WIM efficiency ratio at 85% despite cuts and layoffs. That is 40% above target of around 60%. I doubt real estate expense savings will make up the difference. I anticipate more cuts to employees and comp.
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Original reply/question deleted? Why? Seemed like an innocent question.
WIM will be sold off or spun off from us, just wait and see.
It’s embarrassing how stuck in the 1990s Saint Louis bubble they are, it cannot change without a massive overhaul, which WF is virtually incapable of doing.
WIM - especially WFA - is bloated and really pretty insular and protective of how the business is run and operated. Adaptation for them is not a strong suit. Doubtful that will change any time soon.
It's from today's earnings information. Go to the bank's website, then look for the deck under Investor Relations. I looked at them all today to compare, and yes WIM's is 85%. The entire enterprise's efficiency ratio is 79%, which is abysmal. Ideally it would be between 55-60%.