Thread regarding Wells Fargo & Co. layoffs

It is true that RM and Quicken are faster, but ask a settlement company how hard they are to deal with. The day when you settle is very important and these companies are not the top choice... ask any settlement company.

Let's be honest. Banks like WF depend on assets (loans), and particularly home loans. That's where the safe, steady money is. Rocket Mortgage and Quicken Loans is kicking everyone else's a$$. You can apply and get approval within a few hours. No need to go to a building. everything can be completed on line. Technology is ki----g the traditional bank. People like CS obviously think that outsourcing every aspect of the bank to India and the Philippines is the way to go to create money for the bank. It's a lie. We should have been building a better mortgage app. If we could compete with RM and QL in technology, we would ki-l it. They're simple and easy to use (I've used them on three occasions), but their customer service sucks. The bank that figures it out, wins. It won't win if it offshores all customer service and support.

It'll be much more than 10% at WFC. We started this process with 275k - 280k, and they'll let go way more than 28,000. More like triple that. I'm sure across the industry it will average something like 10%, but that includes lean/mean operations that won't downsize much at all...and that's not WF. I expect us to go down to 200k.

Easy to predict when your employer is responsible for a huge share of the layoffs.

this is a long time coming. I would argue wells is 10 years late to the game in rationalizing its branch network.

I think the business landscape is changing and banks are not keeping up (traditional banks); the new models hopefully can pick up all of the job loss here.

No, I think it means customers are increasingly shifting to online banking so the need for physical branches and call centers (hello chatbots) will decrease.

"...as consumer banking behavior undergoes shifts..."

It's just natural progression of the industry. Unfortunately it will mean reduced headcounts. If you work in a physical branch or call center, better start pivoting to something else in anticipation of the shift.

So basically they are going to offshore like never before.

number seems low

https://www.pymnts.com/news/banking/2021/wells-fargo-analyst-predicts-us-banks-to-shed-10-pct-of-jobs/