How is it possible wells needs 230k people to run this bank?!?! And people are shocked that layoffs are sorely needed here
JPM has a market cap of $450 bln vs ours of $170bln and yet we have more employees than they do
I’m disappointed that Charlie has not swung the axe more aggressively
@1xia+1oAehdlU. Yeah and 2-5 people arguing about how to do 1 job ;)
WF has so many inefficient processes that it takes 3-5 people doing the job 1 or 2 could do. They didn't invest in technology long ago and just tried to band-aid programs. Now tech is too expensive to deploy so they'll have to just limp along.
JP has 200K in India...
@tkc+1oAehdlU What amazes me is we have so much tech debt AND we’re simultaneously building completely new data centers AND migrating to two cloud platforms.
You work at a bank and don’t understand market cap doesn’t determine the size of a business?
Market cap has to do with the number of outstanding shares and the value of each share.
A few years ago Wells Fargo has the largest market cap of any bank in the world. Yet it wasn’t close to having the most assets.
1 million shares.. $10 a share.. market cap is $10 million.
Lol with the toxic work culture at JPMC where there is only work and no family, speaks volumes how they are able to manage with little workforce. They make people work sacrificing their life. Plenty of examples of lifeless and heartless Directors shouting out mandates with ZERO consideration for families. While this might be a JPMC employee taking the opportunity to glorify the sickening work ethics, there are many who left WF for a promotion to JPMC and returned here with a three times higher salary because they preferred to live a life not work. Oh and yes, we know this has got nothing to do with WF Layoffs
JPM invested in technologocal advancements when WF didn't. WF instead lined the pockets of execs and paid exorbitant bonuses. Total negligence in leadership.
JPM let go of staff steadily as technological efficiencies were set up over time. WF couldn't let people go bc they hadn't invested in more efficient technological infrastructure (still running on broken, overcomplicated legacy systems, outdated software, etc.)
Now WF is a dinosaur just trying to dodge the impending meteor. Trying to build technological infrastructure virtually overnight, while simultaneously laying of tens of thousands of employees. WF execs know it won't work (things will break and be exposed) and smart investors know as well.
WF is in the final dēãth throes.
This Troll is not performing.
aka deadwood.
JP Morgan isn't in the credit card business.
or a walk-in bank for that matter.
undoubtedly has fewer lawyers on the payroll.
(but more law school executives).
Maybe JP Morgan’s back end technology isn’t from the 1960s and poorly patched with 100 third party systems that don’t speak to each other.
Maybe JP Morgan’s executives know how to execute a plan.
JP Morgan definitely pays better.
JP Morgan can attract more talent because they are not the most hated bank in America as rated by their own customers.
I could keep going…
Another thing you might want to consider... Wells Fargo executives and managers are the ones being deadwood. We need to clean it up from the top of the house first.
I'm some in audit and/or risk & controls authored this post, very telling of our situation here at WF.
OP's post is missing some information, and he may be comparing apples to oranges so that he can push his skewed agenda.
JP Morgan has 293,723 employees and Wells Fargo has 238,698 employees. But Wells Fargo has more number of LOBs and subsidiaries than JP Morgan does. This tells me that WF needs to divest some of the dragging LOBs/subsidiaries to make it more manageable.
Yikes. It looks like OP was not telling the truth.
Another very accurate post on thelayoff!!
https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2023/2nd-quarter/c9585f9b-75cc-4a49-b1ea-cec4423c87a7.pdf
Page 3
Headcount for 2Q23 = 300,096
We have 178k employees, and some people overseas following some checklists and flow charts.
@sjk+1oAehdlU
AMEN
Because we have all their old deadwood plus our own.
I'm confused. Wikipedia says J.P. Morgan Chase has 293,723 employees.
WF doesn’t need 230k employees. This company is severely bloated in most areas, including far too many executives, directors and upper management. CS and his directs refuse to listen to employees who share where the fluff is at, where we need help and what we need to be more efficient.
And unfortunately, below US middle management is where the displacement without replacement focus seems to be.