Q4 report
272,000 employees in 2019
217,500 employees in 2024
- 54,500 employees in 5 years
Roughly 11,000 layoffs, retirement, attrition per year.
...and the bank is still inefficient. More to come.
9 replies (most recent on top)
Nothing ever changes. Some people are doing something about it. Google Meggan Halvorson Wells Fargo change
Since the merger we're down about 100k domestic employees. They bragged in 2012 that 98% of the employees were domestic. Now they high five in their ivory tower about how few domestic workers we have. Shart is a menace, and he won't stop until he gets his golden parachute. What a POS.
US employee count in 2019 bounced 256,000-259,000
May 2023 the US count was down to 189,000
2019 India 17,000
2023 India 29,000
The total number doesn’t also reflect the number of US jobs that have been cut and sent to India and Philippines. I bet if you included those, the number of US jobs that Charlie has cut is over 75,000 in five years.
I am all about being more efficient and effective as a company, but I am floored that the politicians haven’t started scrutinizing this more. That is a lot of people out of work…and yet those of us still working at WF are swamped. I don’t know anyone in my group that has bandwidth to do more, and heaven forbid someone goes out on a leave. It’s crazy that there is no buffer in coverage for those scenarios.
What that doesn't show is the huge number of US layoffs that numbers far more than 54k while many positions have been rehired in India. In 2019, that 272k may have only been 25k I&P. I bet now we are 217k with 50k I&P. Isn't it convenient that they were all moved to the businesses so it's harder to see just how many I&P people there are now instead of being able to look at the I&P leader to get an idea. Maybe there aren't 50k yet, but leadership sure is on a huge push to reduce US and hire in India.
My boss is a Sr Exec and she told me the other day that the goal is 200,000, so we still can hope. 10+ year employee ready to go.
@a2 please, please, please pay me to do nothing for 14 months (WARN + max severance).
It'd be the second nice thing WF ever did for me over a quarter-century+ career here.
That is not including all the I&P employees hired in the past 5 years.
We need to cut more dead weights. Cut all the 10, 20, 30 years coasters.