Thread regarding Wells Fargo & Co. layoffs

my guess is they are waiting to report bad earnings to justify next round of big layoffs.

Dimon is a real leader. He strategizes, plans, leads. He's put aside a billion dollar for credit losses already. He's concerned and he talks about this.

We have do-nothing fake leaders that nobody wants to listen to or follow.

Here is what Dimon said:

- On the one hand, Dimon said the U.S. “economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy.”
- “But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity ... are very likely to have negative consequences on the global economy sometime down the road,” he warned.

We are paying for the sins of our fathers, the asset cap is slowly destroying us!

Here it's bulleted:

• Layoffs were inevitable though.
• The process was terrible.
• Workday is terrible.
• HR and job titles are terrible.
• No insight I to comp is terrible.

Not to really defend Charlie, but here is where we are and going. Wells has one of the worst if not the worst efficiency ratios and revenue per head amongst all big banks. This is accomplished by cutting staff. Wells has the biggest headcount but not the most revenue. The problem is that the bank wasn't set up to just start cutting because tech investment was poor and we're under an asset cap. Just very turbulent times to make a lot of drastic decisions all at once.

Some moves could have been delayed though. Layoffs were inevitable though. The process was terrible. Workday is terrible. HR and job titles are terrible. No insight I to comp is terrible. On and on

@nwg nails it, 100% accurate...

@svc is also right, JPMC has a large Investment Banking operation, it's a major contributor to the bottom line. The tech downturn that started on Jan 3rd and the overall downturn that started a bit later have hurt JPMC more than us.

I am not sure what to think any more, the inflation is messing every single equitation I have in my head. For example, high interest rates should be helping us but they are really not as they are here just because inflation is eating into every single penny we earn.

Darn it!

Agree with you 95%, OP. If a well-managed bank with an experienced leader is having trouble - what chance does WFC have??? The only thing Charlie knows to do to increase profits is slash, sell, cut, and eliminate. No interest or effort in creating, investing, innovating, improving, and leading.

The only point I humbly disagree with us that Charlie has not over-invested in anything other than himself, his buddies, blowing the BOD, and stock price manipulation (which you mentioned.) I would never accuse Charlie of over-investing in anything that matters - such as technology, oversight, talent, or getting us out from under the asset cap.

I think when history looks back at Charlie Scharf’s time here, it will recognize him as one of the worst CEO’s of a top bank. Yes, even worse than Stumpf if that’s imaginable. Stumpf was a narcissist, an elitist, abusive and dishonest - but I do think he (illegally) was trying to build the brand. Charlie is openly self-interested, greedy, manipulative, a one-trick-pony, short-term oriented, and seems dedicated to destroying us from within.

Charlie’s weaknesses and lack of ability reveal themselves as time goes on. The only question is how long shareholders and regulators will put up with it.

Wait until the end of the next quarter earnings for banks, it’s going to get ugly.

The difference could be in IB though. JPM hinges a lot on trading activity. Wells does not. Not saying Wells will print a good report, just that they can be different. One of the reasons why JPM was ki----g it for the last two years and Wells continued to struggled.

Post ID: @vmd+1hITIG3N

Source? Uhhhh….read the news..

Source?