Because it wasn’t always like that, I can attest to it. But when did things shift?
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@OP been with WF almost 16 yrs and can recall annual layoffs the whole time. The frequency has increased greatly under CS. The company goes to ish a little more with each CEO but going downhill fast now.
Charlie is a double standard bast@$d. Sent jobs to India, while he hired Indian managers to layoff capable Americans in the US.
Chainsaw Chuck got the ball rolling downhill…
https://www.reuters.com/business/wells-fargo-ceo-expects-severance-expenses-exceed-750-million-2023-12-05/
Asked and answered multiple times, troll. GTFO.
@st not to get into a fight, but stating Charlie ramped it up from annual to bi-weekly is hardly calling it business as usual.
@qr WF had always had some layoffs. Generally they were contained to businesses exposed to cyclical gyrations (home lending?). The sheer breadth and constant stream of layoffs was not normal before.
You are getting down voted because its disingenuous to imply this is somehow business as usual. Its not. Wells Fargo has laid off 10s of thousands of people across all lines of business and progressively increased offshoring of jobs over the last 5 years.
@dk again. Not sure why I got downvoted for giving a summation of WF layoff practices that covers multiple decades. It's the absolute truth that WF annually paid off folks prior to end of year holidays.
@dr+1ka0dnx1g At least with Sloan there was transparency around the announcement and the impact. I would much prefer that over the current drip drip drip approach which has everyone on edge with no end in sight
@bx and don't forget the replacement and replacement ratio factor. Replacement of jobs for ratio x H1b and offshore.
@OP You must be new here, Sloan announce back in 18, that the bank was going to shed 10 percent of the 260K, After he left Scharf came in and said hold hold my beer and never stopped with the layoffs.
Layoffs are a long-standing WF tradition. Before Chainsaw, they were an annual just-in-time-for-Christmas thing. Chainsaw ramped it up to bi-weekly.
There are no products and services we have to leverage to grow the firm, so, cutting staff is all that remains to create "growth.". The advisors who work for or brought clients to this firm have no moral compass or common sense.These advisors can't do their best due to the poor reputation of Wells Fargo, and the CEO is not an intellectual or visionary.
Because Wellsfargo is AI (All Indian) company
@bf it is the only power we have. If they want to fu-k us over, we will fu-k them back. They created this game, so we will play it.
Focused layoffs company wide is 2020; we had some for performance based but it was not easy. Reality is WF cost model was the highest of the large banks. The asset cap certainly made had a play in that as well, as WF changed the mix of products. Some profitable businesses were left (home equity is a great example).
@bf Great questions. Sounds like you're curious why the multi-decade loyal "team members" are getting severed with zero recourse due to location strategy, AI or replacement nepotistic H1B slaves. Those humans, the ones here incentivized...every day bragging about how little they do at work as some kind of protest because its productive fun to troll losers like you...bonus...they're getting paid to do it too...just not as much as the "chainsaw charlie" earns on the board of Microsoft.
Mortgage was consistently each year in the fall and if there were layoff it was transparent and communicated. The every other Tuesday started with CS and cs alone! I don’t know how this unconscionable practice is not in the news. Where is the transparency that employees and shareholders can respect? Some random comment in the news about need to become more efficient is not transparency!
They actually started at the time of the Great Recession - with goals of saving $x per year. then it seemed to slow down for a while.
However, lately it's been much worse. They continue to hire from JPM, but layoff WF people. So the total # of employees listed online is misleading - that # assumes that they're not hiring JPM people left and right, but they have been.
Then they came up with the hub thing, which will go away in a few years anyway, because that's how WF does it - a never ending circle of "let's do this, now let's do this" - all while wasting $$$$ on buildings, hiring people, laying off people, etc. Incompetence.
Layoffs were always a thing in Mortgage when rates shifted up and down.
The rest of the company it started around 2006ish.
Sharts arrival….
Probably around the time they realized they were dramatically overstaffed. They've gotten rid of tens of thousands and we still have mo--ns on here every day bragging about how little they do at work as some kind of protest. Go figure.
2020
when shart took the helm (since that's why they hired him).
AI is shifting all companies. Layoffs are going to be constant going forward. Save as much money as you can is the best advice I can give you. It's tough to find a job out there.