Laid off over 700 employees.
The layoffs are a part of a braoder stragey.
9 replies (most recent on top)
Managers, and even directors, ARE rank and file now. There's only 2 kinds of employees. Executives (OC-1 and up) and the rest of us.
@188 So, the strategy is to stack the company with more managers while sacking rank & file ?
@tv With all the extra management types they brought in making big bucks, does that surprise you?
And all the layoffs have not reduced Employee Expense at all....check the quarterly financial statements, they're in the same range going back to 2020.
@e2 - Fired with the most golden parachute devised… plus the 30 million per year he already was paid… when the proverbial dust clears and layoffs slow down and severances are mostly done, what is the expense ratio / earnings projected to be ? Was it truly worth the humongous expense and chaos ?
The idea is to grow companies organically. Charlie has no idea what he is doing. Those advisors bringing clients to WF don't care, obviously, about the harm the firm has caused and continued to bring to clients. The good news is the firm is uncompetitive and Charlie will be fired.
The earnings must be through the roof ? Right ? All the disruption and expense was well worth it ?
WF laid off approx 75,000 US workers between Oct 2019 and Oct 2024.
From what has been reported in earnings the company has laid off 10,000-12,000 annually for the last 5 years. Don't expect it to stop.