Thread regarding Wells Fargo & Co. layoffs

@xuh+1bIsImLP

So the only tolerable people are those that YOU deem "normal". Got it. Talk about holier than thou. You really hate diversity of thought, don't ya?

If you didn’t research Chainsaw’s history back when he was hired, and if you didn’t make appropriate plans from that day, then you are a very in-self-aware person.

@hlt+1bIsImLP. Deal with it!

ID: @fxx+1bIsImLP

With your grasp of English or lack thereof, we know what your agenda is and American workers do not approve.

We know where the dead weight is and where they sit.

@sge+1bIsImLP

Agree. Street is happy and this investor approves Charlie laying off. I am an employee and I see dead weights everywhere.

If you were the board, would you want someone with new ideas right now? Probably not. Wall Street has said what it's looking for to reward the stock. Get the headcount down, fix the expense ratios, and keep the lights on. When those are in good order, then you can take some risks with new ideas. For now, Scharf fits the bill.

Following the pack, who appear at the time, to have a successful formula is what keeps getting these banks in trouble. It’s all good: until it turns bad. Then they all start scrambling like rats.

Anyone remember the financial crisis in 2008? Some brain surgeon at WCHV was worried we were missing out on all that subprime mortgage business. Making money, but not as much we could! So they bought Golden West Financial, which is what eventually led to WCHV’s demise. Foreclosure abuses, poor internal controls, conflicts of interest between research and investment banking, robo-signing, selling toxic debt, misrepresenting investments, conning regulators - these bank leaders all follow each other around like lemmings.

Charlie Scharf making $25 million per year and hasn’t had one original thought yet.

@ rlv+1bIsImLP

Problem is, Chuckles will be long gone before that happens, which are these people’s history.

@cvn+1bIsImLP

There is a good reason to run it all yourself instead of outsourcing to someone that doesn’t care about your customers but are only in it to bill you.

These people will find that out when it crashes around them like it did at Chase, BoA, etc.

Oh yes, we must become just like JPM and all others, cuz Dimon is your idol Dude. Gross.

Charlie history was the reason he is hired and paid well. Get a grip!

The metric that keeps getting missed in all this discussion is the % of every dollar spent by WF that is salary and benefits. These other banks need just as many heads to run their banks but they outsource functions more that WF. WF has been mired in the 50% range on this metric and the competitors are in the middle to high 30% range. If you outsource something and the vendor has 5,000 people doing it they don't count as WF FTEs. WF having 250,000 employees vs a JPM with 210,000 is just one number to look at. Legacy WF folks will remember the "run it like you own it" philosophy which contributed to this do it all yourself attitude.

A lot of the "risk & control" has already been dealt off to the various LOB. When the LOB do their cuts, those are/will be the first to go.

Yeah it’s totally normal to come to a layoff site and write a paragraph about how the company actually needs layoffs, and actually you’re so enlightened that you don’t even think about layoffs. Also gotta let people know how good of a worker you are.

@adl+1bIsImLP

You must think every opinion is "holier than thou" if that's what you got from that post. Get over yourself. There's people in this world that have differing opinions on these things, and believe it or not, that's a good thing.

Pssst the previous CEO said the same thing….

For the 30+ million this a-s clown is making you would think he would have a few ideas on how to grow the business and use the people they have more efficiently (not just moving jobs to India) instead of just being LAZY and laying off people. How much talent does it take to tell your minions and sycophants to let x% of their staff go ?

Post ID: @xna+1bIsImLP

All that holier-than-thou bs must be exhausting.

I hope all the good people/employees take their talent and experience elsewhere, to a well-run company who’s management values it’s customers and employees. To a company who values integrity.

Then I hope Wells Fargo crashes and burns, taking along with it Charlie and all the people who hired and/or supported him.

I will throw a party to celebrate.

Good for you OP, but I'm not wasting my time reading up on the CEO. He's gonna do what he's gonna do, and I'll have no input either way, so why bother? The company DID get bloated over the last 10-15 years and we need to reduce headcount some. Maybe I'll be victim of the process, maybe I won't, but I'm not worrying about it because I don't control it. All I can do is be prepared and do the best job that I can. That way, whether I stay or go, I'm well positioned for success.

Great post. Thank you.

Whoever they got as the new CEO would have done the same thing.

Wells does not need 1/3 of a million employees to run as a bank. The fact it got that bloated is the biggest joke of all.

Charlie is just doing what needs to be done. As a shareholder and employee I can’t argue with what he is doing. I am just wondering why it took this long.

I knew that was his aim when I came here. They loathed him at BNY Mellon. When he was there, their layoff board was flooded like this one is now.
I had hoped that I would be spared, but nope. I wish everyone the best.

Top Heavy?! Is that why they're hiring so many expensive former JPM executives? Because we need more expensive clowns, while the rank and file get laid off.

The firm? This is a bank. Why do people call this "the firm?!" It's silly!

It's not a "Firm" it's a Zoo.