The fact is we do need layoffs. The problem is that it's not the real fat that's getting cut every week but the people who do the actual work. The fat remains and only becomes more prominent over time. That's Wells Fargo's main problem, not the layoffs themselves.
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Too many layers of overpaid useless unnecessary management. That's where the fat is.
All the bureaucratic layers of risk and controls are hardest to cut. It is a job for life.
agree with OP. The real fat is harder to cut because it's not among the easy-to-cut 500 people in a call center in a building they want to get rid of.
The real issue is that Wells Fargo has done enormous damage to consumers and should have been closed years ago. Layoffs won't solve that reality. Scharf needs to leave and preparations made to break up the bank and offload the brokerage.