Thread regarding Wells Fargo & Co. layoffs

@1mub+1vWnzFm3

The difference between the Shart plan and these other banks is that he'll never stop. His plan is to get rid of nearly all domestic employees. That's the vision. Not a lean operation, no (domestic) operation. Executives and some sales/trading people in the US, everything else overseas. This is why mortgage and branch banking is on the hit list. Once those are gone probably 90% of the domestic roles could be eliminated. Shart will wind it all down.

Curious as to how CLT tech "got their way" since at least in Corporate Banking, the Wachovia Connection was shut down and over 300,000 corporate clients had to migrate to CEO.

@1ays+1vWnzFm3 Which merger? Wachovia? Yeah- but as I recall there was a lot of political fighting on who was gonna get a seat when the music stopped playing on the deck of the titanic. A lot of WB folks got in and of course set upon building their fiefdoms. CLT is very cliquey. (so is SF for that matter) So if you were in CLT (especially in tech) they got their way on a lot of stuff.

Even when I joined in the 2000's the perception was that the Norwest people were good 'ole boys doing stuff and the WF San Fran crowd were viewed as pedigreed/elitists. A lot of the leaders out of SF were dipshts. In the 2000's before the crash, we couldn't help but make money in spite of ourselves. Then the go for gr8 id--ts (Tolstead was norwest) went and destroyed the brand. Cue financial crisis and now you get all the dipsh-ts that also trashed Wachovia with the center of mass being Charlotte. Now you have the NYC crowd of dipshts.

a little bit of history--

1. wells was a san francisco bank which rose rapidly in the 80s. in the 90s it fumbled with its hostile takeover of first interstate and sold itself to norwest which took the wf name.
2. norwest was a retail oriented bank and set the consumer strategy-- the wholesale bank stayed pretty much old wells

meanwhile on the east coast...

1. first union had its own disasterous takeover of corestates in philadelphia and merged with wachovia and took its name
2. wachovia then entered ca through the acquisition of a ca savings and loan. (at the time i told the wells folks here we go-- game set in motion for a future wachovia wells merger-- who knows who will be on top)
3. in the 2007 financial panic, wachovias acquisition blew up in its face and wells took it over.

and then..
the norwest sales culture at wells got wierd and the whole thing blew up and enter the chase team

@1ays+1vWnzFm3

Actually, they are doing what their peer banks have been for decades. It feels rushed because they are playing catch up. JPM, Morgan Stanley, Citi, BNYMellon have been doing it for decades, I personally know this because I worked for a few of the peer banks. Even the mid-tier institutions have off-shored/out-sourced jobs. It su-ks because of those roles were good entry level roles for the younger generations to get into the corporate space.

Norwest is the problem!

@uyd+1vWnzFm3

There should have been more cuts after the merger, that's true, but what Shart and his cronies are doing is eliminating the domestic WF workforce. Not sure how that's wHaT tHe cOmpAnY nEeDs.

Execs are all in NY, why are you surprised.

I thought Norwest was the company with the tarnished rep and the reason why they took the Wells Fargo name. Almost all of the execs were still Norwest.

I think they should change the name. How about bank of the LUCD bank?

Lazy
Uneducated
Corrupt
D-mb

It was already trashed from the account opening scandals and not firing people after the mergers, too much overlapping of tasks for years… until someone came in and bought people in with no ties to do “the needful” it sounds harsh but if those cuts were done decades ago when you were younger and more marketable you might be better off today.

agreed they trashed it.

Chuck really destroyed WF…..

John Stumpf was not a WF exec. Stumpf was Kovacevich's right-hand man the whole time.