Thread regarding Wells Fargo & Co. layoffs

@1mmg+1oOoqcvQ

How do you know?

@1jhc+1oOoqcvQ

42nd St, yes
Summit, no

Maybe they want to consolidate our NY offices? Move the people over from 42 St into the same building and close out the Summit, NJ office?

He wants to keep up with JPM's new $2B building. The problem is that Charlie should have bought and built on Park Ave.

Charlie values real estate in the same manner as TRUMP and Just as dirty.

These clowns have to be the worst investors in history. $30B on WF stock that is headed south, and billions more on useless anachronistic buildings and do-nothing execs in shiny NYC towers. Complete waste of time.

@xwe+1oOoqcvQ

Unless you're extremely wealthy there's no such thing as living a "good life" in NYC.

perhaps a sign that headquarters is finally moving out of San Fran

LOL good timing Wells Fargo 🤭🤣

$183 Million per floor.

$1,375 per sq. ft.

The p/sf is up to double the going rate based on loopnet prices in the HY zip code. Charlie is either horribly bad at negotiating or making money on this via some other angle.

Way to pass on the highly predicted upcoming 1/2 sale on CRE. How many employees will this peacocking move cost us?

This purchase reeks of behind the scenes deal. Scharf is definitely angling for his next gig via quid pro quo CRE deal.

They always say "follow the money" and Scharf is literally snorting it up his nose.

WF is simply an open checkbook to Scharf.

Their lunacy knows no bounds.

It's C's Emperor moment. Pure ego.

To be filed under all the d-mb things the bank has done.

Maybe that means he's not resigning. Back to square one. This doesn't make the bank look good from a PR view, with the regulatory items not remediated and it appears, growing. What a huge out of touch moment. Emperor's clothes. Who approved spending all this money as the world heads into a huge recession?

Over half a BILLION dollars spent in über expensive, faux-hub location during CRE crash.

And right after failed stock buyback rolled out (more misspent $$$).

Think of all the employees struggling due to layoffs, while Let-them-eat-cake Scharf rolls around näķêd in piles of cash.

Weird that we’re going to have that much office space in a state that has notoriously pro worker employment laws. What happened to exploiting and degrading us till we quit? I guess they’ll save the living he-l for Red state employees while they live the good life in NYC. What a farce.

Long term trends say that remote work will be the way of the future so they double down on office space.

We have so much cash that we don’t know what to do with it. Just don’t pass it on to employees, instead cut their bonus and cost of living adjustments.

Just when I think CS couldn’t be any more ignorant to the life of the average US WF employee - you know the people who actually work to grow, service and fix this bank.

SMDH

What's another building you don't need anyways?

@mmd+1oOoqcvQ
Everyone fails us
Poor us. Hoo hoo

Don't forget to factor in getting rid of the rest of the Manhattan real estate and move everyone to HY. I.e. 42nd St.

The BOD has failed us.

This purchase should have been blocked. CS should have been blocked.

Too many of our "leaders" are sleeping at the wheel while they get rich off WF carcass.

He wants to build his empire that is close and convenient to his residential mansion. I am sure he can commute by a helicopter or private jet, but one of these days he might build an express train rail between his office and his mansion. It's all about money and power. He couldn't do it at JP Morgan, but now he is given a playground called Wells Fargo.

It is a monument to executive vanity to have such a major footprint in a market that is, shall I say, really not core. Hudson Scharfs.

Charlie wants to cement the shift from west coast to east coast before he “resigns to spend more time with his family”.

I have lost all faith in leadership.

OMG. What a sh!țshöw!