Topics regarding layoffs at Wells Fargo & Co.

Topics regarding layoffs at Wells Fargo & Co.

Next Bonus

Profits exceeding expectations, yet the next bonus pool will still be cut.

Profit exceeds estimates

How will this affect layoffs? Is it naive to think that cuts might slow down a bit due to good results?

Advice on employee

I am a WF manager, I don't want to give any clues to my identity other than to say I work out of a west coast branch. I have long suspected that a direct report of mine got in some major trouble with law enforcement. That person has been able to... — read more 

Why isn't Charlie buying more shares back

Only 4B in share buybacks, at once in a decade low prices, what a mo--n. Price was near tangible book for days in the qtr. The entire balance sheet is like a diversified fortress. We have the lowest credit loss bps of any bank out there. Entire... — read more 

Yay! More MRAs!

That’ll slow down our stock gains on a good earnings report. https://nypost.com/2023/04/13/wells-fargo-faces-us-regulatory-heat-after-svb-meltdown-source/amp/

Earnings

Net income is 5b or 1.23 per share. I think the market will react nicely based on premarket trading. also, our efficiency ratio is down to 66. Does that mean we are done with layoffs?

Mortgage Operations

Let’s fix mortgage and get us back to the top. Get rid of all these processing, underwriting and closing managers that are overpaid and sitting at home doing nothing. Bring back all the processors, underwriters and closers that we laid off... — read more 

Performance management and layoffs

Look at the thread at Capital One Bank regarding performance management via stacked rankings or forced rankings to fire people or get them to quit. It sounds very similar to WF. https://www.thelayoff.com/t/1m5aaTlF

Yes, RTO impacts performance rating.

In our HR guidelines for ALL lines of business: "Inconsistent adherence to the in-office expectations should be addressed by the manager, may be reflected in performance evaluations, and can be a factor in performance ratings. Failure to align with... — read more 

JPM setting the example -- with RTO for managers.

Interesting tactic at JPM. Focus on RTO for the senior managers to 5 days per week. https://finance.yahoo.com/news/1-jpmorgan-managing-directors-asked-141505483.html. This is the opposite of WF where the workers have to RTO but nothing about the... — read more 

What is going to happen in Q3???

I hear mumbles and whispers that something BIG is happening in Q3 or like 6 months, anyone have any idea? I heard things like a massive layoffs to selling off big units like CIB etc...

‘Grownupify’ work: Fortune article

Old-fashioned management is failing to reverse the productivity slump. It’s time to ‘grownupify’ work BYAMY LESCHKE-KAHLE April 10, 2023 at 4:53 AM PDT Putting extra pressure on a burnt-out workforce is unlikely to get productivity growing... — read more 

RTO is a cuck's paradise

RTO proponents, also known as beta cucks, can barely keep their ball gags in long enough before begging daddy schart for more. Let's try a RTO cuck riddle. Two RTO cucks arrive at their respective office locations on Wednesday morning. Cuck #1 is... — read more 

Has anyone looked at the company job board?

The company looks like it's based in India. What's also pathetic is he wants software engineers, AI and data headcount but is offering up salaries that are pathetic. This place needs to reduce headcount and attract better quality headcount, but... — read more 

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