Wells Fargo signals substantial layoffs ahead

[snoww]

Wells Fargo’s cost-cutting efforts will include layoffs, most likely by the end of the year, Chief Financial Officer John Shrewsberry told investors at a Morgan Stanley conference on Wednesday.

“We now have the fact that we’re in a public health crisis, and we’ve committed to keep people on while that is true. But there will come a time, I assume at some point this year, when we get back to executing on programs that are in place, and some that are still under development, that are designed to get our total expense base, which for us means our total headcount, to as lean a state as we can responsibly operate,” said Shrewsberry, adding that automation and other changes can also contribute to expense cuts.

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He said CEO Charlie Scharf’s focus now is the “risk and control work” that regulators require.

Read the full CBJ story here.

Wells Fargo has more than 27,000 employees based in Charlotte. It’s too early to know how many layoffs there will be and how many will be in Charlotte.

In addition to the layoffs, the bank plans to automate more of their business and make other changes to become more efficient.

 

(WSOC)

Shrewsberry also talked about the number of borrowers who aren’t paying their mortgages currently. He said 12% or 13% of Wells Fargo mortgage customers asked to pause their payments or go into forbearance.

The CFO said Wells Fargo intentionally made it easy for borrowers to do this, as a way to help families during the crisis.

Nationwide, nearly 9% of mortgages are in forbearance.

[tom bhayya]

Start music 

[Anta Assamey]

Mottaniki Wells Fargo tho modalindi anamata.... inka enta mandi join avutaro mari ... 

[zarathustra]

Ika unemployment ki file chesukovalemo nenu

[Spartan]

Was reading a news report on Bloomberg today..

andulo clear ga cheppadu...

the unemployment numbers you see now are not the real cause of worry....

it is the numbers that we see after everything opens up or covid is gone....

  chudali how it turns out  @Anta Assamey

[tom bhayya]

Just now, Spartan said:

Was reading a news report on Bloomberg today..

andulo clear ga cheppadu...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skip

 

the unemployment numbers you see now are not the real cause of worry....

it is the numbers that we see after everything opens up or covid is gone....

  chudali how it turns out  @Anta Assamey

This holiday season will be chaos 

[Spartan]

Just now, tom bhayya said:

This holiday season will be chaos 

Agreed....

[tom bhayya]

1 minute ago, Spartan said:

Was reading a news report on Bloomberg today..

andulo clear ga cheppadu...

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skip

 

the unemployment numbers you see now are not the real cause of worry....

it is the numbers that we see after everything opens up or covid is gone....

  chudali how it turns out  @Anta Assamey

Causava nationwide 9% mortgage kattadam ledhu so next stage will be foreclosures and them real estate assam 

[Anta Assamey]

1 minute ago, Spartan said:

Was reading a news report on Bloomberg today..

andulo clear ga cheppadu...

the unemployment numbers you see now are not the real cause of worry....

it is the numbers that we see after everything opens up or covid is gone....

  chudali how it turns out  @Anta Assamey

Meeru inka HIring lo ne unaru kada.... 

Ippatiki aite ma company looking Strong enough .... but other offers numbers vaste matram will think of moving nenu .... The other offer position is stronger for sure...

[r2d2]

5 minutes ago, Spartan said:

after everything opens up or covid is gone....

that won’t happen until the vaccine becomes abundantly available.. so by next year 2nd qtr we will see the actual 🎥 

[Spartan]

5 minutes ago, Anta Assamey said:

Meeru inka HIring lo ne unaru kada.... 

Ippatiki aite ma company looking Strong enough .... but other offers numbers vaste matram will think of moving nenu .... The other offer position is stronger for sure...

Ade ardham avvatam le....inka hiring chestunnaru endi ma vallu ani.. TPO laki kuda 130+ ichi mari teskostunnaru..

edo uhu ahah lage anipistundi...

 

 

[Spartan]

1 minute ago, r2d2 said:

that won’t happen until the vaccine becomes abundantly available.. so by next year 2nd qtr we will see the actual 🎥 

yup next year March.

[Anta Assamey]

4 minutes ago, Spartan said:

Ade ardham avvatam le....inka hiring chestunnaru endi ma vallu ani.. TPO laki kuda 130+ ichi mari teskostunnaru..

edo uhu ahah lage anipistundi...

 

 

Nenu cheppina position ki close to 160K anta ... $75 annaru rate... 

Baga rich company laga undi ...

[Spartan]

3 minutes ago, Anta Assamey said:

Nenu cheppina position ki close to 160K anta ... $75 annaru rate... 

Baga rich company laga undi ...

  75$ aa....maak emo ivvandi ra ante sastaru....ila kottaga vache vallaku matram dandiga pedtunnaru...

 

[Anta Assamey]

Just now, Spartan said:

  75$ aa....maak emo ivvandi ra ante sastaru....ila kottaga vache vallaku matram dandiga pedtunnaru...

 

Yes.... consultant gadu pampina email lo vachina number adi ...