Thread regarding Wells Fargo & Co. layoffs

Layoffs a cometh to WF

This is the best article of seen thus far. Tens of thousands to be terminated.

https://www.google.com/amp/s/www.bizjournals.com/charlotte/news/2020/07/10/wells-fargo.amp.html

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Post ID: @OP+15TYWXqH

12 replies (most recent on top)

Thanks for the best wishes, this board is full of a lot of speculations and guesses. Everyone know Dooms Day is on its way, so only way to know the exact details is wait and see. One person even using profanity through all their posts. Not sure i would take anything here as correct.

We all know the company is failing in a large part due to Executive actions.

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Post ID: @1rqc+15TYWXqH

Topics I see WF employees ask about risk calls:

  • how much longer WFH going on?
  • who's paying my parking while I WFH?
  • will I have to move and buy a house in a new location?
  • why can't I find joy in my work?
  • why am I not paid more?
  • please please please don't fire us
  • what's your favorite pizza, Mike Roemer?

topics that rarely come up on risk calls:

  • what are some solid benchmarks I could hit as an employee to help the efforts of getting the asset cap lifted?
  • when will some reporting be automated to help control and compliance teams and who is supposed to be working on that?
  • what do the 3300 control people in Wholesale actually do everyday?
  • what was the actual plan for those control people in the first place
  • what types of risk programs are being put in place for potential future legislation?
  • what are some concrete ways risk has responded to the CoVid changing regulatory environment

I personally feel like arnold in Kindergarten Cop on those calls. There is a ton of mediocrity, but unfortunately it's not measurable so I'm preparing for the worst.

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Post ID: @1aah+15TYWXqH

This is the perfect example of the level of mediocrity that exists at Wells Fargo:

Q1) "Who would do layoff during a pandemic of this mass level? "
A1: It's capitalism, not a charity. The same capitalism that made people create fake accounts for customers to meet their targets.

Q2) "I think we need to reach out to the primary senators, president, etc to resolve this and perhaps notify of the pain the executives caused to hard-working people"
A2 - The pain caused to hard-working customers that were screwed up is far greater. The senators will remember that.

Q3) "how they enjoy firing US citizens to help support the Indian country so US does not survive this hard time and capatilism does not survive. I know the feds are watching closely now, so will make sure it is heard at high federal levels."
A3) It's spelled "capitalism". Do I really need to address the point about "supporting the Indian country"? This is MAGA at it's best. Remember it at the next election.

Q4) "Hopefully the CFO gets canned as he hasn't been doing his job for sure. No company of this size should end up in such dire situation."
A4) There is no relationship between size and deserving or not deserving of a certain outcome. It goes back to the point about capitalism. Bad choices should lead to bad outcomes. Wells Fargo imminent crash is a consequence of illegal behavior that went on for years, bad decision after bad decision, screwing up customers all while piling up dead weight employees who care more about their work from home status than anything else.

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Post ID: @tkj+15TYWXqH

who would do layoff during a pandemic of this mass level? Evil man for sure running this sinking ship.

https://www.newsmax.com/finance/streettalk/wells-fargo-layoffs/2020/07/09/id/976423/

I think we need to reach out to the primary senators, president, etc to resolve this and perhaps notify of the pain the executives caused to hard working people and the pleasure they got in increasing the national debt during the worst financial crisis in US history; also how they enjoy firing US citizens to help support the INdian country so US does not survive this hard time and capatilism does not survive. I know the feds are watching closely now, so will make sure it is heard at high federal levels.

Hopefully the CFO gets canned as he hasnt been doing his job for sure. No company of this size should end up in such dire situation.

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Post ID: @hxf+15TYWXqH

@bsu, Thanks I just re-evaluated, i think a better idea is to

  • wait for package
  • get unemployment and mortgage forbearance
  • enjoy 6 months off
  • then spend 2 weeks looking for new job, thru my network

Maybe you need to re-evaluate your network outside of well fargo so finding jobs is not such a challenge!

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Post ID: @ndo+15TYWXqH

@wql, is this chainsaw?

Sorry i am not scared! I will wait for the package and then will take 2 weeks to get a new job in a successful company.

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Post ID: @etc+15TYWXqH

Barf Scharf did the exact same thing when he was at BNYM. Start prepping a resume, and review your skill sets because you may and will need to reinvent yourself. I am in that very process now.

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Post ID: @wql+15TYWXqH

Lets start cost cutting with executive level, there have been no results!

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Post ID: @zbk+15TYWXqH

The guy quoted in the article is an analyst for an investment firm, he is speculating and doesn’t know the banks org structure. Retail operations is not a group at WF. These two jokers in this article don’t even read the banks financials, or they would know that wholesale and consumer are very profitable, it’s WIM that barely breaks even.

He is most likely referring to closing branches, that’s a very very slow process and certainly will happen.

The cost savings opportunities have been discussed on this board. Spans and layers, reducing middle management and eliminating duplicative corporate type roles.

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Post ID: @dmh+15TYWXqH

Great article. What are Retail Operations?

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Post ID: @lmc+15TYWXqH

Meanwhile they look for ways to get rid of people without having to pay them severance and unemployment.

I can’t wait to see their next PR campaign all about the great things they’re doing for the communities where they do business.

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Post ID: @ltp+15TYWXqH

Ugh... just saw this and was going to post about it. Sorry to those affected. Best wishes.

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Post ID: @iig+15TYWXqH

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