WF is displacing folks to save money. But they are paying a severance. How is that saving money? Are they looking long term?
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Severance was booked as an expense during one of those sh---y 2020 quarters where a few hundred million more didn't matter. We set aside billions for bad loans so the severance was noting. Then as it is paid out the offset is capital not expense.
It is done with some hocus pocus accounting for the cost center doing the layoffs - how it has been in the past. Now, it would not be a surprise that some areas are doing some underhanded s**t to avoid paying severance at the present time since it is a significant expense.
Yes, they're always looking long term
I see a link below saying companies cannot include non-disparagement clauses in the severance. I can tell you the paperwork Wells just sent out to qualify for severance includes a non-disparagement clause. So add that to the list of things Wells is doing that the government says they cannot do.
He is a piece of Sh&t
https://www.nlrb.gov/news-outreach/news-story/board-rules-that-employers-may-not-offer-severance-agreements-requiring
Yea, he's waiting around until he's fully vested and any semblance of a functioning company are whittled down to nothing.
And you thought he's not doing a good job.
It's doesn't really impact the budget because they were going to pay you this year regardless.its just accelerated. Then 2024 looks good
Excellent point. Charlie is only concerned with profits on a quarter -to-quarter basis. He is not here for the long-term, and therefore is not concerned with the long-term health of the bank.