We may start to see the dominos falling soon. Goldman Sachs will lay off as many as 3,200 employees this week as the economy and market climate pushes banks to find more cost savings. I don't believe that Wells Fargo will immune to this. CS is the type of sheep to follow suit.
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My manager told me that no more layoffs are planned.
But…will it get my stock price back up to $60+ bucks? Q: How do get $70k in WFC stock? A: Start with $100K in WFC stock and then hire Charlie Scharf as CEO.
Shoot, all WFC has to do to meet climate-base obligations is to end RTO.
goldman has an ongoing routine of 'cleaning house' every year where bottom performers are let go. this is on top of that
agree the slow trickle should stop and go big bang.
i wish they would allow severance volunteers. It would be an easy way to get rid of long-time employees like myself!
The migration of tech to India will continue through all of 2023. Face it and get ready US tech. Days are number for this WF population.
Playing devils advocate here.....if WF announced a cut that size, it would send a tidal wave through the financial sector. I think you would see every major bank jump on board and do the same thing causing the feds to finally see what main street has been seeing.....a recession. I'm all for ripping the damn band-aid off and moving on with life, but the other side of that coin could be devasting to the overall economy. So, I don't disagree, with what you wrote, but I see a real bad side to doing it.
I was just coming to post about this. Looks like the holidays are over. 8% of their workforce. For us, 8% of the 269,736 employees on Teamworks that roll up to Charlie (not sure how much of that number is domestic and how much is international), that comes out to approximately 21,580 employees (plus or minus).
Hate to say it, this death by a thousand cuts/ slow trickle BS has played itself out. Charlie and the C Suite (awesome band name btw) needs to just drop the hammer and move forward. The workplace stress and anxiety is ki----g productivity and performance across the board. No one wants to give it their all if they’re always walking around with a target on their backs. Let’s just do this already, pay severances, say no hard feelings, and move on. Enough with the games and kicking the can down the road. Let’s see some courage in leadership for a change instead of their usual cowardice.🤷🏻
GS and WFC couldn’t be any more different from one another, but it is an anecdote that head count doesn’t always go up.
GS only has 40k employees compared to Wells Fargo's 280k. 3,200 doesn't sound like a lot, but it's about 8% of their workforce in one week.