Bank not giving any details into layoff numbers, keeping it all under the rug and will continue to trickle the layoffs:
https://fairshake.com/newswire/wells-fargo/2021/01/30/wells-fargo-layoff-trickle-has-employees-on-edge/
7 replies (most recent on top)
You should reread the article. Headcount IS the problem. BofA has less headcount, and they have more than 40% more money in accounts. Point is that BofA is doing far more with far less staff.
No false flag, simply a lack of reading comprehension.
Not saying that we are stupid, reading issues aside, but much of the reason for the swollen headcount is the archaic 80s and 90s technology in use. That’s not an easy thing to fix... it’s a huge investment and not clear that we have the tech leadership or talent to pull it off.
Don’t see a way out for us. We do work for our shareholders and the best thing that we can do is to sell our lines of business and return cash to them in higher dividends and stock buybacks.
So headcount is not the problem. BofA has less headcount, but pays more for their total headcount than Wells does for a higher headcount.
This has been a false flag - we've got to have less headcount than our competitors.....
"Wells Fargo's workforce is more than 50,000 higher than Bank of America's. However, Bank of America has 40% more money in it."
So selling off business units isnt counted as part of expense cutting. This is separate.
https://www.fool.com/investing/2021/01/01/5-things-to-expect-from-wells-fargo-in-2021/
Student loans also being sold soon but has nothing to do with the 10 billion expense cuts
you've got some inside scoop? Do tell.
Trickle? It’s about to be an absolute deluge -
That 3.7 billion number would have to include the sale of business lines
wow look at all the lawsuits listed here against wells
https://fairshake.com/wells-fargo/lawsuit/?newswire