WF combined the business banking, government and institutional banking, and middle market banking businesses into the commercial banking division. The new org will be led by Kyle Hranicky (are they giving him a CEO title?) - anyhow, the focus will be on cost control and if you are on this site you know what that means.
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The Fed is considering requiring WF shut down or sell off it investment bank unit. Have you noticed the investment bank keeps shrinking on the league tables and with talented bankers?
Layoffs in the new combined BBG, GIB and CmBG group have been underway for some time. Many long time managers have received their 60 day notices. RMs/bankers are next to be let go. What my manager has told me is lower producing bankers will be let go and portfolios re-distributed. The goal is to cut costs by reducing enough employees to offset for the added compliance teammates.
we could get rid of 20% - 30% of our employees across entire company and not feel a drop in productivity. this place is bloated.
When is this happening?
Good they should sell off that entire new unit and break up the bank.