Thread regarding Wells Fargo & Co. layoffs

The Bank has to keep cutting people because they keep losing money in $billions. The Bank keeps losing money because they keep getting fined in $billions due to constant regulatory violations and financial crimes. Wells Fargo is a bank of dishonesty, period. The top executives need to cut their employees in order to save their salaries and bonuses.

They really don’t know the real number of cuts to make so they don’t know if they can cut deeper without having everything crash. They figure if they cut too deep they will rehire with the hopes of upgrading talent or getting them cheaper. They also make it revolving so they don’t have to do large number layoffs and report them. Plus the HR department can’t handle too many at one time. Other wise you get the typical , get everyone in a room or on a call and say bye all at the same time.

I am not sure they will abandon the ship. I look at them in a slightly different way. I look at them as pirates. After the financial crisis, they used that environment to get on board the "home mortgage" ship. Now they are using that ship to pirate the "wealth management" ships. As they pirate ship to ship they kick those off that aren't fighting well -- that are inefficient.
At first, we are put into the bowels of the ship where we stroke away -- hour by hour, day by day. H...ll, we can even die down there and they don't notice us until we start to smell after a few days. Ah ... the pirates life.. and death.

I can't help looking at the 10-Q personnel expense line. Here they are combining the efficiency expense with the wealth management acquisition expense. If they save on efficiency expense, that is get you to quit without having to pay you severance, they use that savings to acquire and pay for more wealth management firms. So by creating toxic environments, and getting you to give up, they will use that savings towards wealth management. That's their pirating.

Third quarter 2024 vs. third quarter 2023
Personnel expense decreased slightly due to the impact of efficiency initiatives and lower severance expense, largely offset by higher revenue-related compensation expense driven by higher fees in our Wealth and Investment Management business

Are we still going 60% US and 40% offshore? 40% would be eliminated in US first?

Many companies are doing R&D, development offshore today, leaving sales, marketing, C-Suite, college recruiting, and lots of H1b contracting in US.

No it doesn't.