So, it looks like Wells Fargo joins the group of companies that give with one hand while taking with the other.
The raise will be nice for everybody, but how many thousands of those who receive them will not have a job anymore between now and 2020? 800 branches is a lot of employees.
It would be really nice to be able to be happy about the good news without having to worry because of the bad news.
Darn straight about Warren. I love how she ripped into Sloan telling him he is either really ignorant or complicit about the scandals that are plaguing this bank. The writing is on the wall. If you work there, time to get the heck out. The writing is on the wall!
No raise and no layoff of means all employees unhappy due to steady pay and no raise.
Post layoff if good raise is given who have jobs will be happy and think the ones who lost jobs are probably bad ones(it may be factually wrong but it is psychology) and is focused better on work and goals..
without layoff and without hike we have uneasy workforce and uneasy management searching for cost options.
Sen Elizabeth Warren was on the money when she and her staff calculated that Wells Fargo will need to layoff about 20,000 employees (low level) to achieve the $4 billion in expense savings. I think most of those will come from Community Banking, customer service, operations, and HR.
Of course, the senior execs will all keep their jobs and bonuses.
WF has spent almost $4 billion in Q4 of 2017 in legal costs alone, without the Trump tax plan they're pretty screwed, as it injected almost $3 billion in tax savings in the company. But they can't hold onto tax savings alone to make their business grow and when Democrats take back the house they can gradually reduce the changes Trump has made.
The bulk of the announced $4B in expense savings have to come from employee cuts. All the expense savings for reduce travel, meals, benefits, will be less than 20% of what has to come from head count reductions. I’m not waiting for my branch to find out if we are safe or one of the 800 being cut, I’m looking to jump ship now before the bulk of people of cut.