Try to create that guide here. Whoever does the best job will get a prize (guess what the prize will be).
Hank Paulson: ‘I think it’s pretty likely we will see a recession’
https://archive.ph/8ACTW
https://finance.yahoo.com/news/demolish-office-buildings-because-demand-020216160.html
And Wells Fargo is building NEW OFFICE SPACE in Texas 🙄. Our Leaders are SO behind the times, and so illogical, you just can’t make this Sh-t up.
Listening to Freakonomics radio
Discover has 100% US based call centers
Next Bonus
Profits exceeding expectations, yet the next bonus pool will still be cut.
It's amazing we have all this mismanagment since 2009 with all this snazzy east coast brain power
Since the easy coast talent is so superior to everywhere else and it's going on 14 years you'd think they would have this all cleaned up by now. Oh yeah, they ain't all that and a bag of chips. They seem to forget their 'brainpower' created their... — read more
RTO to five days a week
Do you think rto will be 5 days a week later on in the year?
Profit exceeds estimates
How will this affect layoffs? Is it naive to think that cuts might slow down a bit due to good results?
Advice on employee
I am a WF manager, I don't want to give any clues to my identity other than to say I work out of a west coast branch. I have long suspected that a direct report of mine got in some major trouble with law enforcement. That person has been able to... — read more
Anyone else notice that Charlie Sharf is not on Teamworks today?
Perhaps a technical issue?
Wells Fargo Sets Aside More Money for Potential Bad Loans, Including Office Loans
https://www.wsj.com/livecoverage/stock-market-news-today-04-14-2023-bank-earnings/card/wells-fargo-profit-jumps-32--bW3FVKQDFHvPNY3ymNxd
Why isn't Charlie buying more shares back
Only 4B in share buybacks, at once in a decade low prices, what a mo--n. Price was near tangible book for days in the qtr. The entire balance sheet is like a diversified fortress. We have the lowest credit loss bps of any bank out there. Entire... — read more
Yay! More MRAs!
That’ll slow down our stock gains on a good earnings report. https://nypost.com/2023/04/13/wells-fargo-faces-us-regulatory-heat-after-svb-meltdown-source/amp/
Earnings
Net income is 5b or 1.23 per share. I think the market will react nicely based on premarket trading. also, our efficiency ratio is down to 66. Does that mean we are done with layoffs?
Mortgage Operations
Let’s fix mortgage and get us back to the top. Get rid of all these processing, underwriting and closing managers that are overpaid and sitting at home doing nothing. Bring back all the processors, underwriters and closers that we laid off... — read more
Oh boy... Truist to End Sales and Trading of MBS, Government-Agency Bonds
Bloomberg. Layoff 80-100 people. Where is Wells in getting out of MBS? https://www.bloomberg.com/news/articles/2023-04-13/truist-to-end-sales-and-trading-of-mbs-government-agency-bonds?leadSource=uverify%20wall
1st Quarter Earnings: Friday 04/14
Predictions? Does Stock move up, down or stay as is?
Performance management and layoffs
Look at the thread at Capital One Bank regarding performance management via stacked rankings or forced rankings to fire people or get them to quit. It sounds very similar to WF. https://www.thelayoff.com/t/1m5aaTlF
To all my friends in Technology
I hope you like coming into the office. See you all soon, TK is going to make sure of that
Wells Fargo is the problem child of the banking family
What have we done again: “Wells Fargo is the problem child of the banking family,” the source told On The Money. “And they’re misbehaving yet again.” Another... — read more
Yes, RTO impacts performance rating.
In our HR guidelines for ALL lines of business: "Inconsistent adherence to the in-office expectations should be addressed by the manager, may be reflected in performance evaluations, and can be a factor in performance ratings. Failure to align with... — read more
PRIVATE JETTING FOR PERSONAL USE - SAME UNRESOLVED LEGACY PROBLEM EXIST
I find it ridiculous that the captain is quietly laying off thousands of employees, while at the same time getting a raise that he said he would be declining. HERE’S A THOUGHT ON COST CUTTING! HOW ABOUT STARTING AT REMOVING THE CEO FROM BEING... — read more
SVB replacing Mary Mack?
That's an interesting switch up.
TK is the new head of Technology!!
Guess all the cheer leading helped after all!
JPM setting the example -- with RTO for managers.
Interesting tactic at JPM. Focus on RTO for the senior managers to 5 days per week. https://finance.yahoo.com/news/1-jpmorgan-managing-directors-asked-141505483.html. This is the opposite of WF where the workers have to RTO but nothing about the... — read more
RTO…or else
You have been warned
What is going to happen in Q3???
I hear mumbles and whispers that something BIG is happening in Q3 or like 6 months, anyone have any idea? I heard things like a massive layoffs to selling off big units like CIB etc...
JP Morgan Chase going back to 5 days a week
You know Charlie will follow. https://www.linkedin.com/feed/news/jpmorgan-nixes-wfh-for-directors-5229129
‘Grownupify’ work: Fortune article
Old-fashioned management is failing to reverse the productivity slump. It’s time to ‘grownupify’ work BYAMY LESCHKE-KAHLE April 10, 2023 at 4:53 AM PDT Putting extra pressure on a burnt-out workforce is unlikely to get productivity growing... — read more
Everyone Ready?? Tomorrow’s minor layoffs in mortgage
Numbers are in and payouts have happened. Next round of mortgage layoffs
Thanks to the RTO rebels more money for the rest of us
Heard confirmation that their bonuses will be impacted for non-compliance More in the bonus pool for us grown-ups Keep up the good work. I want even more money
RTO is a cuck's paradise
RTO proponents, also known as beta cucks, can barely keep their ball gags in long enough before begging daddy schart for more. Let's try a RTO cuck riddle. Two RTO cucks arrive at their respective office locations on Wednesday morning. Cuck #1 is... — read more
Is there a way to stop WAVE VDI from logging out?
The damn thing signs itself out after 5 minutes and I'm constantly having to log back in. Huge pain in the a-s. Any tricks to keep the computer from locking?
Has anyone looked at the company job board?
The company looks like it's based in India. What's also pathetic is he wants software engineers, AI and data headcount but is offering up salaries that are pathetic. This place needs to reduce headcount and attract better quality headcount, but... — read more
What is Charlie scharf’s biggest accomplishment as CEO?
The stock has performed abysmally under his tenure. We still have the consent orders and asset cap in place. Management effectiveness as measured by ROA and ROE trails our peers by a LOT. We have jettisoned our core businesses that the enterprise... — read more
Wells Fargo needs Elon Musk at the helm to fix corporate risk
As a shareholder Charlie has been incredibly disappointing with the low amount of layoffs. Was just reading how Elon cut 80% of twitter We need that here desperately. I had a simple ask recently and had to fill out 3 forms and deal with 5 teams and... — read more
Charlie should start laying off the bottom 10% yearly
Read this board and you can see clearly the problem. This bank is run like a charity. They have thousands of dead weight headcount that they should have fired years ago. But instead they're in this odd PR position where they're afraid to layoff... — read more