All DM, Region bank presidents, and branch managers have a call Monday 3/29. No idea what the update will be but I’m expecting an announcement that the service manager position is going away. We’ll see what happens though.
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Did the the RBP's get displaced today?
Many RBP getting displaced as they continue to expand span of control. DM job family is next.
How many let go?
The call is about the region presidents that were displaced.
Very strange service managers are not included for the call
So you believe they are going to be eliminating a higher role or consolidating positions at a higher level first?
The reason there is so much talk about eliminating the service manager role is that competitors have done the same already. WF is always trailing competitors at the branch level such as universal bankers, tellers being able to complete simple service transactions for customers, and most recently the going way of instant issue debit cards.
the #1 line of business by # employees is retail bank. There are over 50000 people who work in retail banking.
its also one of the top groups to get layoffs.
per week about 300 or so are fired, spread out across the country.
then they are closing branches as fast as they can without getting into trouble with occ.
https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/2021/wb-03142021-03202021.pdf
if you want see whole list
https://www.occ.gov/topics/charters-and-licensing/weekly-bulletin/index-weekly-bulletin.html
Wells Fargo has announced plans to close up to 900 branches from 2018 to 2022 to reduce its nationwide total to between 5,000 and 5,100. The bank had 5,229 branches as of Sept. 30, down 77 from June 30.
So that means they are closing about 35 branches per month.
Assuming 10-30 staff per branch, thats another 10,000-30000 branch employees or so who will be cut, or, 350-1000 branch workers per month.
I am pretty sure that tellers and customer service reps will be very heavily targeted by 3rd or 4th quarter.
Charlie has a final staffing target of around 200,000 employees.
After tellers are laid off, he will have about 60,000 rank and file people left to fire so he can make his bonus targets. India already has 60000 employees, so that leaves around 200000 usa based. Currently india+usa staff is around 262000.
This means that about 1 in 4 of current population of employees will be fired in next 2 years.
If you are working overtime or trying to save your job, tho its a very nobel, its also a very futile effort.
The only thing charlie cares about is the company stock price, which is why its now so boldly displayed on the corporate website.
It's to see how many accounts you opened last week. 8 is Great.
All this talk about svms. Must be a lot in here. They are working thejr way down. Do the math. Do do birds
Reduction in FTE's probably
call in sick that day
Nope. Guess again.
I was just thinking it would be like the call we had about tellers and banker authority changes. Who knows though, with the entire southeast region combining with the Florida region I expect some alignment of the businesses. An example is all branches in Florida close lobbies at 4 and drive thrus at 5. Everywhere else in the southeast both close at 5, probably just an alignment of business processes
I don’t think this call is to let BM/RVPs know a role is “about” to be terminated, that doesn’t make any sense. It’s probably to provide a general update to them regarding corporate policy/etc.
Considering all of the authority and role changes for lead tellers and bankers effective April 1st...I highly doubt they will pull additional leadership from branches when it is now needed more than ever.
I can definitely see some low level branches that don’t call for a SVM loose them but as far as the busy affluent locations, does not seem likely.