Thread regarding Wells Fargo & Co. layoffs

@2sqw+1oh3WT9K

The Site Strategy is focused on non-Customer facing roles and locations. Branch strategy and location are different and there are no plans to totally pull out of profitable markets so Premier Bankers will still be in need. From what I've seen at other GSFIs though, I see the role growing to be more of a generalist who can provide Banking and Investment expertise so filling any gaps in those areas will go a long way toward job security.

@2ztf+1oh3WT9K

I like it.

How would this work for large deposit customers who don’t do any investment business though? Is there a place for premier bankers in this model?

@1wdb+1oh3WT9K My guess - and this is only a guess, I have no inside info - is they build up WF Advisor offices so they can make a branch “switch” to the more affluent segment they are looking for.

They’ll downsize the number and square footage of the legacy branch network for the “average” customers’ needs and put the premium service model into the WFA locations. There are way fewer of those but they are in affluent areas.

All of this, of course, assumes that the brand can be saved from the scandals that continue to unfold and taint it.

"He was very outwardly caring in Tech but behind closed doors he was on a mission. Offshore, RTO, location strategy..."

Probably right, but how would this be any different than an exec who was simply an evil CEOs lackie? Offshore, RTO and location strategy has been CSs go-to plan for years even before he got to WF. The big boss is demanding it, I don't care about the plebes, so let me do what the boss expects.

@1aom+1oh3WT9K

They still have personal banker and teller postings galore if you look at jobs. But yes you are right in that branch FTE is down big time. Transaction count is down big time as well which is causing the reduced headcount. I just don’t see them ever moving sales positions like licensed bankers and financial advisors overseas - doesn’t seem feasible.

@1txi+1oh3WT9K Idk if you’ve noticed but they are shutting down branches left and right - and will continue to do so. The branches that are left will have very few staff - fewer than now, if you can believe it.

They have tried it out before - maybe 10 years ago? It was called something predictable like “branch of the future” or some such. Basically, it was a small room next to the ATM housing that had a desk for a banker, small customer area and service driven from iPads, not behind counters. Still sounds a little pie in the sky but they are working on making it reality all the time.

@1cgj+1oh3WT9K

What you’re saying makes total sense.

And what if you’re in branch banking? I suppose this doesn’t apply quite as much in that case?

@1sns+1oh3WT9K Completely correct. SvB has his eye on CEO - and my bet is he’ll get it in the next 3 years. He was very outwardly caring in Tech but behind closed doors he was on a mission. Offshore, RTO, location strategy. Covid slowed him down significantly but he did what he could where he could.

CSBB - he has the plan perfected and once he gets the green light he is going to execute against it relentlessly. If you’re not in a core location - which, despite what he may have said, I have heard to be a max of 10 - have your resume ready, get in touch with people in your network before you need them and save every dime you can until the details are clear.

Post ID: @1kay+1oh3WT9K

To be fair, CSBB has not YET had the years & level of displacements and roles moving to India like Tech has experienced.

Yet…

Doesn’t seem to be a ton of CSBB employees on this site. Guess we don’t complain as much as tech people?

Post ID: @ntm+1oh3WT9K

Thank you!

I thought the AMA was great. Saul is awesome.

@ntm - he went through that exact same spiel when he was with Tech. Probably literally repeated the exact same talking points.

I would never take a relocation because who's to say they wont lay me off a month later after having uprooted my family. Plus, aren’t all expenses paid by the team member (yeah, I said it. Team member)? Nope, give me my hard earned severance instead.

He said there are 9 core and 8 secondary, acknowledged that location strategy has started to implement at the enterprise level but no timeline yet for CSBB. Affected employees may have options (relocation or displacement), and we'll be empathetic to family situations (which he expanded, as an example, to mean if relocation is an option they'd consider timing based on school year so people don't have to pull kids out in the middle of the school year). But other priorities might come up that could impact any timeline.

That's what I heard....

"It was awkward when he went on about people who want to be anonymous"

Yeah imagine that. The man on the 66th floor of his Manhattan Island luxury tower is out of touch with the ground level employees who are getting fired left and right for speaking up or for no reason at all.

Saul has been out of touch with WF since the day he arrived....he'll be gone soon......remember how it went for Avid?