comparison between wells and chase:
In 2023, chase made 49.6 billion with 308k employees where as wells made 18.9 billion with 235k employees. What do you think?
18 replies (most recent on top)
No comments on the fact that we need double the risk folks due to leadership mistakes from 2008-16.
... And yet they continue to spend billions on things that have zero relevance to the company's performance. Gee, I wonder who's fault that is.
Do you think you just discovered this fact? The efficiency ratio (the amount of money we spend in order to make money) has been a metric that the c-suite has been talking about for 6 years.
So many directors with no direction.
Sure, but I don't see a lot of evidence that Hudson Yards cares about cutting costs. There's a TON of other low hanging fruit that they aren't even considering cutting.
Now when we have issues with all the sh---y WF build infrastructure, we need to wait for some du----s in India to look into the issue, or a month long SLA. Id--ts.
it is no secret that our expense ratio is too high and that layoffs are about reducing it. c-suites was saying this even before Charlie came, he is just accelerating it.
@mfj you remind me of a former WF coworker who always complained about how busy he was and having to work lots of overtime. I did the same amount of quantifiable work he did but it took me less than 4 hours a day. Stop confusing efficiency for laziness and entitlement.
If you think the problem rests solely with leadership then I'm sorry. Just read this board where you see person after person bragging about how little work they do, how they avoid following job guidelines, etc.
Leadership definitely owns a significant chunk of the problems the bank is facing but employees are far from blameless.
On this topic, I don't care if the bank continues to downsize. What I do care is that their approach does not seem to be carefully considered. People are given a number and any pushbacks are not listened to. The end result is cuts are being made in places where they shouldn't and other employees who absolutely should be let go end up staying.
“Inefficiencies” are the fault of the C- Suite and the rest of Senior Leadership, not the employees. And yet they are eliminating employees as if we’re the problem.
Technology is outdated requiring manual intervention, bureaucracy has gotten worse under Sharkf and we waste way too much time on bs that has nothing to do with the work at hand. Plus it takes 2 to 3 offshore employees to execute the work of each trauned US employee eliminated.
How much time do you waste on employee engagement projects, volunteer projects, de&i, ridiculous repetitive compliance training, check-the-box procedures that dont address the deeper issues, the whole employee review process, go-nowhere meetings, etc??
I could increase profits and productivity by 30% by eliminating this current leadership team and bringing in someone who knows how to keep their eye on the ball.
Wells Fargo is bloated with employees compared to its peers. CEO needs to RIF and improve efficiency.
But we have more managers, directors and coordinators and recycle more information than them.
The comparisons aren’t valid because JPM and BoA are way ahead of WF in some of the high revenue areas like CIB.
Both of those banks have been historically very Wall Street while WF had been focused on Main Street.
Shart is all Wall Street. So he is gutting the Main Street side of the bank and has not succeeded in building up the Wall Street side.
It is no lie and I understand the layoffs. However what has actually improved since Shart got here? We are still under the asset cap, only bank to be unionized, still haven't gotten out of OCC and new stuff keeps popping up. We do have to get thinner but Shart isn't really improving anything.
Bofa made 25 billion with 200k employees and they are also looking at staff reduction.
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Actually it is a perfect comparison.WFC rev per head is terrible compared to peers. It's been that way for years. It was discussed back in the Sloan days. We over hired all the time and never got rid of people instead of investing in IT.
Not a good comparison bank.. do the numbers with BoA.
Lube the chainsaw Charlie!!!
Leatherface