I mean, once AI gets exposed as an overhyped, expensive, hallucinating toy?
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@OP Agree with one poster, WF has always overstaffed because of useless processes and failed fad campaigns like agile etc. Charlie uses AI as the reason for layoffs to make it look like the bank is part of the modern world and making leaps and bounds bounds from all the failed projects… otherwise the public would lose trust in not only the bank but him as a leader. He is selling vaporware to the investors. Basically lying .
Execs leading by example. We've eliminated half the domestic roles in the entire company, since the merger, and for some reason we have more executives than ever. Make it make sense.
Wells Fargo has historically been overstaffed compared to comparable peers. AI has nothing to do with layoffs.
@cn uhh you mean search
Regardless of what is happening with Ai and its excuse for layoffs, the next wave is really a rehash of the old strategy. Forced ranking is back with a vengeance. In the near term future, most companies will move away from using Ai as an excuse for layoffs, there simply wont be any layoffs as we know them today. Yet, thousands of people will be terminated due to "lack of performance." Forced ranking means people are fired for "cause" with no severance benefits and no announcements. Those getting layoff packages today are in some twisted sense better off.
@dg
link?
@OP TK and Saul created a mess. But Chuckles won’t need a reason to continue to cut. Shareholders don’t care
You described Charlie perfectly as a hallucinating toy
It'll bounce back eventually. I just read a study about companies that laid off employees and invested in AI haven't received an increase in profitability or productivity. They'll never admit they were wrong about anything, but eventually they'll hire again when their bottom line suffers.
Literally everything HY does has that end result as a "need". Funny coincidence.
@cn It obviously didn't teach you how to clearly, and concisely, communicate that data aggregation you did.
Charlie recently "celebrated" 23 straight quarters of headcount reductions. The layoff agenda at Wells significantly predates the initial release of ChatGPT in late 2022.
This was never about AI at its core. It was purely cost of employees in the annual report. If AI happened to be part of that, so be it.
The irony is the bonuses, spot bonuses, etc.
The leaders are incompetent and they aren’t serious people. Their lies are being exposed as this plays out. Whatever reason will just be another lie to cover their complete lack of competence.
@OP Mock at your own risk, however, AI made me an awful large ROI in the very competitive arena where large numbers of opponents, each one having numerous individual personal records, easily available to everyone searching them out but utterly impossible for mere humans to pull them all together in a very short time frame and merge them into the statistical format needed virtually within seconds to then apply as needed to achieve the targeted goal.
Still in it's infancy stage!
They overspent on AI, so they need to cut staff to maintain profitability.