Wells Fargo plans to slash thousands of jobs

[riversedge]

Source: leader telegram



Nation’s 4th-largest bank working to fix image in wake of 2016 scandal
Char­lotte Ob­server

Published on Sept. 21, 2018

CHARLOTTE, N.C. — Wells Fargo expects to slash its employment by about 5 to 10 percent over the next three years, as part of a sweeping initiative to streamline the bank and make it more customer-focused, CEO Tim Sloan said Thursday.

The reduction would involve job cuts as well as attrition, Sloan said in a statement. Wells Fargo is based in San Francisco but maintains its largest employee base in Charlotte, where it has about 25,100 workers in the metro area.


The move comes as Wells Fargo continues pushing to fix its reputation in the wake of a 2016 scandal involving the creation of unauthorized customer accounts, as well as more revelations of customer harm. Such disclosures have cost the bank business.

Wells Fargo had 264,500 employees companywide as of the end of June. Five percent of that figure is 13,225 jobs, and 10 percent is 26,450..................................

Read more: http://www.leadertelegram.com/News/Daily-Updates/2018/09/21/div-class-libPageBodyLinebreak-Wells-Fargo-plans-to-slash-thousands-of-jobs-div.html

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I am sure Trump will be out creating new jobs for these folks

[pecosbob]

1. Our accountants report that our associates are not ripping our customers off fast enough

to satisfy the board and shareholders, so we're going to try bots next.

[bitterross]

2. I hear there are a lot of Russian bots for hire.

I'm sure Wells Fargo won't mind what country their thieves live in.

[Ohiogal]

3. Yes, they will all have new jobs

Dollar Stores and fast food restaurants are hiring like crazy!

[Wellstone ruled]

4. More like

Warren Buffet and Berkshire-Hathaway has dropped the Hammer on this. Berky owns or had owned,28% of Wells back in June. Rumors in Mpls in August were,house cleaning was about to be announced. So this is just the start.

Wells will be on the hook for Billions if fines to the Feds. More fake crap to come re guarding account abuse to come. Watch for the so called Account Management fee to explode,were as,if your checking drops below 25k,bam,you get hit for 30 dollars. Helped a family member deal with this in August,btw,the Banker who help us is my source of info,and that person was my Business Contact many years ago.

[Mosby]

12. buffet and BH own about 9 and 1/2 percent

He continues to be very bullish on the stock.

He had to sell some stock to stay below the 10 percent to avoid more regs from the fed.

[Wellstone ruled]

13. Thanks still the largest single holder.

So the regulators killed his request.

[thegoose]

5. But but but

MAGA?

[iluvtennis]

6. Read about this last night. It's very sad. Yes, you cna do a lot of things digitally, but I'm old

school and still like to have a full service bank to be available for cashier checks, mortgage related services, getting accounts & atm cards for my kids, etc.

[LisaM]

7. I do most of my banking (at Wells Fargo, actually) in person.

I just don't want to do online banking for hacking worries. I must say, despite all the bad publicity they got, Wells Fargo has always been a very good bank for me - they've been really quick to help when I lose (usually misplace!) my debit card, when a machine ate one and they couldn't get it back, right before I was going to a memorial service for a week, they bent over backwards to get me cash, a temporary debit card, and a credit card that they issued immediately, and so on. They became my bank when they bought my previous bank (First Interstate) and my experience with Wells Fargo was always better than with First Interstate, so I stuck with them. I don't have a mortgage or any business loans with them, just the basics, and they certainly don't charge me $30 per month for my checking account.

[iluvtennis]

8. +++ agree. I've had Wells Fargo for the last 9 years and service has been good. I pay nothing for

my checking account cause my mortgage is with them.

[crazycatlady]

17. I've been with them forever

They were a locally owned bank, then First Union, then Wachovia, and now WF. Their customer service has always been outstanding and the locations everywhere are convenient to me.

I don't have any loans with them. I'll don't own a house (or want to) so I'll never sign a mortgage.

[Joe Nation]

9. The nice thing about banking at Wells Fargo is....

That you don't have to worry about someone hacking into their system and stealing your identity.... It's all done in-house. They already know who you are. They've completely cut out the middleman. What a time saver.

At least they protect my gold from stagecoach robberies. That's comforting.

[BumRushDaShow]

10. "part of a sweeping initiative to streamline the bank" - Fixed.

"part of a sweeping initiative to pay for all the fines levied against the bank"

[bluedigger]

11. They must be getting really efficient at cheating and stealing.

[Xolodno]

14. I'm surprised the cutbacks took this long.

Governmental fines = layoffs within six months. It's not that they need them, but often if the Corp gets punitive damages...they begin punitive recovery where they can on the rank and file employees. Of course, this seldom happens to upper management...except in the case where lower executive roles played a role.

And they had to be losing some serious market share. Even the CEO opined in the insurance company I work for, the day after on the company intra-site, just how stupid the management was. An company with over a century of history, just sent its reputation into the shitter. I'm paraphrasing of course.

[Aristus]

15. Getting fired by Wells Fargo in 2002 is one of the happiest experiences of my life.

It was a horrible experience working for them. One of the most stressful jobs I've ever had. My life got significantly better the minute they fired me.

[dembotoz]

16. the way to be more customer focused is to fire those who deal with customers....makes sense to me...

wells fargo is one of those how are they still in business companies.