Wells Fargo has disclosed 13k to 26k in job cuts. Those figures are net of job hires. So factor in the thousands being hired in risk positions and the cuts seem like they will be significant more. Plus revenue is dropping like a rock in all the businesses. Anyone else share concerns the layoffs will have to be much higher to offset the revenue losses and the army of people in operational risk? I’m predicting the true layoff figures will be closer to 10% - 20% which I’m sure isn’t welcome news. All I see and hear is about job cuts, branch closures, business sales and it leads me to believe the job cuts have to be more severe than management has told us.
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Ditto here.
Two sr. managers said that things are dire with dried up pipelines. BONE DRY.
How can anyone believe the smoke and mirrors WF is peddling with their spin on figures. Wake up, those who think things are trending well! You're delusional.
Existing customers are only keeping accts with WF due to hassle of changing (they often say that). But they will NOT consider WF for loans and won't open any more accts. or opt for products. They are taking ALL new business elsewhere. Painful to hear and watch every day, but this cr-ppy co. shot itself in the foot....and got blood spatter all over employees and investors.
All I know is my offices pipeline is dry as a bone with zero new customers and several that I know are looking at moving their relationship. Has to impact the quarterly results at some point
Anyone with half a brain knows how to manipulate quarterly reports.
Clearly, someone focusing on revenue figures doesn't understand the total financial picture.
Kool-Aid drinkers that need a crash course in finance.
Beware of stock manipulation on anon posts.
Wells needs to be broken up because like all the big banks, it s---s money from poor people and it does it with little or no regard for laws or decency.
The business itself is fine, and the stock market will not punish a money maker no matter how evil.
Explain how Wells is bleeding out. Did you look at their Q1? The asset cap and fake account scandal barely even touched their bottom line. Stop fear mongering. FYI, revenue was 101 billion for 2018. Highest ever.
Totally agree. Ran the numbers and it has to be much higher.
This bank has to be broken up for any of its parts to survive.
And it has to happen sooner rather than later. WF is bleeding out.