zarathustra Posted October 27, 2020 Report Share Posted October 27, 2020 CHARLOTTE, N.C. (FOX 46 CHARLOTTE) – Charlotte could be facing a big blow to the banking industry. Wells Fargo is expected to announce major layoffs across the board on Tuesday. Thousands across the entire company could get the pink slip and bank insiders tell FOX 46 that many of those cuts will happen in the Queen City. More than 27,000 people in the Charlotte area work for Wells Fargo. It’s the city’s second largest employer. Wells Fargo employees ‘on edge’ amid layoff uncertainty FOX 46 spoke with UNCC economic professor John Connaughton on Monday, who says the bank is still trying to fix its image after a massive account fraud investigation. “You would have thought when that happened they would have taken a good hard look inside and made some substantial changes and done a lot of analysis of ‘what’s wrong with our management setup?’ And two, ‘what’s our overall plan going forward in terms of how we can be successful as a bank not being able to game the system?’ And they didn’t do any of that,” Connaughton said. He says that this kind of news brings down morale company-wide and can lead to bigger issues within the organization. “It’s devastating. It’s devastating,” he said. Connaughton says this could take a big toll on the middle class workers in Charlotte, who have been comfortable and secure during the pandemic, still able to maintain their jobs while working from home. “Now, you run into this situation you thought was secure in a COVID environment, and all of a sudden, the business model is changing and they’re making a right turn and going in a different direction,” he said. “It’s going to be really difficult for those that lost jobs to go out and get another job.” FOX 46 was told by Wells Fargo they will hold a regularly scheduled, routine town hall on Thursday. Wells Fargo released a statement to FOX 46 that reads in part: “We are at the beginning of a multiyear effort to build a stronger, more efficient company and improve the experience for our customers, employees, communities, and shareholders. The work will consist of a broad range of near, medium- and long-term actions, including workforce reductions, to bring our expenses more in line with our peers and create a company that is more nimble, streamlined, and customer-focused. As part of our efforts to strengthen the foundation of our company, we will have workforce reductions in most geographies across our footprint and nearly all of our business lines and functions, and expect to reduce the size of our workforce through a combination of attrition, the elimination of open roles, and job displacements. We are executing this work in a thoughtful and deliberate manner, and we will communicate openly and honestly with impacted employees and provide severance, career assistance, and other services to assist them.” Quote Link to comment Share on other sites More sharing options...
zarathustra Posted October 27, 2020 Author Report Share Posted October 27, 2020 Charlotte lo Wells Fargo employees chaala ne unnaru, saddukondamma not looking good for you Quote Link to comment Share on other sites More sharing options...
friesNfrappe Posted October 27, 2020 Report Share Posted October 27, 2020 Hey wells ki emaindi Quote Link to comment Share on other sites More sharing options...
zarathustra Posted October 27, 2020 Author Report Share Posted October 27, 2020 1 minute ago, friesNfrappe said: Hey wells ki emaindi Massive, massive layoffs expected to be announced today. Largest ever in the history of Wells Fargo bank. Quote Link to comment Share on other sites More sharing options...
friesNfrappe Posted October 27, 2020 Report Share Posted October 27, 2020 1 minute ago, zarathustra said: Massive, massive layoffs expected to be announced today. Largest ever in the history of Wells Fargo bank. inka enni chudalo Quote Link to comment Share on other sites More sharing options...
ios_halva Posted October 27, 2020 Report Share Posted October 27, 2020 2 minutes ago, zarathustra said: Charlotte lo Wells Fargo employees chaala ne unnaru, saddukondamma not looking good for you Content unnodoniki ekada aithe endi vaa...oka 3 month expenses emergency fund set cheskovali....will have cushion to file a good job Contractors ni already last month leparu....ipudu FTE ante either GC or citizen untaru.... naku telsi middle managers ni leputaru...individual contributions should be fine Quote Link to comment Share on other sites More sharing options...
Picheshwar Posted October 27, 2020 Report Share Posted October 27, 2020 2 minutes ago, zarathustra said: Massive, massive layoffs expected to be announced today. Largest ever in the history of Wells Fargo bank. but why? business down?? Quote Link to comment Share on other sites More sharing options...
MiryalgudaMaruthiRao Posted October 27, 2020 Report Share Posted October 27, 2020 Quote Link to comment Share on other sites More sharing options...
ios_halva Posted October 27, 2020 Report Share Posted October 27, 2020 4 minutes ago, friesNfrappe said: Hey wells ki emaindi 260K employees unaru....JPMC, Citi and BOFA lo average 200K Efficiency penchali ani decide ayaru.... Quote Link to comment Share on other sites More sharing options...
Picheshwar Posted October 27, 2020 Report Share Posted October 27, 2020 Just now, MiryalgudaMaruthiRao said: Quote Link to comment Share on other sites More sharing options...
MiryalgudaMaruthiRao Posted October 27, 2020 Report Share Posted October 27, 2020 1 minute ago, ios_halva said: 260K employees unaru....JPMC, Citi and BOFA lo average 200K Efficiency penchali ani decide ayaru.... 1 minute ago, Picheshwar said: Quote Link to comment Share on other sites More sharing options...
hyperbole Posted October 27, 2020 Report Share Posted October 27, 2020 2 minutes ago, ios_halva said: Content unnodoniki ekada aithe endi vaa...oka 3 month expenses emergency fund set cheskovali....will have cushion to file a good job Contractors ni already last month leparu....ipudu FTE ante either GC or citizen untaru.... naku telsi middle managers ni leputaru...individual contributions should be fine In 2008 all H1b were let go because they took federal money Quote Link to comment Share on other sites More sharing options...
ios_halva Posted October 27, 2020 Report Share Posted October 27, 2020 1 minute ago, Picheshwar said: but why? business down?? Yes business down because of low interest rates and regulators put asset cap...couldn’t enter into new segments because of that....also looking to offload few businesses like student loans and asset management Quote Link to comment Share on other sites More sharing options...
Picheshwar Posted October 27, 2020 Report Share Posted October 27, 2020 2 minutes ago, MiryalgudaMaruthiRao said: 1 minute ago, ios_halva said: Yes business down because of low interest rates and regulators put asset cap...couldn’t enter into new segments because of that....also looking to offload few businesses like student loans and asset management Quote Link to comment Share on other sites More sharing options...
zarathustra Posted October 27, 2020 Author Report Share Posted October 27, 2020 I know some desi citizen manager uncles in Wells Fargo that can't even compose a proper email. Alantollantha ippudu intike ne mo Quote Link to comment Share on other sites More sharing options...
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