Thread regarding Wells Fargo & Co. layoffs

CS is a huge FinTech fan! Number 1 fan! He wants Wells to become a pure FinTech player! (And with Wells Fargo’s tech record - what could possibly go wrong??)

Viva la Resistance. F these MFers.

I worked for JPMC in the Dimon and Scharf era.

You all haven't seen anything yet. Just. getting. started.

@1lop+1lSltWlg

Are you really asking about the relevance of laying off 80%+ of the company, on layoff site?

Why not just layoff 100% and shut it all down? Is that also the goal of a corporation? There won't be a bank left when these mo--ns are done, but keep licking boots and telling us all that that's good for the company. It won't save you.

I wonder how much of the Abbott Downing business remained after they were merged into the WIM crowd. If I were a client, I would have moved to competition.

OP here:
Pretty sure my dog could do a much better job than Charlie and our ne’er-do-well BOD. And all without putting his paw in your pocket.

nice dodge OP. cute. any widows or children you want to trot out too to show what a big hearted soul you are?

If you really think that companies should exist for employees - go work for a not-for-profit, or move to a socialist country.

Post ID: @1oea+1lSltWlg

OP here:
Pretty sure my dog could do a much better job than Charlie and our ne’er-do-well BOD. And all without putting his paw in your pocket.

My dog is loyal, selfless, intelligent, protective, and courageous.

My dog would be loyal to those who work hard for him. He would be selfless, putting the needs of his employees and customers above his own, understanding that he will thrive when everyone else is thriving. He would be smart enough to encourage a positive team environment and to not bite the hands that feeds him. He would be fiercely protective of his own country’s economy, not taking jobs from US workers. And my dog possesses the courage to do it all with integrity and character “just because it’s the right thing to do.”

to OP: I guess since you and so many of your colleagues on this thread know so much about how a banks can and should be run --- you'll be starting your own bank soon, or going to work for a fintech. Good luck with that!

"The businesses you describe as "core" aren't enough to even support a 50k employee business. "

Yeah and so what about that? You think the purpose of existence for WF is to provide employment for a number of people you think is appropriate?

Isn't much of this because of the pressure of the asset cap? We can't take any more deposits or mortgages, and anything we do take has to be extraordinarily profitable. This bank will continue to shrink until that's lifted. And the stock will stay stunted. Where are we on the asset cap?

Charlie is now chasing Chase.

Sell off bits until there's nothing much left. Charlie's plan along, a hostile takeover from within.

Post ID: @jqj+1lSltWlg

Anyone can rationalize anything.

Regarding Abbot Downing: Most major Wall Street banks have separate units for the very wealthy staffed with advisors who can deal with the unique challenges of substantial money. They offer a full suite of services to address the financial, social and personal dimensions of multigenerational wealth.

Folding Abbot Downing into WIM was a short-sighted move on Charlie’s part, especially since he is cheapening and d-mbing down WIM. HNW clients aren’t looking for 1980s technology, short-staffed departments, inexperienced support, plagiarized research, and call centers in India. Our best financial advisors are fleeing Wells Fargo which is why we are having to pay top $ in a too-little too-late desperate attempt to try to regrow our numbers.

Not sure who else would call our Corporate Trust Services ($750 million), Retirement Planning Services ($1.2 billion), and the Asset Management business ($2.1 billion) “small distractions” 🙄. Another rationalization attempting to justify Charlie’s inability to lead a top Wall Street bank.

@jqj+1lSltWlg

The businesses you describe as "core" aren't enough to even support a 50k employee business. If that really is the plan, the vast majority will be laid off. That's probably the entirety of CSs plan, of course. This notion that we can afford to throw away entire businesses is laughable IMO. It won't be long before the two headed monster of CS and Competition dismantle this company.

abbot downing didn't go away, it just got renamed to align with WF.

core businesses - deposits, credit cards, personal loans, and de-risked mortgage and auto businesses

Charlie didn't create the sewer that was the mortgage and auto businesses. He's just getting them out of the sewer

WF should have gotten out of the student lending business a long time before charlie got here. it's a disgusting business and industry if you know anything at all about it.

The rest of those businesses were small distractions.

Abbott Downing just got folded into the rest of WIM. Didn't really close. The money made on WFAM and Trust were minimal compared to the rest of WIM.

OP makes some good points

Then there is leasing of tower cranes and aircraft.... more basic banking.

Regarding Rails, I heard WF was/is looking for a buyer for quite some time. They picked up a lot of that with the GE Cap acquisition and never intended to hold on to it.

Fun Fact: Wells Fargo Railcar Leasing - We have more than 175000 railcars and 1800 locomotives. Sounds like basic banking to me....

Post ID: @enp+1lSltWlg

****Wells Fargo Bank, N.A., said today it is increasing its prime rate to 8.00 percent from 7.75 percent, effective tomorrow, March 23, 2023.7 days ago
https://apnews.com › ...
Wells Fargo Bank Increases Prime Rate to 8.00 Percent - AP News****

charlie didn't increase the prime rate, the feds did that.

Investment banking.