Thread regarding Wells Fargo & Co. layoffs

A key contributor here that is remote and 2.5 hours from hub getting forced to relocate or leave after 28 years and not at a point to retire.

Hundreds of people..... Really sad

Anyone else who's remote and non-hub being forced to suffer the indignity of having to go into a non-hub office 3X/week yet still beingclassified as remote and excluded from career mobility?

@1isi+1qvFITBk

So I guess what you are saying is the CEO, annddd BOD have been lying to shareholders AGAIN? Didn’t they already get in trouble for this and fined. You lie lie lie!
How does Shart’s sphincter smell ya brown nose. Are you here to stroke an inefficient CEO’s ego and spread disinformation. If the focus has changed then shareholders and regulators need to be informed and approved. If what you say is true LOL, there is a very large paper trail and recordings stating that his #1 primary focus is to bring “wells fargo’s risk and control environment into compliance”. Regulators would never approve anything you say until those problems are addressed. Don’t you have a blumpkin that you should be attending to?

Either way, THE SCHART IS INEFFICIENT, OVERPAID, AND HAS REPEATEDLY FAILED. If you think that success is equivalent to being fined multi-billion dollar fines then yiu nuat be the Shartman himself or some minion ATTEMPTING TO DRIVE SOME FALSE NARRATIVE THAT DEMONSTRATES THAT THE Schart, AND THE BOD HAVE BEEN LYING TO, SHAREHOLDERS, EMPLOYEES, AND AMERICA!

Aren’t they being sued by a convent of nuns who are also inventors and have accused the CEO of this exact scenario.

#WFC

#2023Q4

#2023

#Q4

#Banking

#America

#inequality

#fakenarrative

#2024

#Finance

#Tech

#Regulators

#Wallstreet

#WellsFargo

#WellsFargoShitShow

It's clearly not the sole focus. They are wasting to much money for that possibly to be the case. Easy examples, wasting $500M on NYC office space that literally no one wanted and making OR employees that will all be laid off anyway RTO costing the company millions and facilitating unionization attempts. DEI? Intentionally sourcing from the most expensive vendors? If you haven't seen the company wasting massive amounts of money, you're not paying attention. These people don't care about profits. Not really.

@lea
You're missing the point.

CS and BOD realized early on that WF won’t be able to appease regulators and lift cap, so they've given up.

Their sole focus is to make the company as profitable/attractive as possible (i.e., operational efficiency through cost cutting incl. layoffs and offshoring jobs) and then selling off pieces/parts to highest bidders (JPMC def in the mix).

It's that simple. In BOD's eyes, CS is exceeding in the mission. WF as a company and brand is no longer a going concern.

@vut+1qvFITBk
"The layoffs will NOT stop in 2025"

Correct. This plan was actually quietly announced in 2019 as a 2020-2027 plan when CS briefed investors on how long it would take to transform the company. The pandemic delayed a bunch of the layoffs, which ended up meaning that it's far more layoffs per year now since they basically had to skip doing layoffs in 2020 and most of 2021, more heavily loading up 2022 and later years with more layoffs per year.

But it's always been a plan which had a target completion date of 2027 and it doesn't appear that is changing even based on the most recent CS statements to our shareholders.

@jzp+1qvFITBk

Woah there ya Jabroni! The Schart was brought in to address wells fargo’s Risk and Control environment. You know, it’s that “multi-year effort to fix the banks ineffective risk and controls blah blah blah”.

He was also specifically hired to address and remove the asset cap. At least that’s what the shareholders, customers, and regulators thought. HE HAS YET TO RESOLVE ANY OF THESE MAJOR ISSUES. Because of his failure to resolve these matters, the bank cannot even grow due to the asset cap.

Are you trying to say that the board of directors brought Schart on for $24Million yearly salary + bonus and 7 figure raises to reduce headcount by cutting American jobs and offshore ? Oh yea, let’s not forget allll the perks he has along with how he never relocated to the companies headquarters?

Are you saying that the regulators approved this when he was brought on board?

The CEO ala Schart has accomplished, absolutely nothing, except billion dollar fines, a toxic workplace, mistrust and distrust between all levels of employees. This alone has and is negatively impacting the company, our customers, shareholders, And retaining top talent.

So what are you talking about? Can you elaborate when you say that “this is what the BOD brought him to do”? There are much better ways to cut costs. Can you even name one accomplishment or milestone that he has met?

Nice try on the attempt at steering the narrative. That sure would’ve been funny if he presented this so called plan to regulators as a way to turn the bank around simply by offshoring tens of thousands of American jobs to Third World countries. That sure is going to mitigate risk. He’s doing a great job at revamping the risking control environment…… NOTTTT.

HAVE SOME SELF-RESPECT! You’re fooling no one

Post ID: @vut+1qvFITBk , so this will be pawn shop or local bank lending friends in coming years. Before that government will dissolve this cr-p like 2009. It shouldn't have survived this long anyway the obama folks merged wachovia to give life line.

@jzp+1qvFITBk

Of course, but the BoD moving on from Shart is the surest sign that they want layoffs to end. The game plan has always been to bring in chainsaw, term tens of thousands, then dump chainsaw so the next leader isn't tainted with the unfortunate legacy of terming everyone in sight and generally being a POS.

Lots of stuff in motion re location, in-office attendance and layoffs. interrelated but not the same.

in office attendance: people in core/go forward markets that are within 40 miles of an office and currently remote will be told within the next month that they will have to RTO. Similar to the rest of us in go forward markets, it will be a job requirement and failure to comply can lead up to dismissal.

Location strategy: anyone not in a go forward location will be subject to the plan in the OP. That will be done in "waves" and people may or may not have a job to relocate to.

Efficiency: garden variety layoffs to achieve expense /efficiency - those will continue every two weeks on tuesday after payday - forever.

"It ends when Shart leaves WF and not before".

The CEO is nothing more than the tool in the hands of the chief architects (BOD's) of not only the RIF policy but every other policy that has been and will be enacted at WF. He is going nowhere as he is doing exactly what he was brought in to do. Be the point man for all the actions that have already taken place and for those that will run on for the next few years. Look how successful he has been. That point is indisputable!

I was in a sub-core FL location, was remote, and was let go this late summer. Reason given: "efficiencies."

The layoffs will NOT stop in 2025, the execs just told the Oregon employees that displacements there will occur over the next 3 years, and they aren't alone. It ends when Shart leaves WF and not before.

How is this any different than what has been happening for several years? Old news.

That's not good info though