Thread regarding Wells Fargo & Co. layoffs

So long as Scharfs daddy at JPM is saying that banks aren't out of the woods yet, he'll believe it. Could result in a temporary reprieve for some. Won't last though. Prepare accordingly.

@1age+1m0KoBo0

222K US FTEs is way too high. They want total numbers between 208K-210K with minimum 30% of that in India/Philippines.

I think it was to announce a huge chunk of bank being sold.... something happened to stop the deal, working out some issues. That's my bet.

@zgn has the right of it....I've seen this play before at BofA and the same people are here at WFC running the same, tired, book. The SP meeting will be rescheduled after the next mass round of layoffs, which will most likely be in the second half of April....my only hesitation is how are the offboarding folks going to execute more than the ~2K per month they've been doing for the past 2 years.

Wells is down to ~222K US FTEs (subtracted the WFIP folks under David Owen from Schart's total in Teamworks).

Our solution to fix labor shortages in hospitality is H1B visas on jobs outside hospitality.

What will be our solution on too much employment? Let all of us go and keep H1B visas?

https://www.cnbc.com/2023/04/07/federal-reserve-fed-inflation-jobs-report-unemployment.html

@dzq+1m0KoBo0

Unquestionably true, signing bills that the legislative branch has passed is the vast majority of what a President does to influence the economy, but they also run the administrative state, which these days has outsized influence itself. It's still an oar in the water of a huge ship but it can make a difference. Ask the guys running the keystone pipeline.

Maybe it was related to the re-org email we got about whomever it was stepping back from job responsibilities to focus on family.

300 or so were let go from COO a few weeks ago.

SOC 2 and 3 are doing much better using code words for MNPI projects. The left doesn't known what the right is doing as the data is fragmented. This makes sites like this no longer relevant.

There is too much inherent risk with news
getting out not even are SOC 4 executives always in the mix until right before or after something goes public. If they do get info for bau operations there is very little context to what they have in hand to known what is happening.

Think about it, SP is COO and is in charge of the COO org. I suppose he makes about as much sense as any non-ceo member of the C-Suite to give the “rally the troops” speech/debrief after the shock of a sudden and massive enterprise-wide layoff. But one would really think such a task would have to fall on the big guy, not just here but at any company. Anything else makes it look like the CEO is weak and passing the buck on accountability for the decision to cut people.

It would make a lot more sense if the layoffs were just in SP’s org, but then why would it be a bank-wide town hall? If anything, it would probably make a lot more sense if it was set up to introduce and explain some new policy or initiative COO is rolling out that will impact everyone in the bank. Perhaps something related to more standardized RTO requirements/enforcement? That would arguably make more sense as something SP would be tapped to discuss, but also fit the bill of something sensitive enough that they decided for whatever reason it needed to be postponed indefinitely until something else is resolved.

I kind of wonder if it was even related to layoffs at all or if it was just more pointless fluff that got axed because they’re starting to realize we care less and less about what they have to say.

OP here to clarify - hahaha, I don't care about the town hall meeting itself, either. I'm more interested in why the town hall way postponed and if it's tied to info that hasn't been communicated yet or action (like layoffs) that hasn't been taken yet.

Wait! There goes a flying f-ck! Must be the one I don't give!

"bated breath"

Thank you for spelling that correctly. So many don't. It's bated, as in abated, or "held back".

My guess is that there were supposed to have been widespread layoffs three weeks back, but the unanticipated disruption in the regional banking sector caused them to postpone those due to the likely reaction when the news hit Wall Street. The intended topic was transformation, and it would have been intended to rally the troops after the dismissal of so many employees.

Pure speculation on my part.

We are all waiting with bated breath for another meeting that only serves more fodder to complain here.

We don’t care 🤷🏻‍♂️

Turmoil with a capital T