Layoff’s will continue through October. 10/3 will be similar to this last round.
Let’s talk facts! Since Q4 2022 there have been 37, 000+ US Domestic Full Time Employees displaced(offshored). HOWEVER, they strategically control the headcount reduction number by using their offshored teams to offset the layoff numbers coincided with a layoff notice period to avoid the WARN act.
Fact is; For every 1 US domestic employee displaced(laid off), they hire 2-3 offshore workers from India, Philippians, Manilla…. If this company didn’t have dinosaur leaders, they would realize offshoring creates risk. I though “The Firm” was ”laser focused” on mitigating risk, and implementing an effective “risk and control framework”. How does offshoring risk and control employees to 3rd world countries accomplish this? I guess sharts idea of being “laser focused” is offshoring the US workforce, and continues to accrue billions in fines! The schart-stain and his cronies are full off hot air and have defaulted back to the 1980’s playbook.
If “The Firm” didn’t have such dinosaurs running it the asset cap would have been lifted years ago. For example, instead of laying off full time US workers, how about letting the US Domestic employees utilize AI Tools or even AI assistants like “Microsoft Co-Pilot” which would provide an employee the ability to streamline their work and ACTUALLY IMPROVE EFFICIENCIES. INSTEAD, you have this skid-stain leader firing US Domestic workers for cheap offshore labor (you get what you pay for and all the risk that comes with that hence the systems crashing on a monthly basis). The efficiency metric is flawed by these 1980’s playbook tactics. The shart-stain thinks everyone is beneath him, and recently popped up from hiding so he could have something to speak about during the earning call such as; “how he has cut costs and is making progress on The Firms multi-year effort to strengthen the risk and control space aka offshore and expand The Firms Risk appetite” when in fact it is all a bunch of BS short term vision nonsense. HOW IS OFFSHORING US DOMESTIC JOBS TO third world. Countries reduce “The Firms” overall Risk???? Anyone???
Shart-Stain is prepping to leave the bank with a nice payout. Meanwhile “The Firm” is way worse off than it was before he was hired 4+ years ago! I hope shareholders actually ask intelligent questions during the earnings call. For example; what is wells fargo’s long term strategy? Do you have a vision or milestone? How far along is “The Firm” on its transformation? Or maybe asking the dinosaur what he has actually accomplished besides accruing more multi-billion dollar fines and laying off US workers along with cutting their benefits? And lastly, why is your salary $24.5 million a year? Can you provide an few examples that justifies this amount? Shart-stain is a chump! Karma will get ya in the end!