If the market makes a turn soon, do you think there will be Wells Fargo layoffs? Any chatter, news or rumors?
17 replies (most recent on top)
This is a troll
Think more like triple those numbers. It doesn't cost that much to axe plebes with just a couple years of service.
He's set aside 1 billion for 2024 layoffs. Plan on 5,000-10,000 layoffs in 2024 with that budget. I'd expect them to be home lending related and retail customer facing along with any US based call centers.
"although the number of branches being closed is in the news, i still also see new branches being opened".
Branches being closed are all obsolete, all located in less than optimal sectors and neighborhoods. New branches are better situated and equipped to handle the desired customer base that WF is eager to embrace.
All just BAU, all just to keep BOD's and SH's happy!
If the cap went away tomorrow, Shart would still continue with his plan to fire us all. All he would see it as is even more profit potential and bonuses for himself. If you're not nearing retirement, plan accordingly.
the revenue is limited in its upside. interest income is expected to go down. if they want to maintain the profit, there is only one way - expense. what is the biggest expense? people. although the number of branches being closed is in the news, i still also see new branches being opened.
do you think that the regulatory matters are going to be resolved any time soon? if so, there is a chance that the number of layoffs would reduce or slow down. if they don't get resolved, then how do you think expenses will be reduced?
"Remember Charles tells the pundits that there is too much overhead and the bank is not efficient"
Above quote is 100% accurate! Overhead translation: Too many employees and too many branches. As bad as 2023 was regarding layoffs and closings, trust me, 2024 will be "The Year of the Axe" as the deep cost cutting effort to trim employee headcount and obsolete branches will continue full steam ahead.
So much for chatter, news, and rumors all in three sentences.
It doesn't matter what the market does, Shart will continue to downsize/outsource/automate/contract until there's hardly any American workers left at WF. He hates us all and wants us gone.
If you are in India or Philippines you are safe. If you are stateside prepare for a 50/50 shot at you keeping your job.
The CEO has expressed a need to continue with downsizing as part of his plan. Given Wells has more employees compared to similar other companies, the plan has some rationale. Lastly there is always a dependency on financial performance as it should be, so I would say it’s hard to tell how much that would impact.
But keep in mind working in a bank or anywhere in the financial sector is more risky.
Yes , WF will continue with the layoffs. Remember Charles tells the pundits that there is too much overhead and the bank is not efficient. Not exactly wrong or rocket science.
"Ya’ll are rude and mean. How about just answering the question in a polite manner or scrolling on by. You are being a bully with the rude response.
If you don’t have something nice to say how about just keep scrolling. Bully behind a keyboard."
F that. You need to grow a pair, get a clue and maybe, just maybe, you will actually construct a intelligent argument.
Ya’ll are rude and mean. How about just answering the question in a polite manner or scrolling on by. You are being a bully with the rude response.
If you don’t have something nice to say how about just keep scrolling. Bully behind a keyboard.
It will be a massacre so they can bring in more Chase people and offshore as much as possible. Chuckles needs his bonus.
You could read this as if the OP means “if there was an upward turn in the market would wf continue with its layoff plan” or the more likely way that OP has a 10 gallon water head and hasn’t been paying attention.
been sleeping under a rock?
you r a knucklehead