There are many, many other ways to increase profit that won't cost many employees their livelihoods and destroy the morale of those who are left behind in the process. A good and competent CEO and C-Suite would know what to do. Sadly, we don't have either of those.
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When the operational cost goes down, the "perceived" operational efficiency improves, and the bank's stock value goes up. Guess what? All WF Sr. executives are key stakeholders of WF stocks. Make sense?
Because Chainsaw has no concept on how to grow a business with strategic plans. He just keeps cutting and pretending it’s growth. Worthless failure.
Charlie here. I appreciate your sacrifice.
Cheers.
Save on real estate and cr-ppy cookies during employee appreciation week! Let non-customer facing people work from home.
Here's low hanging fruit: sourcing. HY absolutely insists on overpaying for things. It's beyond ridiculous. "Oh, the owner of the supplier is (insert meaningless diversity category here) AND they had their genitals removed? Oh, so brave, we'll pay double the market rate, but we MUST partner with them!!!"
😐
Here's an alternative, just get the lowest price items that will do what we need and fire everyone involved with trivial/discriminatory BS that says otherwise.
We can’t figure out how to get efficient via process improvements. We continue to build duplicative stovepipes. We don’t invest in technology. What other levers are there??
@yyi+1sZGriRw, "The chaos of a layoff or reorg will distract from an executive's failures."
That is very true.
Charlie promised 10 billion annual expense cuts in 2020
Because it's easy to lay off 300+ people to cut one executive's worth of annual salary from the expense column.
Makes them feel big and important to ruin people's lives.
They’d save so much more if they’d get their heads out and fire McKinsey already
The bloat is the layers upon layers of overpaid do nothing middle managers.
They could save a billion dollars a year by getting rid of the useless admin buildings and requiring employees to provide their own tech to WFH.
They should take a look at the expenses that come through Concur and FAEMs. Does upper management really need another WF jacket? Should WF be paying for bday, baby shower gifts and wedding gifts and sending interns to Disney world.
Easy way to cut costs…you’re welcome!!!
Efficiency layoffs are anticipated to become a permanent fixture of organizational culture. See BNY Mellon’s section for what to expect in perpetuity.
Bloated? I see this response on this board occasionally and always think, wonder what LOB they work for? The staff in my dept has been cut in half from 5 yrs ago. We haven't been "bloated" for half a decade in my world. All the work just gets shoved onto remaining staff, which in turn makes people leave. Those people don't get replaced & the cycle repeats again and again.
Like what?
Salaries are the biggest expense item on the books and it's an easy lever to pull. I'm not for destroying livelihoods but this bank has been very bloated for years. Maybe instead of just hiring to hire people, we should have invested in tech. Now, we're trying to play catch up. Problem is that other people are going to get caught up in that mess where we probably shouldn't be cutting.
Also, if you can't grow revenue, the only option is to cut expenses.
It gets the media's attention which artificially helps the stock price because it gives the appearance the CEO is making the organization lean. In the case of WF, I believe they have a few additional strategies: (1) Replace existing employees with lower cost options (usually offshore). (2) Get more people in office buildings by forcing them move from remote jobs to hubs or lose their jobs. Not for collaboration, but for as a corporate real estate financial strategy. (3) Provide executives with a way to increase their compensation with the 'savings' they created.
Most executives have Narcissistic Personality Disorder (superficial charm, no empathy, loves chaos)
The chaos of a layoff or reorg will distract from an executives failures.