Thread regarding Wells Fargo & Co. layoffs

They have ruined WFA. They have cut so many valuable employees and left the id--ts in charge. They don't have a streamlined plan in place to be more efficient and they don't have the tech either. You cannot get assistance with issues or problems so you have to figure it out. The people making policy and changes have never sat in a branch or support center and are so out of touch with what is really needed. Upper management keeps promising stuff that never cumulates to anything positive. Moral and company image is at an all time low. Don't even get me started on the pay issues and never being able to advance anywhere here, they don't want their own people.

I work at Wells Fargo currently! Not a good environment, not up to date on systems or procedures! Too much red tape!

Yep and the regulators have just handed down more. Cannot say much more.

They have let go many people at the branches, that they are a ghost town. Just try to get someone to notice you. I spent 25 minutes waiting for someone to help me. What a mess.

@1pjr+1pZ2QcOF

Yeah, it takes top flight people to finance Epstein Island, illegally manipulate markets, bribe politicians for favorable treatment etc. The push to break the law and get away with it is something I couldn't do.

@1xtk+1pZ2QcOF

They're rushing and trying to do both at the same time. They are so far behind the efficiency stuff it'll take probably another 5 years.

@1xiq+1pZ2QcOF, you hit the nail on the head. Charlie and Company are downsizing to get to the efficiency ratio that other firms have. However, the problem is the other firms have the technology and processes that are automated sufficiently enough to allow for lower headcounts. We don't have that. And without that in place, they can cut all they want but things will continue to fall apart. Everyone who's left is too busy trying to duct tape everything together vs. making needed improvements.

Why not spend effort on improving the systems and technology we have so that we can support it with fewer people? And how about not throwing half-baked stuff out in the first place which makes doing our job even harder. How many times are we going to hear, "we just wanted to get something out there, it will get better" after a perfectly good system is replaced by something that doesn't work properly. And even if it did, any usefulness has been stripped out of it.

It feels like we're in a race to the bottom as we're doing exactly the opposite of what it would take to be successful.

They lay off the people who do the work and keep overpaid managers who are great at talk but don't know how to do the work. Then they replace employees with people in the Philippines and India so they can pay them even less and continue to pay celebrity salaries to management. It's the most irresponsible bank and needs to be sold for parts.

"The Board of Directors has a responsibility to the shareholders, clients, and others to do what is in their best interests. Please wind down the firm and let Charlie and his team go. No more excuses".

The cruel twist in your two sentences above is that Charlie and his team are doing exactly what the BoD's brought them all into WF to do. Cut the behemoth WF had become down to size. This is not an easy, quick task to accomplish given the sheer size that WF had grown into.

Haven't you wondered at all how Charlie and his team have survived over these past few years?

Simple answer: Board of Directors approval.

@1etj+1pZ2QcOF They don’t know how to do efficient. Let’s use branch staffing as an example. They say we are downsizing branch staff to match our peers, but then leave out the part where we do not have the tech to replace the people or help the remaining people work faster. That’s just one tiny example. There are others far worse.

I can't believe most of you don't see that this is all by design and is happening all over the world with the same goal in mind.

If you think you will be saved by JPM, you are sadly mistaken. If they buy any of the businesses. You will be drained for your knowledge and promptly displaced with a BS severance. 80% of WF employees couldnt survive in a JPM cutthroat enviroment.

You just complained about the $1B in layoffs announced and also said they are still inefficient. Isn't that the point of the layoffs though, to be more efficient?

I'd be good with keeping my job and the board bringing in capable management that actually has a vision other than only trying to hit some magical "efficiency ratio" number that a few guys on Wall St. care about.

Remember:
If WF is dissolved, there's no severance for displaced employees.

The JP Morgan obsession is ridiculous at this point and trickles all the way down to teller hires…