Net income is 5b or 1.23 per share. I think the market will react nicely based on premarket trading. also, our efficiency ratio is down to 66. Does that mean we are done with layoffs?
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@oej, JP is quite a bit bigger and more efficient and profitable.
@jiw+1m8YVJJR based on my super quick google search it looks like if WFC stopped getting in trouble with the Regulators it could save our headcount? Am I way off base?
@hbr I’m not following you, sorry. According to macrotrend JPM had 293,723 employees in 2022. WFC had 238,000 in 2022. If we’re “following JPM” then we would be hiring not laying off. 🤷♀️
Source1: https://www.macrotrends.net/stocks/charts/JPM/jpmorgan-chase/number-of-employees
Source 2:
https://www.macrotrends.net/stocks/charts/WFC/wells-fargo/number-of-employees
Target was somewhere around 200k jobs. Goal is to be inline with the Camelot of banking, JP Morgan, and everything Chainsaw does is modeled off JP, so no, layoffs are not done.
They fire you then outsource / bring in more H1 b visa workers.
Unless you are customer facing, efficiency ratio is not usually what worries me.
Based upon the latest earnings report, we are shedding on average 1,000 jobs a month. At current pace, we have 28K more jobs to shed to reach the 208K target.
So nearly 2 1/2 years more of layoffs to reach the original goal.
Q4 2021 the efficiency ratio was 63. We are at 66 after Q1 2023. That is an improvement from 82 in Q4 2022, but the general trend is still in the wrong direction despite the layoffs and offshoring.
We are nowhere close to being done with layoffs.
Says the guy that is either having a stroke or isn't smart enough to realize how off topic his own post is.
They developed a taste for it in the womb
Don't worry. In two weeks trumptards will be guzzling their favorite - bud lite again with record breaking numbers.
66 is still way too high. Chase and B of A are in the low 50s. That’s where we’re headed.
The goal for efficiency ratio is always 50. Never seen anyone achieve it.
I’m curious, what is considered a good efficiency ratio?
Efficiency ratio target is 58.
Layoffs are no where near being done, heck, they really haven’t even started in terms of what will happen.
Efficiency ratio is still high. Rising interest rate environment is really just a temporary hedge against inflation.
“ also, our efficiency ratio is down to 66”
Nice to see WIM doing their best to sabotage that number