Now that everybody is lauding Scharf for "finally making headway on cost-cutting goals" I'm sure we can expect to see him push up his timetable and become even more aggressive in regards to layoffs and other cost cuts (but let's be realistic, it's mostly layoffs.) Basically, I think the next 12 months will be really bad for us.
17 replies (most recent on top)
WF really needs to can the regional service advisor / regional service manager role. It’s total BS that this job still exists, imthwy literally produces NOTHING and yet they get paid 6 figures! They rarely show up to the banks and all they do is take corporate memos and hand them to BM’s. And, yes, they can be replaced by an email.
agree. if you did not notice they have only saved roughly ~3B of the estimated ~13B they are targeting. I am sure those numbers are not correct, but I found the gap to big large, as in we are not even a quarter of the way there. They will continue to push out white men.
G O O D !! A LOT more cuts needed. Way too many people here now who are useless and or negative value.
You could say the same thing about people that look at one data point and extrapolate more than they should.
For every Enron there are thousands of businesses that are correctly evaluated by the market. The market would have got Enron right as well, if they weren't cooking the books.
@mtv+1bQokbNL
The only good thing that came out of Enron collapse was the Women of Enron Pl----y issue. That was worth it.
Please!!! Making inefficient processes more inefficient is my specialty!!
True. Enron stock was great until reality hit.
Those who think the stock price shows the success or failure of a business have a lot to learn about business.
@srb “They need to keep cutting efficient processes…”
I’m guessing you meant to say cutting INefficient processes, but I had to laugh when I read that because I’m currently involved in a project that’s replacing an inefficient process with an ever MORE inefficient and complicated process. It’s the Wells Fargo way.
*inefficient
I feel like wells is on the right track. They need to keep cutting efficient processes, cost centers that add little to no value and useless layers of management.
If it means I get cut…Then so be it. I keep my skills sharp as that is what I rely on to keep me safe. I don’t rely on the charity of wells to keep me safe.
Our collective reaction has no relevance on the situation, clearly. Nothing is being "moved up", it was the plan all along. The only thing that is up in the air is how many will leave due to RTO, that MAY reduce the # laid off next year, but either way the total #s will be the same.
Post ID: @mlj+1bQokbNL
Grow up FFS
@mlj - seek help.
@mlj+1bQokbNL. Gone mad?
There will be zero ramping up, hr can only lay off roughly 2k a month. Its not as easy as one thinks.
Bingo.
Attrition will boost chukkies stonk reward schedule.
Chuckkie doesnt care at all about the future of the bank.
Chuckkie doesnt care at all about you.
Chuckkie doesnt care at all about diversity.
Chuckkie has only 1 thing Chukkie cares about:
MONEY.
HIS MONEY.
Cutting expenses (you are an expense) makes stonk go up.
When stonk goes up, Chukkie gets a BIIIIIG bonus.
Once you understand that, everything else begins to make a lot of sense.
Its why he rolls his eyes in diversity distraction stuff (he had to do all this diversity stuff cause his bone headed remarks, and the grilling the banks got in congress...he just doesnt care 1 bit about it, but has to do it cause congress has an ax to grind...)
The shift back to office has nothing to do with the virus and EVERYTHING to do with cutting expensive American jobs and shifting those jobs to India.
Look at what 2 year ago Chukkie was thinking - "I know, hub and spoke - force them to uproot their families and abandon their community to move to expensive big cities..." smiling to himself "That would make them quit for sure....were in the money, micro peenis....were in the money...."
BAM... COVID.... EVERYONE STAY HOME.... Chainsaw: "....but my money...my precious stonk options....waaaaaaaa"
Key takeaway here:
SOCIOPATHS REALLY DONT LIKE IT WHEN THINGS DONT GO THEIR WAY
(ps: Google SOCIOPATH. Chukkie 100% fits the profile....)
I am quite sure over the past year chukkie has laid in bed at night dreaming of ways to speed up attrition....and now he has a NEW plan....
Todays new and more sociopathic Chuck - "I know, in middle of raging pandemic, force them back to office. An intelligent person wont want to return to office and would rather quit than get sick."
(Chucks motivation is to get you to quit so he can move your job to India where someone there is willing to work for less than $20,000 per year. Covid is just an excuse to get you to quit...)
Wells Fargo literally RIGHT NOW has an ARMY of Indians ALREADY HIRED sitting on the bench waiting to take your job. U# is sequential....take the highest number you can think of for U# and put it into outlook and hit CTRL+K.... nearly 90% are indian nationals sitting in india.
But there is a problem....
YOU WONT LEAVE.
And its politically uncomfortable for chuck to just start firing everyone.
Solution?
COVID
This is literally from the playbook from a movie called "The Hunt for Red October".
JACK RYAN:
How is he going to get them off the sub?
They'd have to want to get off.
How do you get a crew to want to get off a submarine?
How do you get them to want to get off a nuclear sub...
CHAINSAW CHUCK:
How are we going to get people to quit?
They'd have to WANT to quit.
How do we get a crew to want to quit a large bank?
How do we get a crew to want to quit a large bank in the middle of a PANDEMIC.....
Watch and see....