Thread regarding Wells Fargo & Co. layoffs

Displace all members of the Pride TMN and our morale and execution with quadruple.

Efficiency ratio has two numbers in it's calculation. Revenue was up thus driving down the ratio even though expenses didn't drop enough to justify the whole downward move.

Just read the document and you will see “as of 6/29/2021”. But again, it being WFC employees, so can’t expect much.

Those Q2 2021 numbers are out of date. We are at just above 256,000 now not including the last two end of the month layoffs that will drop off once their WARN Act notice expires. The same with the Wells Fargo Asset Management when the deal formally closes in the next few weeks.

This is just the first pass through. Many more jobs will be eliminated in the coming years via automation.

The efficiency ratio was always smoke and mirrors and as easily mani pu-s return on equity for anyone with financial acumen.
Book value and return on invested capital are both better metrics.

@guu+1bPgUDrR. Funny

Cut 50000 of the whiney as--s

From 8k filed today-https://www.sec.gov/Archives/edgar/data/72971/000007297121000254/wfc2qer07-14x21ex992xsuppl.htm

period headcount %change
Q2-2021 259,196 -2.01%
Q1-2021 264,513 -1.50%
Q4-2020 268,531 -2.33%
Q3-2020 274,931

On average per quarter they are cutting about 2% of staff or around 5000 people.

But that is not the whole story -

See, if this bank fires 5,000 people in America and hires 4,000 people in India, its as if there is a cut of only 1000 people.

Wells Fargo is not legally required to disclose WHERE employees are located, so, they don't. In the 8k it would show a -1000 total headcount reduction in this scenario.

The formal cuts that are leaking through are carefully controlled not to raise any suspicion from investors, employees, politicians or regulators.

But this is a carefully coordinated exercise to move "expensive" American jobs to cheap foreign countries, and pocket the difference in arbitrage - this is how Charlie affords to buy back stonk. The typical salary in India is less than $20,000 including free healthcare.

How's that for motivation?

Work less hard - there is no future for American workers at Wells Fargo.

The only growth this company has is cuts.

Get this - a bank that doesnt lend..... how many lending products are now terminated?

Thats the innovation strategy? Shed business, shed employees, shed products and suddenly profit?

When the CEO cuts and sells everything that isnt bolted down what will shareholders have then?

Vapor.

Value add?

Shareholders are id!ots.

@cmb+1bPgUDrR. I am an employee and also a shareholder. No complaints here.

Shareholders and employees wanting clarity in decisions that materially affect their lives is not spreading hate, you bootlicking buffoon

OP just leave and take everyone else who thinks they are owed an explanation for anything the company does with you. No one owes you anything. Work hard and make something of yourself instead of constantly criticizing and spreading hate. I can't tell if you are an ex Chase person who was wronged by Charlie or if maybe he beat you up once as kids and you never got over it. Not sure but your hatred and most likely jealousy come through with every post. Just go away as you provide no value and your thoughts are all wrong.

Layoff strategy being published is a normal expectation for prospectus evaluation.

I am surprised shareholders arent demanding it

There is a method, they just aren't telling you. As annoying as that is, it obviously has to be that way. I don't think any competitors share the "who will get laid off formula" with their people either.

The reductions dont bother me.

The lack of methodolgy around how they are being done, does.

I would challenge any executive to openly state the criteria for laying an employee off. There has been no explanation as to who is chosen, or what the phases look like.

The only things we know: reductions are happening. That is it. No timing, no reason, no line of business approach in q3 etc for shareholders to plan off of, let alone employees whose livelihoods are being wrecked as a new college year approaches.

This is perhaps the worst communication strategy ever for a large corporation. I wish I could give them credit for a passively hostile environment driving out those who were already planning on leaving but I cannot see any strategic elements that could be inferred from who is leaving, from where and in what timing.

We are on the right track. Just got to keep on shedding fat and focus on efficiency

What's JPM? That's what really matters (to CS)

The 259k headcount in the current report likely doesn't include the people on their notice period, and the wave in late June was a big one, so I wouldn't be surprised if we were closer to 255k at this point. Funny thing is, they didn't even list head count data in these reports until Charles came along. It's clearly very important to CS and the Board. Personally, I still think we're headed to 200k.

@OP - Leave. How can you work for someone who is that awful?

@dos+1bPgUDrR - still low. Need to cut more

Between q1 and q2 there was a whopping 2% drop in headcount.

https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/earnings/second-quarter-2021-earnings-supplement.pdf

Where are you getting your numbers from?

Sky is falling….