Thread regarding Wells Fargo & Co. layoffs

Fine there is no excuse for any of it.

Did it ever occur to earlier poster that WF didn't need bailout $$$ because it was gaining $$$ by committing fraud on its customers through fees, etc.??? WF also puffed up the share price (false profit) by overstating # of products per customer, etc., which were built on the mountain of fraud!

WF can no longer be pious about not needing bailout money. Nor can it say its nose was squeaky clean about subprime mortgages. That myth was debunked recently, too. It's position is as egregious, if not more so, than the other banks.

Stop drinking the Kool-Aid, WF employees. Your company defrauded you, too. Instead, you should be filing a class action lawsuit for your leadership's negligence, causing you to lose your income and share value. Ponder that.

WFC may have not needed bailout money like some of its competitors but many areas were defrauding customers by opening unnecessary accounts, charging for unneeded insurance and so much more. There are so many areas of unethical behavior has been uncovered the Feds has to do something. I predict there will continue to be more unethical practices uncovered

If you are one that gets packaged out, look at it as a blessing. The next few years at WFC will,be though. There has been a lot of senior leaders quit and many more are eligible to retire. The regulators are going to run how everything gets done and most of that will not be customer friendly. Other banks are marketing very heavily to pull customers away and it will s--- to see lots of customers leaving.

In fact now that all of the banks that the USA government and USA tax payers "bailed out" with billions of dollars are now making great profits it is time for those "bailed out" banks to return all of the money that the USA government and USA citizens spent bailing them out of their impending bankruptcies and financial doom during the last great recession. That would not include Wells Fargo from what I understand.

There are many very dedicated, hard working Wells Fargo employees remaining that work hard everyday to provide the Wells Fargo customers with a great financial experience that the bank, with all of it's assets, can provide to them. Like when they need a loan to buy a house, a loan to buy a car, etc.

Some small percentage of the employees of Wells Fargo made great mistakes but that small percentage of employees do NOT represent the majority of the Wells Fargo employees who are now suffering for those poor employees mistakes. The USA government did not have to "bail out" Wells Fargo from the last deep financial recession. The USA government spent millions and billions to bail out the other banks from the financial recession, but not Wells Fargo. I think the USA government should lift it's restriction on Wells Fargo being able to make a profit as they never spent a dime bailing Wells Fargo out of impending bankruptcy unlike other banks such as Bank of America. There must be banks in the USA that USA citizens can use for their financial needs, to obtain loans, etc. Most of the other banks that existed during the last financial recession went out of business, or were bailed out by the USA government and USA tax payers. Somehow Wells Fargo managed to survive on it's own during the financial recession with no USA government or USA tax payer bail out. That bank should be given some credit for that. Not s---ing off the USA government and USA tax payers to survive, like say Bank of America had to do. Every company has some rotten egg employees working within it.

The layoffs are about expenses solely. Loss market share. It’s not customer behavior except if you call moving money out of the bank behavior.

MORE advertising? Seriously???

WF's "fake it 'til you make it" approach to ad campaign is incomprehensible. Fix your issues, clean up your act, and maybe -- just maybe -- think about hiring some ethical leaders. Then, when you've made an earnest effort to clean house, it MIGHT make sense to spend $$$ on ads.

Right now, the ads are lipstick on a bloated pig. And WF knows it, which makes it even more disgusting.

Leadership is going through the motions just to preserve share price and executive compensation. They do NOT care about customers or staff. Period.

This will be a lesson for the ages in business school, along with many others in the industry. With no one going to prison :(

Corporate abuse at its finest.

Good a lot of deadweight and criminals working there. Therefore layoffs must be based on productivity and lack of criminality otherwise fire them.

I think that Wells Fargo should invest more in it's Marketing and Advertising TV and news media campaigns as to how the company is trying to make things right with the customers. What was the new advertising slogan, "Reinventing Wells Fargo", or something like that. The TV ads should focus on the positive aspects of the company and how it can contribute to the customers, potential customers, and former customers financial needs. Nice the company gives millions to the communities and charities but that will not be happening anymore unless they start spending more money on positive TV and news media advertising to attempt to keep the company as a profitable business.

Layoffs start on October 5th based on span of control. Many details still being worked on. Time to work on my resume

Anyone know how will Winston-Salem be affected?

Ungated version:

https://www.cnbc.com/amp/2018/09/20/wells-fargo-plans-to-lower-headcount-by-up-to-10percent-in-next-3-years.html

Mundane, boring, dead end banking jobs are quickly going the way of the dinosaur. Find out way to move into another industry ASAP.