NEW YORK/TORONTO, Nov 5 (Reuters) - Wells Fargo (WFC.N), opens new tab CEO Charlie Scharf said on Wednesday he expects the U.S. bank's workforce to decline further as it focuses on efficiency.
"It's likely we'll have less headcount as we look forward ... we'd like to do much of it through attrition as possible," Scharf said in an interview, noting the bank had 275,000 employees when he joined in 2019 and a little over 210,000 currently.
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now they are forcing us as managers to 'performance manage' people out to make efficiency targets so they don't have to pay severance. We're expected to 'make the case' even when it isn't warranted. They say we are 'raising the bar' on expectations; however, those expectations are not documented or communicated, and these people are 'performing'.
Watch his stock rise.
I hope he enjoys his $30 million bonus while laying off tens of thousands of employees. It's gotten to the point for me that I just do the bare minimum to get by. Why should I go above and beyond for a company that doesn't care about any of us? Charlie may be one of the worse CEOs I've ever seen.
I would work tirelessly to sell Wells Fargo or various parts of it to competitors, including the brokerage to JPM. Then, I would see that Charlie Scharf loses his job. Layoffs are useless if your firm has no value in the marketplace. Charlie has no plan, no real path forward. So, all of you need to advocate for a breakup of the firm.
Competitors should pay attention because all Wells Fargo has at this point is a smaller staff, no new products and services. They also reward incompetence, including managers who lose entire broker teams and half their staff. If you're a Wells Fargo competitor, take satisfaction in knowing that Charlie Scharf is a mo--n with no solutions. Efficiency matters only when you have something to sell.
they will keep tightening the sc--ws until they get to a voluntary/involuntary attrition level they are happy with.
@c0 I've seen people arrange it when they had a solid relationship with their manager. Names were being put forward for cuts and the manager volunteered the person who wanted to be retired. As much to shield their remaining employees as it was to benefit the person retiring.
Charlie can come right out and tell the national press he's trying to force attrition, and you'll still get authoritarian weirdos coming on this board to for righteous, spittle-flecked rants about coffee badgers and WFH lazy people.
@a4 bubby they aren't going to do that. Invest in something worthwhile your family. I've heard many people who have actually volunteered to go. But the people making this decision are way up the food chain and they have their own criteria they don't care about your silly little problems their view not mine. I always warn people to stay away from Wells Fargo both as employees and owning the products. If this is the way you treat your people I sure know that you're not treating your customers kindly or generously or honestly
Sounds like the more hipster, too cool to actually come to work, people they lay off the higher their revenue and earnings. Imagine that. I can certainly understand why the bottom feeders of the company are upset the gravy train is coming to an end.
This is a good thing. The company needs to get of more of the non revenue generating bloat around here anyways, especially the folks on this board who complain about having to work 24 hours a week in person. I think they could layoff every single one of them and be just fine.
Hire more sales people.
The fact that he used the word “attrition” is concerning.
Normally, a good leader will avoid such word - so as not to demotivate his employee's.
Can all those righteous workaholic tell me why I should not game the system.
For the record, he's been saying this since he got here- and he's been doing it. No one should be shocked.
how many of those 210k are non-us? So in reality they have cut a lot more than they let on, at least domestically.
29 years service and one year left until retirement. Will gladly "take-one-for-the-team with a "one-year severance package.
“Through attrition” thats why they are pushing the 8 hours in office mandate so ppl can voluntarily leave and they don’t need to pay out severance. If that doesn’t work I see a 5 day RTO being implemented soon.
Save as much as possible and retire folks, can’t be working for someone forever.