https://www.reuters.com/business/finance/wells-fargo-ceo-says-bank-not-under-pressure-make-acquisitions-2025-11-05/
10 replies (most recent on top)
It might be prudent to expect the unexpected.
Always remember the optimal outcome is a large data center sitting on some land that used to be quiet and beautiful, managed by a skeleton crew of engineers, maybe even remotely, skimming transactions and add fees, with as few people as possible, generating massive compensation for shareholders and executives, the only people who matter in the equation. Oh maybe the customer.
40 billion stock buyback more important than what we can see transpiring.
@a5 yeah nothing says corporate culture like scolding "whiny babies" for... people losing their jobs to fatten the wallets of those at the top.
@a5 The problem isn't the layoffs, that's happening at lots of places and is just part of doing business, like you said. The problem is:
they're doing it through attrition, which by design is going to push out the people who have options. WF is losing the opposite of their low performers. And everyone who stays loyal is being made deliberately miserable in the process.
The people doing this are gleeful about it. If you watch the video of Charlie, he's clearly preening, this is a career achievement for him. Its seriously gross and disrespectful to the people who's lives he's uprooting. We deserve a better class of people in leadership positions than this.
@a5 you don't work at the bank you have no idea how devoted the staff was to the bank but we didn't realize the relationship went one way only. It was called trust. Thats the only thing we sell and we've shown our staff and customers how much we don't value that
Charley is not an intellectual. He's not Jamie Dimon, he has no corporate value other than layoffs. Anyone can do that. The challenge is actually having products, services and trained staff. Charley hasn't a clue how those concepts work. Instead, managers get promoted despite losing teams of brokers and their staff. Not a good sign. If managers lose profitable teams, fire them.
Businesses get rid of people they dont need every day. Enjoy having been way overstaffed the last few years. If he can get rid of people and it has zero impact on the top or bottom lines he wouldn't be doing his job to keep them employed just because they feel entitled to sit on their couch doing nothing til they retire. The whiny babies need to grow up.
What's really gross about this, this is a victory lap for him. He's PROUD to have put tens of thousands of people out of work, is licking his chops over the prospect of more, and went on this show to get praise for it. Straight psychopath behavior.
Reminds me of that line in the Big Short, "they're not confessing, they're bragging." The system of incentives for CEOs has gotten entirely distorted. People like this used to be ashamed of themselves, or at least understand the PR benefits of a little humility.
Of course he does. And they want to reduce mainly by attrition...so if it hasn't been toxic enough for you the last several years....just wait. They are absolutely despicable. Find something else as soon as you can to save your sanity.