Thread regarding Wells Fargo & Co. layoffs

BofA flat and JPMC growing

their efficiency starting point is a lot better than where our starting point is. have you also noticed that we have more employees than JPMC? and less revenue and profit.

JPMC does NOT have 70-80% of tech in India. Pure rubbish.

@2njf so by an arbitrary metric that Wall St. came up with to force companies to downsize in order to hand over more profits, we're behind our competitors, and therefore must change.

Sounds about right.

folks you have to look at Wells Fargo on a revenue and income per employee basis which is what investors and wall street look at when they compare us to other banks.

https://csimarket.com/stocks/WFC-Revenue-per-Employee.html

https://csimarket.com/stocks/JPM-Revenue-per-Employee.html

Our revenue per employee is 290,064 and our income per employee is 58,433

https://csimarket.com/stocks/competitionNO4.php?code=JPM

We are being outperformed by Citi, BofA, and JPM. The only way to get these metrics in line is to dump employees which will change the ratios.

https://csimarket.com/stocks/competitionNO4.php?code=JPM

Thank you

@1kdc+1cAc5wuH
Not dismissing your posting about the strong branch set up. But in the end, if enough of us lose our jobs, it becomes irrelevant to too many. Let's hope this all works out in the long run.

$10

"I can lick my own ball sack"

I would watch that.

I can lick my own ball sack

Also, approximately 2K reduction when Corporate Trust sale is finalized.

JPM has 70-80% of tech in India which was their goal. So a lot of those are not even US employees. Then they hire contractors to clean up the mess India staff creates. Be prepared for that here because Chuckles is a follower not a leader.

It is foolish to compare WF to other banks. As others said, it is apples and oranges. The problem is, the upper management who never actually did the jobs they are shedding don’t know what they are doing to their own company. I’m sure they will cash out when they see the crash coming though. They have done it before.

The end goal is 200k. Be prepared.

These figures are amazingly high - overall headcount.
And to think the company was almost shut down just a few years back.

Our strong retail presence does require a large teller/banker head count. Makes sense to see the different business models for comparison

I disagree about other banks being miles ahead in tech, they're all about the same, they all use the same consulting firms and know not to go to far out of the norm. If anything this bank is likely ahead in a number of areas in order to address regulators demands, they've spent billions above and beyond what other banks have now for years now.
WF has a extremely strong branch network which requires more headcount. These other banks have bigger investment banking and trading businesses that WFC doesn't, and which require less headcount. Headcount versus other banks needs to be taken with a grain of salt, its more the trend that's important.

Don't forget that competitors are miles ahead of WF in terms of digital/automated systems. This allows them to maintain much lower headcount and much higher profits. Therefore, their operational expenses are much lower.

Long way to go.

JPM 11.9 billion Q2 2021, with same head count BUT no asset cap.

BOA - FLAT
Q2 2020 = 212.8K
Q3 2020 = 211.1K
Q4 2020 = 212.5K
Q1 2021 = 212.2K
Q2 2021 = 211.6K
Current ? UNKNOWN
India based HC? UNKNOWN
JPM - SLIGHT INCREASE
Q2 2020 = 256.7K
Q3 2020 = 256.4K
Q4 2020 = 255.4K
Q1 2021 = 259.4K
Q2 2021 = 260.1K
Current ? UNKNOWN
India based HC? UNKNOWN

It’s not just these two figures, which are usually individual daily record breakers (India increases while US decreases). The percentage of India to US workers continues to edge up. Across the board, business and tech, division by division.

It’s going to be awkward when we relocate corporate HQ to Hyderabad when Banerrji takes over.

Any idea where BOA or JP Chase stand ?