Thread regarding Wells Fargo & Co. layoffs

Your WFC employee counts are way outdated. They were around 254k before the June layoffs. Those people are still on their WARN Act 60 days and will soon no longer be counted as employees. We could be under 250k now.

@uwv gets it.... If WF truly wanted to make a real dent in their efficiency ratios, they'd invest and upgrade their technology to eliminate the constant shuffle.

But given the state of things and the levels of endless middle management, there's a desire to keep things status quo for self preservation.

The tech companies can outsource large parts of their processes. If Apple counted everyone in the supply chain that makes their products, it would blow out everyone else. The Foxconn factory in China that makes iPhones has 350K+ workers for example.

Banks can't do this. Plus our end product is taking care of other people's money, so layers upon layers of people to keep it in order (mostly).

Apple has 512 customer facing locations worldwide

Oracle and Microsoft have zero

Wells Fargo has somewhere around 5000

There is your answer

@tiy+1cpasyJx - give me a break. Tech companies are also regulated and more importantly also serve the customer.

Comparing Wells to Tech companies is absurd. Want to compare to other big banks? Ok fine.

Remember all that stuff that was hammered into our heads about brand damage from fraud, etc. etc. The bank is seeing the effects of brand damage from the id--t senior leaders that got us into this mess. The regulators aren't playing and fixing all the garbage isn't easy. We're also seeing the effects of "run it like you own it" mentality which created cr-p upon cr-p with business process, technology debt and all sorts of other things.

It will take years to turn the ship around. The one thing I fear is that this whole crew of people from JPM, BoA et al won't have the patience to do the steady work and will want immediate benefits (demanded by Charlie and his leaders).

We are a bank, not a tech company.

We need to run WF like a bank so we can take care of our customers, not tech people’s delusions.

I don’t think it makes sense to compare different industries.

Within the banking industry, I’ve always assumed the other banks had much better technology.

Our LOB could do the same work with 1/3 to 1/2 fewer employees if we had the proper technology. With our outdated patchwork systems - we spend half of our time on manual workarounds, problem-solving around the outdated systems, meetings about manual workarounds and problems, keeping the systems compliant with ever-changing regulations.

Wells Fargo has to commit to spending the money to bring us into the twenty first century. Without that, everything else is just spinning wheels and moving chairs around.

The smartest wealthiest prettiest girl at the prom has 10 boys ask her to go with them.
The d-mbest fattest ugliest poorest girl has 1 boy to ask her to the prom.

Cause thats akin to what you comparing.

Wells Fargo is not the prettiest, smartest, nor wealthiest girl to choose from to go to prom.

Market cap is a popularity contest anyway.

After you get caught cheating your customers, caught with massive fraud, & caught ripping people off, you aint too popular to the investing world. Market cap will reflect that.

Added bonus is you smell bad too cause govt says you cant go to prom at all until you fix that rotten pumpkin you run around in (risk systems). Theres no mention anywhere other than "we are working on it" as it relates to those risk systems.

The bank is a complicated pile of manure - it would be far better to break it up than to try to fix it. It will take another banking crisis for this to be painfully obvious to regulators.

Not all sectors are the same. Banking has always been a conservative slow and steady wins the race kind of business. People that strat too far from that norm usually get slapped down eventually (S&L, 2008 financial crisis, bank failures, etc.). Tech is the exact opposite, a high flying winner take all afair. It's a young Industry, and that's often how those work. Give it a few hundred years and "tech" will be a matured slow/steady industry also.