With all the layoffs going on, how does Wells Fargo STILL have 220k employees ? Are they just laying certain people off while hiring others ?
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This was discussed recently. 2019 there were around 270,000 employees, of which 19,000 were in I&P. Today 220,000 of which approx. 47,000 are in I&P. That leaves 173,000 US. They have ditched almost 80,000 us employees
They can hire 4 to 1 of us. It's only about dollars, not risk or quality or work ethics or anything that will make the bank better. Is is a Charlie Shart sh#tshow.
SIMPLE ANSWER, The company is LAYING OFF USA EMPLOYEES. So, For every 1 US EMPLOYEE THE BANK LAYS OFF, THEY HIRE 2-3 EMPLOYEES OFFSHORE.
That is what the BOD is paying $29+ Million dollars for. SHAREHOLDERS SHOULD BE FURIOUS!
This has nothing to do with enhancing the banks Risk Mgmt orControls. That is just smoke and mirrors. Offshoring jobs to 3rd world countries where the company doesn’t even have a branch! OFFSHORING US JOBS IS NOT CREATING AN EFFECTIVE RISK OR CONTROL ENVIRONMENT! However, the CEO claims to be “laser focused” on that, while still occurring Billions in fines, and a lousy stock price.
The fact is, the leaders at the top are a bunch of short sighted greedy blue hairs who could careless about the future of the company or our environment. How about getting an experienced individual from another generation have a seat at the table?
Based on the OCC’s own guidance, this bank should have already been broken up. Yet, almost a decade later the asset cap remains in place and the bank continues to be a habitable offender! Billions of dollars in fines, false promises in their environmental commitments! Greed is good…….only if you are a senile old fogie / boomer / gen x
Their greed has left the company in awful disarray and toxicity among many “entities”. SHAREHOLDERS SHOULD BE PO’d. CEO Rating = DOES NOT MEET EXPECTATIONS in my opinion.
In 2011 we had about 260,000 domestic employees. Right now we have about 165,000 internal domestic employees. It won't stop until we're all gone.
layoffs in us is grossly under reported as it’s balanced by hiring aggressively in I&P…overall is getting to much better effeciemciea and cost structures …
Look at the stock today huge pop for the layoffs and share repurchases in billions
We are full AI (All Indian)
P&I are included in the total #.
I think we used to have 250k people, so that's 30k. However, that 220k also includes all the hiring in I&P. Probably closer to 40k-50k laid off
India, Philippines, contractors and those in notice period are contributing factors.
I was wondering the same.
Probably offshore. For 100k US they can get 3 folks in India 🤦♀️