Wells Fargo pockets Trump tax windfall as workers see job promises vanish

https://www.theguardian.com/business/2019/jun/15/job-losses-trump-tax-cut-at-t-general-motors-wells-fargo

Wells Fargo, the fourth largest bank in the US by assets, tied a minimum wage increase of $15 an hour to the Trump tax cuts and pledged increased investments in workers. The company is estimated to save $3.7bn annually due to the Trump tax cut. Rather than invest in its workforce, Wells Fargo bought back 350m shares in early 2018, worth about $22.6bn, increased CEO salary by 36%, and announced plans in September 2018 to eliminate at least 26,000 jobs in the US over the next three years as many of those positions are being sent overseas.

Comment! It's anonymous!

4 replies (most recent on top)

What the hell do you expect Wells to do with an asset cap?

Wells Fargo is falling short of what other industry leaders are doing. BofA is taking its minimum pay to $20/hr.

They're animals regardless

If you work for a public company you work for the shareholders. Paying a workforce with little to negative ROI is senseless. Returning the money to the shareholders in the form of dividends or share buybacks is the right thing to do.

Try learning a bit about the industry you’re in and how it works instead of sounding bitter because of your ignorance.

Thread regarding Wells Fargo & Co. layoffs

Wells Fargo pockets Trump tax windfall as workers see job promises vanish

4 replies (most recent on top)

Post a reply