I still can’t understand how WF can lay off everyone & continue to do. Does that mean everyone had unnecessary jobs? Who is doing all their work? I mean they were doing work up until the day they were laid off.
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Charlie here. Stop complaining, just do your job. Remember, you all work for me.
They lay off to make room for India and the Philippines. Last week WF did a photo welcoming the newest India team members. It was 50+ new people while our group of 22 displaced on 12/10/24. The execs can keep their big bonuses, multiple houses/cars and lavish lifestyle when they replace Americans with foreigners; $25 an hour vs $5 an hour. Hope this crooked& miserable, DE&I(puke) company has a swift, flaming demise straight to h*ll.
How come no one mentioned the things that are breaking due to people getting laid off?
Is this really a question? Who’s doing the work? The people who are left. It just increases their workload. “Do more with less” business mentality. Not rocket science.
Shart will leave eventually, either once the cap is lifted or once the mass layoffs end. He never cared about WF or this job, it's all about him, and what he wants is a reputation in the street as a great "turn around CEO'. The BoD brought him in to downsize as many domestic employees as possible. With no cap and the downsizing done, not only is he happy and will have achieved his personal goals, but he brings no value to the board. He's incapable of leading a company, so it'll be the ideal time for both parties for him to leave.
The only question is how many of us will be left. Hard to say for sure, my guess is less then 100k domestic employees. 2025/2026 are going to be rough.
When they got out of the home mortgage business, it had knock-on effects across the entire bank. CS's effort is to have fewer but wealthier clients. So this requires fewer banking stores and fewer employees per unit of revenue.
So long as WF is under an asset cap anyway, I guess it makes sense to try to fit more assets under fewer clients. However this also reveals that CS doesn't think WF is ever getting out from under the asset cap. We wouldn't need to cut customers and cut employees if the bank was allowed to grow, but CS can't seem to do what's needed to have the asset cap lifted.
So we have a perverse situation where because he failed at having the consent orders and asset cap listed, he's shifted gears to instead focus on making more profit from the same old asset cap instead. Failing upwards I guess?
In many cases, the work from a laid off employee gets piled on remaining employees. That's what happened to me.
Mostly no one is picking up the work. The work wasn't necessary in the first place.
The people on my team and myself included are all doing the jobs of 2-3 people and we are exhausted and burnt out. That’s what’s happening.
@pha That's your retort?
You could at least attempt to prove you have a clue rather than removing all doubt.
I view it as the bank being raided from the inside. There are zero good intentions on the part of our C-Suite. Despite what Charlie & Co say, they are squeezing every drop out of the company for their personal gain and then will abandon ship. Their actions speak much louder than their words.
Who is going to get left in the dust after they have decimated the bank and moved on? Shareholders, customers, depositors. creditors, employees, taxpayers, the US economy and communities.
Correct!
@wil+1w5HGDI5 Elon paid a premium, Wells hasn't been sold, Twitter was, so this is not an apples to apples comparison. Nice try.
I wish they'd hurry up with it and move on, but it doesn't mean we'll get anyone better. Unfortunately, I'm not sure we'll ever return to what used to be a great culture that made us stand out from our competitors. I also quesiton whether our CEO will even leave. They are obviously trying to juice the stock, but it doesn't necessarily indicate he plans to leave. Seems he's pretty settled in to me.
I view it as the bank being raided from the inside. There are zero good intentions on the part of our C-Suite. Despite what Charlie & Co say, they are squeezing every drop out of the company for their personal gain and then will abandon ship. Their actions speak much louder than their words.
Who is going to get left in the dust after they have decimated the bank and moved on? Shareholders, customers, depositors. creditors, employees, taxpayers, the US economy and communities.
@otj Oh, and that was only through October of 2024. At the annualized rate of loss for X, it should be worth roughly $4.5 Billion by January 1st, 2025 for a staggering 2-year loss of 89.7% of investor value.
You think chopping WF's profits from $82 Bn per year to $8.2 Bn per year is the correct way to run this company? You're definitely a hand-picked WF executive friend of Charlie's.
@kxe Twitter has also lost 79% of its value since Elmo bought it. The next time you want to force-feed an operating model onto a profitable company, maybe you should pick a profitable company as the model?
At least pick one that's staying afloat.
Who is doing all their work? Outsourcing, H-1b, OPT students
Microsoft is doing it so successfully, we are copying it.
Twitter ad revenue is down more than 80% and you want to say it 'runs better'??
Perhaps if you mean there is less work to do because customers are leaving.
Coworkers are now swamped and PTO changes made. Nice to have done items will now be skipped. Should probably be looked at items now being skipped as well. Same things we witnessed as other teams were cut. Things will look nice on the surface but there will be mold growing underneath.
Twitter cut 80% (?) and runs better. Yes Wells Corporate can cut at least 50% and run better. Not talking about client/customer facing roles, these corporate roles.
Contracting, outsourcing, automation, and just running the survivors d!ck$ into the dirt. It's the McK / HY way.
It is a mix. In some cases, there were people not doing any work. In other cases, they moved the work to India. In other cases, like my team, it has meant working long days, weekends, and holidays to take on the additional work. We were threatened with having low performance reviews if we didn’t find a way to complete all of the work.
Lots of work is having its priority and timing changed to meet the current staffing levels. Which is great but a double-edged sword because upper management keeps trying to squeeze more out of everyone.
The best part is the cuts are by a revolving cast of executives who are hired specifically for that purpose, then leave once they've created the mess, leaving nobody but the remnants of the teams affected to deal with the fallout.
The ones left have to pick up more work, not rocket science, pal.