Thread regarding Wells Fargo & Co. layoffs

Do not fear layoffs

High interest rates are a blessing for banks. Money will start to roll in, things will be more relaxed. A recession may start but we'll bounce back from it. I am not trying to BS you, I am just putting things into perspective. Mortgage, Refi, will be hit, but this will resolve quickly and we'll be behind it in a month or two. We were the first one to cut in Mortgage and we'll likely be done soon.

Other groups will do fine, so have hope. Just keep pushing forward and keep learning. Accept new tasks and learn things. WF is not the best employer out there but you can still learn a ton and you can advance so much. Once you've learned, once you have that extra knowledge, eitehr fight for a promo or just jet and get the recognition and $$$ somewhere elses. There is no loyalty, so good luck. For now, dont worry / be happy...

by
| 1981 views | | 7 replies (last June 24, 2022) | Reply
Post ID: @OP+1hnyWiYb

7 replies (most recent on top)

Blue Oyster Cult- "Don't Fear The Reaper".
See? Us boomers actually know something.

by
| | Reply
Post ID: @1ifi+1hnyWiYb

Wasn't that a song by BOC?

by
| | Reply
Post ID: @1jna+1hnyWiYb

The seasons don't fear the layoffs
Nor do the wind, the sun, and the rain
Come on, baby (don't fear the layoffs)
Baby, take my hand (don't fear the layoffs)
We'll be able to fly (don't fear the layoffs)
Baby, I'm your man

La, la, la, la, la
La, la, la, la, la

by
| | Reply
Post ID: @kuj+1hnyWiYb

one large way that banks make money is off the spread between the interest rates they yield on via fed funds rate and they pay on their deposit accounts. when the fed funds rate was essentially 0, prior to rate hikes, banks were also paying zero, so they were netting nothing off excess deposits. now the fed funds rate is 1.58%, banks are still paying essentially zero, so they are netting .0158 on excess deposits. that is a huge income driver.

by
| | Reply
Post ID: @ark+1hnyWiYb

Where is the high interest money coming from, OP? You do realize that deposit accounts are liabilities, not assets, right? Those are costs for WF, not revenue generators. The high interest rates are payments on deposits, from the bank to the depositor. JFC. No wonder WF is dying.

by
| | Reply
Post ID: @weo+1hnyWiYb

The economy has nothing to do with already planned layoffs.

Wells Fargo is trying to shrink the payroll separate from the current economy.

In the last quarterly shareholder meeting, it was mentioned that the economy is an excuse to accelerate the deep cuts to position Wells Fargo to be rolling in cash during the recovery from the recession.

by
| | Reply
Post ID: @vnl+1hnyWiYb

Get forklift certified folks, it help with the transition. Also, learn to code...

by
| | Reply
Post ID: @rof+1hnyWiYb

Post a reply

: