Thread regarding Wells Fargo & Co. layoffs

WFC can have dead weight or it can be an efficient high-performance enterprise.

There's no getting both, not in this industry. In the decade after we merged with Wachovia we should have been slowly slimming down every year where it made sense and largely with attrition. Instead we maintained a 'keep everyone we can' mindset until the inefficiency got so bad that now we have to make major changes. It's unfortunate, but there's no other option now.

8 years ago you could have started reducing the size of the company in a much less disruptive manner, so I blame the previous CEOs. People can hate on CS all they want, but the board wasn't going to bring in anyone that wasn't willing to reduce the headcount...so it was happening regardless of which CEO they selected.

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| 1404 views | | 9 replies (last March 12, 2021) | Reply
Post ID: @OP+19NbIICM

9 replies (most recent on top)

It's interesting how so many people consider other people to be the dead weight.

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Post ID: @2qkc+19NbIICM

@1oke. I would say all the high level managers they are bringing in are even more useless. At least the managers closer to the work know what is going on for the most part. There is usually a reason for that red tape, I.e. someone screws up without it.

It amazes me in tech since they got some of these automated deploy tools, the deploys are messed up more than ever. So either the tools are not as good as advertised or the people have no clue how to use them correctly.

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Post ID: @2gho+19NbIICM

@2jlr+19NbIICM

Not at all. If I was reposting myself, or if I was claiming that I wrote something like the OP, you might be in to something. The "OP" isn't posting something like what I posted, it's exactly the same, a cut / paste job, pure plagiarism. Every single character is identical. I guess it doesn't bother you that some anonymous posters are gaming the content of the site this way, but I find it perplexing and disturbing. Makes me wonder what other kinds of shenanigans are taking place here.

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Post ID: @2aep+19NbIICM

Post ID: @zhx+19NbIICM

Narcicism much?

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Post ID: @2jlr+19NbIICM

OP post is highly simplistic, to say the least.

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Post ID: @2cfh+19NbIICM

Dead weight is mostly with low and mid level managers. Many of them don’t actually produce anything of value. They just clog the system with red tape. They are under constant pressure to make up things to pretend that they are adding value, creating busywork for everyone and filling up their schedules attending useless meetings. The company needs to get serious about Spans and Layers initiative. Manipulating organizational charts to circumvent the spirit of this initiative won’t cut it. Please get rid of these people so we can become more efficient and turn this company around.

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Post ID: @1oke+19NbIICM

Imitation is the sincerest form of flattery.

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Post ID: @kuh+19NbIICM

The real question is why is someone copying/pasting my posts to create new threads? I wrote this in response in a different thread several weeks ago. I wrote that, word for word, but I did not start this thread.

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Post ID: @zhx+19NbIICM

Eight years ago it looked like the cross-selling strategy was working like a charm and we were growing exponentially, the best-managed bank in the US, etc. etc. Of course it was all smoke and mirrors. And don’t kid yourself, there were plenty of lay-offs after the merger.

I remember plenty of “hard decisions” and crocodile tears when Wachovia went down.

The glory days with Stumpf on the cover of Time were a few years later.

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Post ID: @khb+19NbIICM

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