Thread regarding Wells Fargo & Co. layoffs

Big investors and the government have decided to rapidly develop AI. So urgent is the need for AI that they have deregulated the industry, recruited immigrant labor, inflated the currency, built an AI infrastructure at the expense of residential electric power consumers. Now they are making the workforce they created pay for the AI revolution.

Jamie Dimon warns that while AI will cost jobs it will also increase productivity. But, never a hint that those that benefit from the increased productivity should do anything for thise that get laid off…

“JPMorgan Chase CEO Jamie Dimon told investors Monday. “Laying those people off will cause a problem, even if it creates more productivity in society. That’s why society’s got to think this through a little bit. It may happen faster than we can adjust to it.””

Excerpt From
“The Week the Dreaded AI Jobs Wipeout Got Real”
Chip Cutter
The Wall Street Journal
https://apple.news/AxmgMU6pxSPGz5dVY0ccKHA
This material may be protected by copyright.

@cq don’t forget the astronomical losses from the Bilt card. 10M a month. But schart got a 28% raise. We get an early Tuesday morning call.

@cr+1kje3n5jz

Dang right. Contrast that with Shart, who famously pretended he had no idea what a location strategy was.

Naw, it's also British employees at Wells Fargo replacing other employees in Philippines the US. Some are even 100% remote in Tampa, FL but I thought staff is supposed to be in the office at least hybrid and managers 100% in office!

Naw, it's Indians at Wells Fargo replacing other employees first in Philippines and now the US.

@ah Yeah Elon took over Twitter and fired most of them with no ill effect, not because of AI but because of Twitters corporate bloat resulted in thousands of people either not coming to work and/or not actually doing anything of value if they did. Sound familiar?

I was struck by reading this part of Dorsey 's message to workers:

"i had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. i chose the latter. repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. i'd rather take a hard, clear action now and build from a position we believe in than manage a slow reduction of people toward the same outcome."

The back and forth about AI aside, I want to work for a leader that talks to his people like grownups

They very much over-hired during the pandemic and have been trying to push their in house Goose "AI" unsuccessfully on engineers to little success, there are no efficiencies brought by that garbage.

After going big on bitcoin and losing money, stalled growth, crashing share price, bad acquisitions on Tidal (lol) and Afterpay, Dorsey just got distracted by the latest scam fad and knew that it was a great smokescreen.

This is absolutely AI washing, and sadly in line with Dorsey's terrible bets with that company

@b4 "Only architects with solid prompt engineering ..." Good point. I would add solid domain engineering expertise as well. There is a difference between "vibe coding" and production coding. I would have agreed with you about a month ago. But there has been a profound change in the models. In my case Claude Opus to Claude Sonnet. One is like having an intern work with you. With the new models it is like having a fellow engineer work with you. Before, even with good prompt engineering and domain engineering you always have to check up on the intern. Sometimes you wonder who taught them. Now its like having a peer work with you. It doesn't go off and generate needless prototypes. It asks more probing questions. Yeah and it corrects you. Eventually find out that it is correct. Its easier than working with a mr know it all bully "principal" political seat holder. Tools matter. Lack of tools will be a new form of psychological abuse. Agentic AI is here. And there will be haters. Low IQ people who will bully the machine. Good luck.

If the garbage people post on this board is reflective of what they do at work, then yes you will be replaced by AI slop

@aw Were you born ret@rded or did you have a stroke recently?

AI is very capable at replacing people when the majority of what they do is draft emails and PowerPoint presentations. It's good at writing code, but like all things computer, garbage in, garbage out. Only architects with solid prompt engineering will produce anything near production-worthy.

Agentic AI will be a lot better at replacing the corporate office-holders than the skilled engineers.

Every AI project I’ve been on never lived up to the hype. It’s a huge price tag with great promises and rainbows, but always falls short. Honestly, I’ve started to view this like the latest Y2K scam. Maybe there is some hope here, but it is years away.

@ah good point. I wonder what his efficiency ratio was before agentic AI. I think this will may have a lot to do with WF. 1) Charlie is already talking about Agentic AI. 2) I bet CS has read the book The Agentic Bank : Re-Engineering Finance Beyond Human Limits. 3) All of may be the excuse for the 3/3 layoffs. The rise of the virtual employee. The new AI inflection point. CS will have a lot of excuses to get rid of the nay-sayers and transform this bank. 4) Will BLOK be mentioned in the WFC articles of the future?

Because Dorsey did such wonders for Twitter...? Hes no Steve Jobs.

What was shocking to me is that Block had 10,000 people. They transfer payments, thats all. It's all electronic. 6,000 is still too many people.

What this has to do with WF, idk.

Dorsey doesn't want Blok to turn out like Paypal. Are the big banks going to be hit like the big software companies are being hit hard? If this happens then the stock will be in the 70s before hitting 100.

A techbro who thinks AI is god bets everyone else's money on a scam. Deserves in inoperable tumor at the base of his spine.

They will fail and get in more trouble than they think, they bank high risk other bank rejects. Wait and see

Is WF mentioned anywhere in that article? I couldn't find it.