That’s not a big change. The Q423 severance provision for 2024 layoffs was $750MM up to $1B. Maybe the decrease will be more pronounced by Q424.
Does the headcount includes offshore? If so, that means you can’t really correlate the headcount changes as “progress” against the Q423 severance charge.
4K people a quarter * 125K salary * 6 months of severance = 250MM a quarter or 1BB a year.
It’s probably more people but less salary and less time and balanced somewhat by hiring in India, but you get the idea. 16K net loss a year is still huge. Supposedly displacement goals are the same for next year too, 15-20%.
the primary goal is to lower non-interest expenses, not headcount.
if headcount doesn't go down that much because of the I&P hiring spree, that's ok as long as the displacement of US employees brings down expenses more than I&P hires raises them.
Heavy emphasis on "current targets". Shart can't wait to shut down mortgage and retail. In his ideal world, the only US employees would be execs, and small numbers of people involved with sales and trading. Everything else will be contracted, outsourced, or WF will simply exit that business. Few thousand domestic FTE, eventually.
3 plus years ago the goal was 225,000, and they have hit that obviously. But now its musical chairs along with..... hmmmmmm, let's see if we can get the number in or around 200k. When that number is made, well..................
It really is amazing that they have laid off roughly 100,000 employees, me being one of them, and the bank is still doing fine.
There are roughly 29,000-30,000 more US jobs targeted to be cut in the current efficiency and location strategy layoffs. That will be supplemented by approximately 16,000 more India jobs being added.
Then Wells Fargo will finally hit their current targets.
About 50K US jobs have been cut since around 2019 through layoffs and attrition. And they still aren’t done.
Headcount is going down in the US, and up in I&P...that's why the overall number is been sort of hovering or only going down slightly.
They're about to make it harder to distinguish I&P from US headcount. They will align I&P under US execs so the org roll up won't make it possible to see I&P separately.
@qfw and it has for many years.
Amazing the lack of critical thinking and problem solving skills by “employees”. Then they wonder why their jobs are moving….
All India reports to one exec so pretty easy to split apart
lol I think headcount actually went up. Wasn't it down under 220k not that long ago? There is no headcount reduction, there is only a headcount shift. Disgusting.
pretty easy to get to the numbers and subtract out from stateside or have two numbers, one showing decrease in IS headcount and increase in offshore headcount.
Of course the headcount includes I&P and I don’t think they will ever split those numbers out as it would be too obvious as to what is really going on.