CFO on Investor day

Every time he says "Expenses" he's talking about your job.

Just put junk in all the fields to watch it.
https://kvgo.com/barclays-fin-2021/wells-fargo-sept

Highlights:
16:44 - new managers peel back the onion, and find more and more ways to get "efficient" (jobs moved to india). "We expect expenses to be down year over year for the next couple years (to the tune of at least 500 jobs moved to india per month)"

33:35 - we think we will get to a 10% runrate next year, we have to continue that efficiency program for sure (jobs moved to india), and return capital to shareholders (fire americans, hire cheap indians and pocket the spread in pay)

Comment! It's anonymous!

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Post ID: @akz+1cRw8FMW

Global economy, global workforce. It's not going to change so you may as well get used to it.

Russia & China have equipment specifically designed to attack undersea cables.

https://www.businessinsider.com/china-accused-of-wanting-steal-data-using-undersea-cable-networks-2020-12

https://www.forbes.com/sites/hisutton/2020/08/19/how-russian-spy-submarines-can-interfere-with-undersea-internet-cables/

America is a sitting duck for a coordinated cable cut.

Wanna destroy your enemy without firing a single shot?

Just destroy their banks from being able to operate.

Post ID: @gyl+1cRw8FMW

You must be management. The good thing is they shed middle management first so I am hoping they get further up the food chain to you soon.

You guys save a lot of money for the company when you’re gone.

Post ID: @esn+1cRw8FMW

All these MBA graduates who never actually did the jobs they are shedding have always heard that offshoring is good ever since the Y2K timeframe.

They actually teach that being a traitor to your own country is a good thing.

Oh my god, a company trying to reduce expenses!!!

RUUNNNNN the sky is falling

JHC people. Get a grip

Post ID: @tvo+1cRw8FMW

This has been happening in tech for over 20 years - the 70/70/70 rule. 70% of tech is outsourced, 70% will be offshore and 70% of offshore will be in India. They teach it in MBA courses these days

And soon you’ll see why bonuses are being redone. They’ve had the plan in motion for over a year.

It’s the Chase playbook. Saw it happen there, knew it would happen here and it did.

Chase is 70% offshore now and shooting for 80. Get ready, especially if you are in tech. These so called leaders don’t think Americans can do tech, or at least they want to do it cheaply. Guess what you get? Cheap and messed up systems with too much reliance on third parties, many of which can’t support a girdle let alone a system.

What is the biggest expense for this company? You guessed it, salaries and benefits. So yes, when someone mentions expenses, good chance it's about employees. That's not rocket science

Thread regarding Wells Fargo & Co. layoffs

CFO on Investor day

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