$40 billion more approved for 2026 and beyond.
It doesn’t matter that they are rolling in cash. They want you gone because there is never enough cash for those who worship it.
Capitalism destroys itself without a strong democratic government that protects its citizens. The government we have is bought by the capitalists.
@a6 Those numbers may not mean much to you but our company employed 268,000 at one point. Those loss you point out does not include offshoring at all. We are at 217k WITH not only I&P but offices from Ireland to Australia. We never had this footprint before this CEO. I have no issue with global offices. I have an issue with gutting American jobs and causing attrition so severely we lose talent. Don’t minimize this.
You sound like a corporate shill. The reason why anyone would be concerned about share prices is because corporations ditched pensions and put it up to individuals to save. So people like you are myopically staring at share prices and how it affects you, Too short sighted to see they want to get rid of your job too.
This is 80K-90K American jobs lost, at just one company, over the past 5 years. Not to save the bank from financial ruin but to increase profit. Yet, this is happening across sectors. The only people benefiting are those with the capital to play the Wall Street game. The ones who produce nothing. The ones who extract profit from businesses who are racing to the bottom to see how many jobs they can cut or send overseas.
The greater economy is suffering. The middle class being drained as we head towards a cliff where the consumer is destroyed and these Wall Street fools will have no one left for whom they can extract profit and see their own system collapse.
Then, unlike 2008/2009, there will be no one left to bail them out.
@OP I guess you are outraged at the price of your WF stock after all that and will be turning them back in or donating them in protest. Right?
@aj for what it's worth, our LOB was told to pull back on severance items in 2026. Possible that just pushes or delays layoffs into 2027.
@ac Management know that investing internally has zero RoI so the only thing they can f is give the money back.
@ck they should get rid of the paid trolls first.
If they can get rid of the do nothing coffee badgers, who brag on here about doing nothing for years at a time, without it impacting their bottom line why shouldn't they? Nobody is guaranteed a job, especially when the company can get rid of you and it makes no difference whatsoever.
The sadness of seeing something valued come to an end.
To show a comparison of ROTCE for the large banks.
Citi - 9.7%
BoA - 15.4%
Wells Fargo - 15.2%
JPM - 20%
Goldman Sachs - 14.2%
Morgan Stanley - 18.0%
Charlie’s plan is further cuts to reduce expenditures and there by increase profits. He is not targeting increased profits through increasing revenue through growth. He doesn’t know how to do that.
The board needs to cut Charlie loose. By every important financial metric we are in line with BoA. Now it is time to grow, not continue to cut.
@af Wait, did they actually say we hit target headcount? Last I heard, they were planning even more layoffs. I don't think there is a target.
If the wealthy aren't happy and need more, that's addiction. They need treatment, not larger compensation packages.
Charlie has never shown he can grow business. Every place he’s been, Visa or BNY, he just cuts. Now that we have hit target head count, what do they decide to do? They decide they can try to cut more. There is no sign they will stop in 2026.
The ROTCE goal set of 17-18% means we have another 5-10% of jobs to cut. So roughly another 10,000 to 20,000 to go. Probably more than that in US employees as they backfill some with India hires.
@a8 The company can either "retire" them or "hold" them, but the difference between them is largely meaningless. Either way, the shares don't circulate, don't earn dividends, don't count in EPS, etc. Nobody "gets" them.
Buy backs are supposed to increase the value of each share in the company, but of course that's all dependent on how the market perceives them. How much they increase stock value is likely too complicated for a short explanation here, and beyond what I know certainly.
The only real reason why companies do buy-backs instead of dividends is simply that a buy-back "should" increase the value of a share, and that's favorable from a tax perspective for investors, since in the US, capital gains has a more favorable tax status than dividends, which are taxed at ordinary income tax rates.
@a8 It reduces the number of outstanding shares (supply) and juices the stock price. Except WF is like the k-mart of finance and has more or less tracked with the index. Consider that, despite all of the buybacks, it lags compared to competitors (especially JPM).
Better management would take that 71 billion and invest it in the company. But our management doesn't know how to do that.
Depends. Corporations can retire the stocks or they can hold on to them to reissue them later or hold on to some or all of them and issue them to the executives for compensation.
They can make the remaining public shares more valuable if there is demand for those shares because they reduce the supply on the market.
@a6 Except it wasn't all just oregon.
And... back to the stock buyback question. If they buy back 10 million shares, for example, do they erase the 10 million shares making the remaining shares worth more, or what happens to the stocks? Do we give them to the CEO?
OR wasn't the only place with layoffs. It was over 1500 people total. Biggest wave of 2025. Stop trying to minimize it. Elimination of the domestic workforce is a lot like eating an elephant, one bite at a time. Even at 1500 it's not a massive % of the company, but sometime in 2026 we'll get to roughly 50% of the domestic workforce eliminated since 2011. Is that a large enough % for it to "matter" to you?
So there were 444 layoffs in Orgeon, right?
And WF employs around 217,000 people according to MacroTrends.
So the layoffs were about 0.2% of the workforce. It's not really about profits or stock buy backs, it's about not needing those people in Oregon.