A lot of what is being reported is inaccurate.
Layoffs are part of corporate life. And much is not forecasted. As is here.
So don’t panic. Relax.
10 replies (most recent on top)
@wry+1oI8OX86, you may be right, or at least partially right, senior management believes in and wants more turnover and a reduction in headcount. At the same time though, I believe many of them really believe that it is better to have people in the office where management can keep an eye on them. That is how they can did it, and most of them are too old to realize that things have changed.
I assure you 5k - 6k per month have been laid off for some time now. It's freaking real.
This whole layoff vs attrition situation is a two edged sword. Lets talk about Charlotte. Nobody is leaving because there are no jobs. Truist and USAA just recently announced layoffs. Now attrition will further slow and jobs will become more scarce when those displaced at those companies come knocking.
Companies saw a golden opportunity to drive attrition by forcing employees back into the office. All the companies jumped on board for one reason or another and people decided (like they have with their house) this is not a good time to sell out.
I am not going to blame things on politics but this environment stinks. I cannot sell my house, I cannot buy a new house with my equity, I cannot find a new job, if I find an equal job it pays less and 100% in the office. What a lousy time...
What they CFO/CEO in boardrooms/investor conferences is one thing.
In actuality they are covering their rear ends. The scandals continue. The latest one is as of 8/23.
per Bard:
n August 2023, NBC News reported new allegations that Wells Fargo has been creating bank accounts without the knowledge or consent of their ostensible owners since 2022. The origin of the accounts has not been made clear.
The allegations are similar to those that Wells Fargo settled in 2020 for $3 billion, after admitting that employees had created millions of fake accounts for customers between 2002 and 2016.
The new allegations are still under investigation, but they have raised concerns that Wells Fargo has not done enough to prevent its employees from engaging in fraudulent activity.
In response to the allegations, Wells Fargo has said that it is "committed to investigating and addressing any issues that may be found." The bank has also said that it is "taking steps to strengthen its oversight and controls to prevent similar problems from happening again."
It is too early to say what the long-term implications of the new allegations will be for Wells Fargo. However, if the allegations are proven to be true, it could further damage the bank's reputation and lead to additional fines and penalties from regulators.
This one is troublesome since it involves the transactions of people who have money. After the first scandal the bank's reputation was like a t...ur...d in the toilet. This latest one will finally flush it.
So long as there are domestic employees and Shart is the CEO, the layoffs will continue. He won't stop until we're all gone, or he's "retired to spend time with his family".
IMO, An OP who does not come back to their post after negative comments and 2 hours = a troll.
Sloan targeted cutting 26,500 jobs. We are at 40,000 job cuts and the CFO says we have more cuts coming.
The only thing that has changed in the forecasts, is the amount of severance to pay out as attrition is grinding to a halt.
So you think CFO lied to shareholders about high volume of layoffs in Q4? Get real and troll elsewhere.
Corporate lies look good in the Boardroom - not in a forum where there is plenty of genuine folks who know how it works real life.
OP
Pardon me, but are you suggesting the CFO is inaccurate? Because he has talked about it all year and brings it up at every investor conference.