What is everybody thinking, what kind of numbers can we expect? I always get nervous around this time. I know layoffs will continue either way, but the volume will be decided by the results, and that makes me uneasy.
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Yeah, someone should ask Shart how spending $500M on NYC real estate that absolutely no one wanted, and staffing it with the highest paid employees in the nation, has helped WFs efficiency rating.
It doesn't, and he doesn't give an S.
I don't believe they really care about efficiency at all. They say they do, but I see little evidence. It would actually be pretty easy to beat all the major bank competitors in this area. Simply embrace WFH permanently, shut down all the admin buildings, and shift the responsibility to supply computer hardware for most regular admin employees to the employees themselves. We'd be the most efficient major bank in the country. We spend a hideous amount of money on building related things for no real benefit. End it, and we'd be best in class over night.
The volume of layoffs is decided by how many can be processed every two weeks. We are still just a bit above Bank of America in total head count.
For the American employee, we will continue to get squeezed from two directions. First to align head count quite a bit below Bank of America. Second to also hire and shift more jobs to India.
Layoffs will continue into 2027.
The only thing that can halt this is the asset cap getting lifted and magically revenue takes off.
The executives are dead set on getting down to that 55% efficiency ratio.
Budgets are getting squeezed even tighter for FY2025.