Enough with the drip, drip, drip. If you allocated $1B to terminate employees, just open the flood gates and get it over with.
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Just wait, before the first quarter ends there will be cuts.
WF wanted to acquire Wachovia because they didn't have a significant presence east of the Mississippi. Market saturation, new company, blah blah blah means buying Wachovia was a much better deal for them than actually trying to expand and build - that was the core of that decision
There's no way in heck that the dudes in the smoke filled rooms of JPM want a useless tu-d like Shart as CEO of their company.
“The only profitable division was the mortgage company“
Not even close. That business has been in the toilet for years.
Let’s face it folks, Chainsaw was brought in the slash expenses, let go of as many people as possible and sell the bank. 2024 will be the end of WF. The only profitable division was the mortgage company and that’s been cut to almost nothing. He’s going to sell the WM and investment businesses to an investment bank like Goldman, and the branch network to JPM. He will then return to JPM and when his mentor retires to run for public office he will replace him.
I know it's coming and I just...don't...care... Mildly excited overall I'd say. If you didn't learn how to manage your money by now you never will. Have fun with those mortgage payments!
1 increases costs, 2 has already failed, and 3 may be a good thing but does increase costs as well. I do agree that the blood bath will continue, but likely for at least another year. Our leadership isn't sufficiently competent to downsize 20-30k people in 2 quarters. Apparently Citi can do it in one, but it'll take these clowns 4.
"WF was gifted $20b+ in TARP money in 2007"
Wait -- weren't all the major banks given TARP money in order to mask which banks were near insolvency?
I call BS.
1 Remote workers will return to office or let go in Q1.
2 The public announcement of upcoming layoffs will potentially drive up attrition as employees look for new jobs and quit willingly.
3 Stricter enforcement of performance and policy will get low performers fired in Q1.
These three phases lower the severance pay outs.
Reevaluating numbers and the real bloodbath begins Q2.
Common chainsaw pull the chord and let’s get the bloodbath stt
@@aed+1qbU44dq....WFC was not forced to purchase Wachovia Bank...to state otherwise is either a lie or just ignorance. Citigroup was working a deal with the feds with many conditions...WFC entered into the deal on their volition... they were in no way compelled by the federal government to make any deal.
Let us go! We are tired of the constant layoffs, and overloaded with work. Give us our severance that we richly deserve and let us go. Please feel free to hire younger individuals who can learn as they go.We will not go until we get our severance for any HR individuals monitoring this feed.
You must be doing something really wrong, work on the wrong team and/or work with some terrible people if you e been here for 20 years and haven't seen anyone progress. Or maybe you're flat out lying?
Been at Wells 32 years. Love it. Another big bonus and 6 weeks vacation coming my way ..
required to take TARP so people did not know which banks were insolvent so no run on these banks. Fed forced WF to by Wachovia which was insolvent, same with JPM and Chase. Get the deposits, footprint, good loans Feds ate the bad loans etc. One giant bailout. Get ready for a 10x worse situation in 2024.
I knew of a non contributing manager that got the ax 2 years ago. Nothing missed in that persons absence. Had to pay maybe six mos of severance to get rid of the dead weight but now that it is two years down the road that is 1.5 years of no pay. This place is frustrating for sure but I am not leaving unless i get a package.
@xoa+1qbU44dq The way it was communicated was that Kovacevich said they didn't need the bailout, gov't then was going to send the money to another bank.
In a way you are right, who wouldn't turn down the money given the circumstances. The biggest problem is what WF chose to do with that money. During a financial crash they decided to acquire Wachovia instead of investing back in the economy.
This whole thing revolves around developing and keeping trust in a brand. Then 8 years later the account scandal put icing on the cake.
we were forced to take tarp and paid it back with interest
WF hasn't been a nice place to work for quite some time. One might say that the moment WF was gifted $20b+ in TARP money in 2007, that is the moment things really went awry.
Can't think of a single individual that has truly advanced internally in my 20+ years here. There is only opportunity in upper mgmt with new blood or managers shifting across departments, the rest of us are kept under the floorboards.
Add to that insulting merit/bonus budgets for ‘23. Attrition is cheap in the short run but gives rise to inefficiency as remaining employee quality declines to the quiet quitters.
He has stated over and over ever since he came in that he wants to minimize expenses and has been quoted consistently and as recently as a couple weeks ago that employees are the company's biggest "controllable" expense.
As such, he's gone to war. He's cut benefits as far as possible, caused as much mental anguish as possible, created an adversarial stacked ranking to demoralize employees as much as possible, and kept the inner workings of his layoff meat grinder obscured so that every single employee lives in constant fear.
Why? To cut costs. Severance is expensive, but employees quitting is free. He has intentionally made the company a horrible place to work in order to get as many people as possible to quit for free instead of having to pay severance. His own words reveal this truth.