Thread regarding Wells Fargo & Co. layoffs

One advice... Don't believe the economic indicators published by the government. Believe only what you see.

Layoffs are the corporate world's tool for recalibrating workers' expectations. The elite believe we're asking for too much (Covid levels of compensation and working from home) while giving too little (productivity is dropping since people are overworked and dissatisfied with working conditions) so the executive leadership teams are creating a jobs recession to force lower wages and stricter working conditions.

This will not change until corporate profits are where the wealthy want them to be (significantly higher than the current historical highs).

Seems like charlie only wants HY to have american employees. Everything else to Phillipines or India... just look at the job board now

Inflation is going to remain high.

Bigwigs need to get us out of the asset cap so we can start to grow again. If not by 2025, they should be fired.

The bigwigs are finalizing 2025 budgets right now. Everything is based on expense cuts (more). So, unless your division is spending a lot on paper clips, salary expense needs to be reduced. And that means people reductions.

Well, producer price inflation missed significantly to the upside this morning so probably no imminent rate cuts coming.

The net interest margin (NIM) is a key factor to consider, IMHO at least...

Even though net interest income (NII) might grow due to loan growth, the decline in NIM due to higher deposit rates is a significant pressure point.

Banks with less market noise provide clearer insights into these dynamics, WFB is VERY NOISY...

The views about refinancing and the impact of long-term bond values highlight the relationships/mix between interest rates and bank profitability... Understanding these mixes is key for anyone looking to get the broader econ impact... I have no clue, that's all what I know for sure.

Charlie swims against the current, if everyone is going left, he's going right.

Cannot predict or anticipate anything

the frustration with the banking industry resonates with many who feel that these financial giants have been siphoning wealth from the economy for years. the outrage over high credit card interest rates and strategic maneuvers to maximize profits is understandable - especially when juxtaposed with the complaints about slight declines in their profits due to high interest rates. it's important to remember that a significant portion of credit card debt stems from discretionary spending. however - this doesn't absolve banks from responsibility. they play a significant role in the economic ecosystem and their practices have far-reaching impacts. transparency - fair lending practices - and consumer education should be prioritized to ensure a more equitable financial system.

the front page of WSJ, right now:

• Big Banks Continue to Feel Pressure From Higher Rates

JPMorgan and Wells Fargo both reported a drop in quarterly profit, while Citigroup’s profit rose, driven in part by the bank’s cost-cutting measures.

The inflation rate will not return to 'normal' for the foreseeable future. The federal government is injecting $800B+ into the economy with deficit spending. This is having consequences in the form of inflation. Until the government gets spending under control, inflation will never return to previous lows. We have also have a problem with the position of the dollar in the world. If world USD usage continues to fall, all bets are off and we start looking more and more like Venezuela. Keep an eye on gold - it is telling a story. People are loosing confidence in the dollar and are hedging their bets.

Zero. The goal is to eliminate as many American jobs as possible.

No effect. It's separate to Charlie's plan.