13 replies (most recent on top)
Tim Sloan is so dense. WF had already published on the Internet they plans for streamlining, automation, and offshoring and layoffs have already been documented by newspapers on the Internet as they happen.
Tim Sloan - here is what's next (and present):
All of this translates to: JOB LOSSES and LAYOFFS!
Here is my questions. Almost all WFB money comes from the USA, you do business here and you make money here. Why in the world you want to spend all your money outside of this economy and offshore work? Makes no sense, you use the USA to extract profits but you want to shift most of that money outside of the USA (aside from the chunk that the Executives keep for themselves and dividends that they pay to shareholders and foreign sovereign funds that represent a large chunk of shareholders).
I just do not get it, why we as a nation allow things like this is beyond me.
This is from the trenches: He's either completely disillusional or a complete liar. No person in trenches supports him or what they did or what they are planning to do (massive layoffs).
Tim lies! He told the senate banking committee WF has 15,000 open jobs and displaced workers would have a shot at those jobs. Tim lied about the number of open positions. There are 3,010 open domestic jobs and 269 jobs globally outside the US (10/4/2017 @ 7:13 ET) Maybe this should be reported to the ethics line! Naw it's more fun to watch senator warren go gorilla on Tim!
Sloan is either lying, delusional, or both. 270,000 employees most definitely DO NOT support him. Possibly some in the C-suite do, I don't know. But for the rank and file it's definitely a case of "meet the new boss, same as the old boss". Nobody believes or trusts him.
Elizabeth Warren calling Tim Sloan out for cutting $4 billion dollars in costs which would equal to laying off 20,000 employees to cut 8% in operating costs.
Don't kid yourself. Cuts are coming. Not trying to scare folks but it's the only way to save $4B. Some of that will come from the sale of some businesses like insurance. But most of it will come from employees being let go. Even if you think your job is secure, take charge of your career and be ready in case. Many times good people are let go simply because the executive management said we are cutting X and so we need to fire X number of people. It's a stupid strategy as you can't cut your way to long term profitability but the shareholders will like it.
Well when Elizabeth Warren stated that WF was going to aggressively cut $4 billion dollars in costs, including streamlining, automation, and offshoring. Tim Sloan denied that there would be job cuts and that as a CEO he has to please the shareholders as well as the employees. Contradictory statements I say.
Tim Sloan socialized and was friendly with both John Stumpf and Carrie Tolstedt and was appointed into his various roles for the last 6 years by John Stumpf himself of course he's involved.
Follow the stench.
During the testimony Tim Sloan said he had the support of all 270,000 employees even though they didn't vote him into office, but rather he was appointed by the board of directors, whom he said shouldn't be fired because they took steps after the fact to make things right.
I Thought the fact that he couldn't explain the outsourcing and the fact they are already laying off and outsourcing. He stated he couldn't say how many more would be laid off and they give preference to employees but if there are not jobs out there to put in for how can you you get preference?
I saw most of it he was very apologetic and deflected what he and others could have done to prevent it. The senators were too softball except for Elizabeth Warren who said he should be fired based on the fact he was CFO during the time it was happening.
And - nothing of substance