L👀k. WF, not only are you getting rid of good employees, you could be setting the bank up for even bigger unforeseen losses. Just saying.
https://www.peoplematters.in/news/business/after-mass-layoff-citi-bank-faces-losses-due-to-rise-in-employee-severance-costs-40915
13 replies (most recent on top)
LOL
Its Hilarious how the ones on top are making all the decisions but don't
have a clue who makes this engine go every day. maybe management positions should be outsourced to INP...get a he-l of alot more for less
There is no location strategy, Shart said so. What would really be lean is closing all admin buildings and going 100% WFH with BYOD replacing all company purchased PCs. Of course the execs don't want any US workers, so it really doesn't matter how efficient we are or aren't.
WF did note in their earnings report that they are paying out less for severance packages than expected and this helps cover our increasing losses in our credit card portfolio. Btw, how many times has the bank failed in the credit card industry. How many portfolios have we started, lost $, and then sold the portfolio?
It appears the WF Way is effective. Make your people miserable, leave everything up in the air, and communicate as little as possible. For some reason, people tend to leave instead of waiting around to see if they will be terminated.
Banks have been trying to offshore since the 90s & is been failing every year.
If this bank were under control, there wouldn't be a heightened technology awareness or freeze every month. New software/program rollouts wouldn't be postponed at the last minute or worse, a day after it was supposed to be implemented. The Wall Street numbers guys running this bank have no idea what is actually required to run a bank. I've been through decades of layoffs at Wells Fargo and it never felt like the dumpster fire it is under the current management.
The AI hype will eventually crash and these companies will need to hire back many of the employees they willingly got rid of. If/when they approach you to come back, demand a significant raise.
location strategy would get us to be lean through attrition and layoffs and cut down on footprint costs would ultimately lead us to offshoring most jobs to India in the long run. After 10 years all banks would look very different—no branches all digital tech run by ai n cheap labor with high multiple with over worked disgruntled bare bones us staff.
Post ID: @lfp+1s4aEjMB
What are they firing people for? I know of no one in the US who has been fired in recent years, although several who probably should have been.
Genuinely asking.
The $1B is for unanticipated severance expenses. One presumes that's on top of the ones that were expected. Each of the last two years the company has canned 10-12k people, so this year I'd guess we'll see 25k or more go. On and on it will go until there are very very few domestic employees left.
They reserved a billion but are also firing people for things a year ago no one would think of even raising an eyebrow. The leaders are evil
@aoq+1s4aEjMB
No, I haven't been living under a rock. Everyone knows they set aside billions. Things could still ricochet and cause unexpected obstacles and losses in this ongoing situation.
Have you been living under a rock? They reserved 1 billion for layoffs.
It's appalling and unsettling. Signed an Anonymous, Proxy voting-shareholder.