From CFO comments this morning:
The San Francisco-based bank also warned that, as attrition has slowed down, there could be some onetime expenses by the end of the year in terms of severance.
22 replies (most recent on top)
yep, after all the hype about "the great resignation" in late 2021 and 2022... with recession talk and reduced hiring/layoffs everywhere more people are staying put ... not just at WF...
They don't care about expenses. They could save billions be getting rid of the incredibly wasteful RTO and location strategy while also stealing all the good talent from competitors by simply embracing WFH, paying people slightly less for the privilege, and saving a fortune. They refuse, which means it's really not about expenses at all.
Please ax our POS CEO. Charlie is the worst ever!!!!!!!!
People are conflating two things.
More cuts are coming. That's how you bring down expenses. This is not new. It is not secret. Charlie and others have been very clear that the banks ratios are off. They need to boost revenues while dropping expenses. And for a bank, the biggest expenses are people.
There is nothing about severance being changed. The whole "Hope you get laid off in 2023 vs 2024" had zero basis in facts.
The reading comprehension of people on this board is so low.
Reduce the severance next year?
I’ve already started to gather my list of news media, regulators and others. WF has done so much more “wrong” than outsiders know. For now, anyway.
"Big changes coming on severance next year."
Perhaps, but severance is what keeps people's mouths shut and what helps to avoid lawsuits. They might save in one area, but they'd lose in another.
It's not shameful to hang around for severance -- particularly in this market. It's a benefit, like any other.
Post ID: @ybt+1n6yV9Nz
Generous?? Please.
They are planning on gutting (half or less) in 2024. Pray you get laid off now.
You all better pray that you get laid off for the severance this year. Big changes coming on severance next year. Charlie is axing it and not being so generous. He still needs to ax 60percent out
One can only hope 🤞🏻.
Actually zero days of RTO is coming. We won't be going to a WF office, we'll be going to an unemployment office.
F Hudson Yards for destroying this company.
It's just proof RTO is an attrition ploy. Not even a sad ploy to float the commercial real estate portfolio. 5 day RTO coming.
So far it's been 4 years of trying to avoid one-time expenses.
I got more years left in me. How about you, Chuck?
WF does not do much well, from hiring to firing. The company creates all of its own problems as it gives zero incentives for workers to be anything more than passive participants.
Source = Reuters article from this morning. OP's second sentence is a quote from the article. It's legit.
Next lever they’ll pull is midyear ratings. Forced curve. Lots of 2s.
They are already getting rid of 1000 people per month. Won't take much ramping up before the US presence is a token one. Hudson Yards can F off.
source?
Anyone who’s put in the time deserves a divorce settlement from this dumpster fire. We’ve played the game of chicken with Hudson Yards to flinch now. We are OWED. Pay us to leave or we’ll just dig in deeper. We win you loose, Charlie.
Said it before and I’ll say it again.
Game on, WF!
I’m staying out of trouble (so no cause to fire me) and holding out for my package.
Please since we are all apparently so replaceable, “do the needful” WF!
Probably because we are staying put and waiting for the layoff call instead of quitting. Who is going to blink first?