decades at a scandal-plagued organization.

This is the reason why Charlie only hired Oompa Loompas for his chocolate factory.

None of them come on here making posts questioning his character

Somebody on this board is oddly fascinated with Brian Moynihan. We heard you the first, second, third, fourth time, and all the other times. If you think he’s so great: why are you working at Wells Fargo?

OP: I think I’m going bald.
Response: Brian Moynihan can fix that! Brian Moynihan used to be bald, but he fired a bunch of BAC employees and his hair grew back!

Post ID: @vft+18sqKRGe

Somebody told me your “big boy pants” are quite minuscule.

Not sure who has an independent functioning brain and loves WFC. Or Charlie.

Not the shareholders: WFC is the only major bank to lose money during the pandemic. And the only major bank to cut the dividend, which is the only reason people ever wanted to own the stock.

Not the employees who have had previous experience with a good leader with decent character traits, such as integrity, transparency, humility. (at other firms.) I guess if you worked for Madoff or Enron, Charlie looks great!

Certainly not Warren Buffet.

Not the analysts who can’t get a straight answer out of him.

Not the regulators who can’t get a straight answer out of him.

Not the home mortgage clients who were put in to forbearance without there consent.

Certainly not the small business owners who couldn’t get a PPP loan out of their own bank.

Not the shareholders who continue to file class action lawsuits. Recently regarding the transparency regarding the quality of our commercial loans.

Oh! How about black executives who were told there are not any talented choices in the pool? That’s a no.

Employees who make over $150,000?

I think the only people who stand up for Charlie are his white male buddies who he brought in at outrageous salaries. And the people who are paid to come out here and try to change the narrative. (You’re terrible at it, BTW.) Oh! And the s— ups.

Have a nice day!

You obviously don’t understand the concepts of running a successful business. His predecessors didn’t do the job so he’s stuck with it. This company can’t function efficiently with 274k people and can’t return $ to its shareholders. Everyone including shareholders and customers suffer when you are too bloated in salaries paying people that don’t do anything for the customer to pay for technology and infrastructure.

I’m no fan of Charlie, but the anger is misplaced. Charlie wasn’t here for the corruption party and nobody is going to clean that mess for free. People talk like he came out of nowhere to destroy a great company and it’s employees.

Scharf is here to fix it if it can be fixed. If you love Wells, support him.

Lol @ all the empty mason jars in this thread mad that someone came in to clean up a mess for $36mm. Poor little snowflakes are upset someone is cutting heads and getting paid bank. You would rather him do it for free? Anyone who is still employed but burned up at the environment needs to look in a mirror and realize that you are just as toxic as anything else here at Wells. Vote with your dollar and leave. Employment anywhere is a mathematical equation and when it doesn't sum in your favor it's time to realize you should move on. I could be cut any day but its not a big enough concern to be stressed and angry about. I put on my big boy pants decades ago and for now the equation still works in my favor.

Somebody had to do it. These layoffs were announced during the Tim Sloan era. Most of the people with the appropriate resume preferred to spend their time growing a business rather than dismantling one, but you have to remember - Charlie is just the guy who agreed to clean up the mess.

Yes he’s a smug a-hole. No, he doesn’t care about morale. Yes, he is hiring his friends to feed off the carcass. But the fact remains - the layoffs have to happen because the fake account scandal cost the bank $4 billion in fines plus legal fees - and $4 billion doesn’t grow on trees.

Blaming Charlie for the layoffs is like blaming the undertaker for the mass shooting.

You are correct. He should take a pay cut and keep all the employees because the current model is extremely effective and sustainable.

All big bank CEOs would do it

“Bank of America CEO Brian Moynihan said that the adoption of technology at the second-biggest U.S. lender has allowed him to cut 100,000 workers in less than a decade.”

https://www.google.com/amp/s/www.cnbc.com/amp/2018/10/17/bank-of-america-ceo-brian-moynihan-on-cutting-100000-jobs.html

dont forget the facelift!

Post ID: @fhd+18sqKRGe

Well tell the BOD you’re willing to do the same rudimentary job for less. Not sure why we’re paying Charlie what we’re paying him. Plenty of people willing to sell their souls for much less money.

I'll do it for half and cut twice as many

Give me $36mm and I'll cut 70k jobs

He needs the money to get his hair dyed and his forehead botoxed. Then, there are the monthly fillers.

What kind of a person willingly and knowingly takes $36,000,000 to cut 65,000 employees? Someone who is weak. Someone who cares not, about the rest of us. Someone who is on the outer fringe of the humanity. These are not leaders, they are beings that have not developed a higher form of understanding. They are in denial of the tragedy of their actions. These are the yes men that Boards of Directors seek out to do their bidding.

not any CEO, so many CEO's gave money back to company to save employee jobs in 2020. This industry is corrupt so nothing like this happened here.

Any corporate CEO in the world basically

Easy. Folks at that level care about themselves, not 65,000 employees. That’s how they got where they are. Sad truth.

the devil