Thread regarding Wells Fargo & Co. layoffs

@dg, what is more scary is that he said the word agentic. Do you think he knows what that means? Banks are becoming AI's biggest playground. The big bucks are being spent. The haters, the AI slop labelers, will be let go first. The agentic AI inflection will result in massive lay offs -- some legitimate some not so legitimate. For those staying in banking IT you should read the book The Agentic Bank: How AI and Intelligent Systems Are Redefining Finance by Driss Temsamani and crew at CitiBank.

If you look at the LinkedIn posts they are congratulating each other on being able to fill out Jira and ServiceNow 30% faster using AI. Make the processes more efficient rather than focus on product delivery. There is so much wrong with this approach (relying on tools rather than MVP).

Charlie is the best sh-----d i know.

@ec not only foreign but a third world country bank. I’m embarrassed to say that I work here.

Under Charlie’s leadership Wells Fargo is transitioning from an AMERICAN company to a FOREIGN company that specializes in serving American customers.

The AI report posted by OP actually got all the facts right. Concerning the 30-35% increase in engineering, who knows if that'a truly accurate or if people are blowing smoke up his a-s. He did report those figures though.

Bloomberg:

Wells Fargo CEO Sees AI Impacting Companies’ Workforce Decisions

By Yizhu Wang
December 9, 2025 at 2:50 PM UTC

Wells Fargo & Co. Chief Executive Officer Charlie Scharf said artificial intelligence poses a significant opportunity to improve efficiencies and has the potential to influence companies’ headcount decisions.

The San Francisco-based lender has rolled out generative-AI tools to its engineers, making it 30% to 35% more efficient for them to write code, Scharf said at a Goldman Sachs Group Inc. conference Tuesday. That hasn’t resulted in job cuts yet, but the teams are able to get a lot more done, he said.

“We’re not as efficient as we should be without the benefits of AI,” Scharf said.
There are many other areas where Wells Fargo will be able to figure out how to use large-language models and agentic AI to do things differently with less people, Scharf said. He cited compliance and legal matters, call-center work, the production of pitch books in the firm’s investment-banking division and writing credit memos within its commercial bank.

As Wells Fargo continues to lower its cost base, it will likely post more severance expenses in the fourth quarter than in the first part of the year, Scharf said. The company has been shrinking headcount for years in a bid to increase efficiency, and had more than 210,000 employees at the end of September.

Last month, Wells Fargo announced a newly created role for AI oversight, appointing Saul Van Beurden, who has been leading its consumer-banking unit, to also lead firm-wide adoption of AI. The company said it has been training more than 90,000 employees and deploying AI tools to 180,000-plus desktops.

Read More: Wells Fargo Consumer-Banking Head Van Beurden Adds AI Oversight
With Wells Fargo no longer constrained by an asset cap that once limited its ability to grow, the bank has been aggressively pursuing growth in certain areas, such as increasing marketing investments to chase consumer deposits. The company doesn’t feel pressure to make acquisitions, but could look at potential targets as regulators become more lenient in approving deals, Scharf said.

“We would think about it, but we’d have to have very strong financial returns make us strategically more interesting for investors, and not get in the way of the organic opportunities that we have,” Scharf said.

"Leadership confirmed in late 2025 that AI-native coding tools have increased developer productivity by 30–35%. "

I wanna see the data that these numbers are based on

More slop for the slop god!

Charlie DGAF, he's hundreds of millions of dollars wealthier for getting rid of those American cost centers.

We don't have 165k domestic workers, not internal ones anyway. Maybe if you count contractors.

Off-shoring to WFIP has been going on since at least 2010, back in Commercial Mortgage. It was sold as sunrise to sunset productivity but it was nothing more than off-showing back office activities for cheap labor and laying off US based team members.

ai; dr

Don't hate the player, hate the game

I hope Mamdani taxes you into oblivion, you greedy fu-k.