Thread regarding Wells Fargo & Co. layoffs

Account reconcilement center of excellence. They make sure all the dda/gl within the bank are correct.

What is Arcoe? something…center of excellence?

Arcoe is laying off 15 soon, some in Tempe some in other states. we were told last week, problem is…. There might be like 30 left due to prior layoffs and people leaving. Many functions we do going off shore…. I’m sure we aren’t the only department going through this in April. Sad, we use to be roughly around 150+.

Problem is that with our ancient technology we are heavily manual. Cut people and it becomes a sweat shop.

I know one is set to be cut by as much as 50% if all goes as planned this year.

Banks of WF's size should be in the mid 50's. Consumer and Wealth are out of whack. Expect serious headcount reduction.

Cuts are coming in my department. Headcount budget is way out of whack. Yes, tech is affected.

It’s refreshing to see a post about layoffs

Loans are assets and that's where we make money. With the asset cap in place all we can do is try to make the highest rate loans we can since we can't exceed the fed threshold in total. Other side of the equation is expenses so that's the main way to reduce the efficiency ratio. Analysts were not happy with the 1% reduction in expenses last quarter.

High number bad. For example 75% efficiency rate - it cost 75 cents to make $1 (in layman's terms)

Is a high number good or bad.....?

Not news