Thread regarding Wells Fargo & Co. layoffs

FYI; WF has too many people for its asset size, that’s why we are still shrinking. Thank Carrie and Stumpf for that

Did someone seriously ask why headcount is decreasing?

Looking at the breakdown of our loans, it looks like we have a good amount of commercial real estate exposure. When that shoe drops it'll be an S show. Can't "RTO" employees that you lay off, so corp America is about to have a problem in this area when the recession hits.

Weren't a lot of deposits expected from the mid-range banks? So why did total deposits at Wells Fargo fall to $1.36 trillion, an 8% decline from a year earlier and a 2% decline from the fourth quarter?

Also, why is the WF employee count decreasing while the other banks are not?

• JPMorgan said Friday it ended the first quarter with just under 297,000 employees on its rolls. That was up 1% from the end of 2022 and an 8% rise from a year earlier.

• -- Citigroup said it ended March with about 240,000 people on staff. That was little changed from the fourth quarter and up 5% from a year ago.

• -- Headcount at Wells Fargo, on the other hand, fell 4% from a year ago to about 236,000 people, continuing a long-running trend for the lender.

they can book something, doesn't mean its leaving though, could be used as padding in a future release.

CRE is a $1.5T ticking time bo-b.

8% decline in total deposits? Enjoy that "retirement " Mary.

Wells Fargo’s earnings are out.

• The San Francisco bank earned $4.99 billion, up 32% from $3.79 billion a year earlier. That amounts to $1.23 per share, above the $1.13 analysts polled by FactSet had expected.
• Revenue rose 17% to $20.73 billion. That beat the $20.09 billion expected by analysts.
• The bank added $643 million to its reserves to cover potential loan losses. Wells Fargo said it reflected an increase in reserves for commercial real estate loans, particularly office loans. It also increased reserves for credit card and auto loans.
• The bank’s revenue told two stories. Net interest income jumped 45% from a year ago. It was helped by the Fed’s aggressive rate-hiking campaign, which allowed banks to charge more on loans. Noninterest income, on the other hand, fell 13%. Wells Fargo said earlier this year it would dramatically scale back its mortgage business, which was once the largest in the U.S.
• Total deposits at Wells Fargo fell to $1.36 trillion, an 8% decline from a year earlier and a 2% decline from the fourth quarter.
• The bank, which has been working to control costs, said noninterest expenses fell 1% from a year earlier.
• Last year, profits were dragged down by a historic settlement with the Consumer Financial Protection Bureau over allegations that Wells Fargo’s loan and deposit products harmed millions of customers.
• The bank took a $3.5 billion charge in the fourth quarter of last year and a $2 billion charge in the third quarter.