BAC, JPM, C, USB. Seems like the closest competition comes from Truist.
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As a company that touts itself as a "San Francisco company", being the biggest tu--d on the street is really saying something!
It’s because Wells Fargo is the biggest tu-d on the street. Your resume gets a downgrade with Wells Fargo on it. They ruined their own brand and continue to do so. The leaders are completely incompetent and some are on dr-gs.
Because Wells has been doing biweekly layoffs since 2019 and we never know which team is gonna be next. So we come to this site to get any clues.
Do me a favor. Go into Copilot or ChatGPT and type Wells Fargo efficiency ratio for past 30 years. Now look at when it went out of control and since. Note Chainsaw has laid off 100K and hired 30-50K cheap labor in I&P. Now tell me why we still are not getting efficient. Hmm.
@e3 yeah well the problem is there's not really much in the way of revenue growth either. every business has hockey-stick style Y/Y revenue budgets... but guess what - people don't suddenly want to do business with us because the fed lifted the asset cap...
@d1 And I get that is from the final quarter of 2025. But case in point, WF can maintain a profit quarter to quarter without overly obsessing about being "lean". If revenue falls, I bet wholeheartedly it's because of the loss in staff from shrinking operations. They only want LOBs that help their financials generate 20%ish profit margins.
https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/fourth-quarter-2025-financial-results.pdf
4Q25 - 64% Efficiency ratio
WF has the money. Leadership and shareholders just don't want to spend it.
Because the death of what was the culture is relatively recent (post 2019). We've all watched it die.
@cm yes. chase is in low 50s. b of a is high 50s/60. WF is at 67. WF is the outlier. Chase is considered best in class.
Yes corporations are exploitative entities that don't give a rat's a** about people. Nothing new here. Just Wells catching up to where the rest of their peers have been for literally decades.
@cr it can definitely done in one big bang... look at what just happened at meta - one day, 10% of the workforce gone, and told a month in advance that's how it would go down. guaranteed that meta doesn't have a bigger HR displacement ops group.
The difference is that here, strategy and priorities change every other day. so the layoffs follow that
Because Wells is the only major bank doing layoffs every two weeks. If they did one big purge and got it over with, people wouldn’t be so reactive. They don’t seem to be able to do a mass layoff due to outsourcing HR.
@ca nailed it, especially with that decades- long timeline. We all know how much xoomer dead wood there is here.
Op, this sounds like massive bait.
@ca Most banks have their efficiency ratios at 50-60%. Chase is the only outlier with this metric.
When are we going to stop defending big businesses and call it how we see it. And right now, greed seems to be the biggest factor for these headcount reductions and AI-worker replacements. It's not exactly "in the name of efficiency" at this point.
@ca has it nailed basically. Wells is a unicorn mostly full of children who have never been held accountable or held to anything but the most basic standard of breathing. Every meeting I’m in every day the one thing that can be counted on are foolish quips from at-least one child about how much WF “sux”. All the other banks and actual big businesses purged long ago and have stayed on top of it.
If you take offense to this because “you’re a hard worker” maybe this isn’t about you then. Plenty of good people are caught up in the BS but it’s not like companies have many choices. One hard cut that comes with guaranteed business impact followed on with years of micro cuts to adjust. Or years of micro cuts like we are in now from the start to attempt to prevent business impact. Either way it’s a years long fix that can’t make everyone happy.
Because WF s*cks that much more than the other banks.
The reason chase and B of A CEOs aren't talking about HC reductions like Charlie is because they cleaned out their companies 10-20 years ago. Look at their efficiency ratios.
this board wasn't around when they were doing their purging and "transformations" but some of us who have been in the industry 30+ years were at those places when it happened. And now the people who are still there don't really know anything else since it's been the way it is for so long now. So not as much activity on their layoff pages.
Lack of trust in leadership and gaslighting behavior. Other banks aren’t going to the media saying that they love attrition! Lack of empathy creates chatter.
Maybe not many employees at other banks no about this website, or they are being monitored by the company or they are afraid or they don't want to bother because the company will do what they have to without caring for employees opinion.