Wells Fargo to lay off more workers from its West Des Moines campus as CEO comp rises
- Thread starter THE_DEVIL
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Just pathetic that they (DMR) tie layoffs to CEO pay increase.
If CEO has found way to cut expenses without harm to business, then good for him.
If CEO has found way to cut expenses without harm to business, then good for him.
Wells Fargo's mission statement: "You get laid off. We get paid off."
Nah, it’s a fair criticism. There’s nothing positive about laying people off. As a business owner I would never take a pay raise while laying off anyone. And how is laying off a portion of your workforce not causing harm to the business? If things were going well wouldn’t they be hiring? Our priorities as a society are completely fvcked.
Completely understand what you are saying for private businesses; but WFs “owners” are the shareholders. If the CEO sees a way to cut expenses and increase the bottom line, they will get paid. It really sucks but technology is going to take a lot of jobs. My guess is there will be thousands of layoffs in the banking industry over the next few years, and mostly in the underwriting and Custody departments, which I believe are a big part of WFs DM operations?
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I'm confused. Isn't WF a shit employer? Isn't unemployment at record lows and employers are begging to find employees?
WF should be thanked for laying off these people and nudging them out of a dungheap to a better opportunity.
WF should be thanked for laying off these people and nudging them out of a dungheap to a better opportunity.
I've worked foe them twice over the years. About 20 years ago in debit card disputes and the middle of last decade selling mortgages. Basically their whole thing is they treat you like shit because they pay you more than the industry standard.
Didn't read the article, don't know who is being cut.
It's definitely a better route than duping customers with fake accounts they don't know about.
I’m all for taking potshots at overpaid CEO’s. The CEO pay argument gets people riled up, for sure. But I'm not sure if that argument cuts to the underlying reasons for layoffs of workers in Des Moines area. However I am sure a good swath of people probably think there is a direct correlation.
There is a great deal of expendable, superfluous labor working throughout large enterprises.
Crazy to think that was a decade ago already.. seems like yesterday.
Also, quick glance of the article. This is the company making money but divisions being overstaffed. Facts are the mortgage industry is shit right now so they may be making a shit ton on other revenue sources ( example personal loans) and need to cut "mortgage".
No business exists for the purpose of employing people
What amazes me is how many branches seem to constantly get built. I haven’t walked inside a bank more that 20 times in the last 35 years. I have no idea why they need so many physical locations. It’s fricking weird.
Well of course, you should’ve heard what came out of my mouth after bonuses were cut following our CEO purchasing a second private jet last year
The company I left in November laid off a large number of employees due to it being tough year financially. Then the next day sent out an email to the entire company announcing that the President’s club trip was still on for 2024 to celebrate all of the top earners from the previous year. That didn’t go over well as this trip probably costs the company, well over a million annually. Probably closer to $2M.
This company reduced its number of employees from 4200 to 3700 in 2023. Had additional layoffs already in 2024 and is expected to have more upcoming. But damnit, the top execs need their Mexico trip!
This company reduced its number of employees from 4200 to 3700 in 2023. Had additional layoffs already in 2024 and is expected to have more upcoming. But damnit, the top execs need their Mexico trip!
You lose the best sales people/earners and you might be F’ed as a company.
I am not in sales and the perks they get are often crazy but you need them and need to keep them.
They also get fired at my employer if they don’t do well.
In my companies situation, all the best leave anyway. It is/was a horrible place to work.
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