Thread regarding Wells Fargo & Co. layoffs

Over the past few years, I've had a few acquaintences approach me on banking options and ask if they should bank with WF.

I never disparage the company, but I do say I choose to bank elsewhere.

I like how zero people can answer the question, but they sure can hammer that down vote. 😂

@dn the reputation has changed from fake accounts to this layoff machine in my opinion. Pre sales practice the competitive advantage for Wells was a national brand that had low degrees of separation. You knew someone who worked at Wells or you worked there.

Now that CS has reduced headcount by almost 100k and offshored jobs…why would anyone give Wells their business? Layoffs happen. They’re part of business. Rolling layoffs for the better part of 5 straight years is cruel

@dn+1m5aszrrc

What oversight has been waived, specifically? Pretty sure the regulators are in place, as they have been. The Fed lifted their cap, and that was frankly way over due. Literally everyone involved is long gone, all the cap was doing was punishing people that did nothing wrong.

Everybody hates Wells Fargo.

@d2 the c-suite assumed that having an overly business-friendly, borderline corrupt admin waive their much needed regulatory oversight was the same thing as rehabbing their image in the eyes of actual consumers. You talk to real people, and Wells Fargo's reputation is little changed

We're well past the point of diminishing returns on headcount reductions. And given "leadership's" primary strategy of achieving those reductions by forcefully driving away any resources with better options, it's going to take years to shift the focus from expense reduction to revenue growth. If Charlie is even capable of shifting into that gear - I have serious doubts it's even in his repertoire, at this point

In regards to revenue growth: After a decade of digging out from the sales scandals and other regulatory issues, our name is synonymous with doing bad things. We've been a punchline for far too long. Customer prospect data has shown for years that WF is usually 4th on any consideration list- for both consumer and commercial prospects. It gets even worse when you break it down by generation and realize younger customers despise us and we rely on boomers. There are too many other options to consider before doing business with WF.

that post about meta muse was taken down real quick

It was malpractice when the asset cap was lifted and there apparently was no plan to grow the business ready to go. The only plan was to cut staff and reduce costs. Well, they’ve cut staff, but it’s gotten to the point where it’s going to increase costs.

The current HY Klan aren't here to grow anything, which is good because they aren't capable in that way. I'm just glad investors are finally starting to get a clue. The only way we'll rid ourselves of these incompetents is if there is investor pressure to do so.

Eisman explains investor concerns that agentic AI could disrupt banks by automatically sweeping consumer cash into higher-yielding money market funds, potentially impairing net interest margins (8:09-10:42).
Bank Earnings Summary: While credit quality remains benign across the large banks (JP Morgan, Bank of America, Wells Fargo, Citi, Goldman Sachs, and Morgan Stanley), Eisman notes that revenue growth has softened, with fixed-income trading facing