Thread regarding Wells Fargo & Co. layoffs

CIB layoffs

Heard there were some layoffs in CIB. Does anyone have any intel which group was impacted ?

Charlie wants to grow this Business but not sure how it can grow with an asset cap and broken/outdated technology. Overall seems to be a good business based on my personal view as I work in CIB but management has their hands

Not sure what is the future as the larger players have already taken market share and all the trading/investment banking revenue was made during the low interest rate environment which has now changed !

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| 2212 views | | 4 replies (last July 2, 2022) | Reply
Post ID: @OP+1hvDaIvI

4 replies (most recent on top)

"@kbh "never heard of it".... Bro, do you even work at WF?"

Tech here. I haven't heard of MARCUS so tech is affected. WF is a large company and alot doesnt get sent down the line, "Bro".

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Post ID: @1uvx+1hvDaIvI

@kbh "never heard of it".... Bro, do you even work at WF? Corporate and Investment Banking, or the 2nd largest line of business behind Consumer and Small Business Banking. If you seriously didn't know that and work here, then we need to thin the herd even more.

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Post ID: @ogp+1hvDaIvI

GS has really taken hold in this space. Even SVB was talking about the exponential adoption they’ve gotten of their digital product, Marcus. The tv commercials for that make their contempt for traditional banks pretty clear - you can money.

Biting into our retail and commercial business and it’s more ground we’re losing.

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Post ID: @mgn+1hvDaIvI

Never heard of it.

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Post ID: @kbh+1hvDaIvI

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