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Wells Fargo expected to announce massive layoffs Tuesday, many in NC
WGHP/Nextar wire ^ | 10/27/20 | Brien Blakely

Posted on 10/27/2020 7:08:32 AM PDT by Rebelbase

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 WJZY 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.

In July, the bank’s chief executive said it may need to cut expenses by more than $10 billion as it restructures away from a retail bank.

(Excerpt) Read more at myfox8.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; US: North Carolina
KEYWORDS: banking; incometaxes; layoff; northcarolina; retailbanking; taxcutsandjobsact; taxreform; tcja; wellsfargo
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The time of a full service, walk-in bank is over.
1 posted on 10/27/2020 7:08:32 AM PDT by Rebelbase
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To: Rebelbase

Timed to affect the election in NC, eh?


2 posted on 10/27/2020 7:10:28 AM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer.)
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To: Rebelbase

In Reno most bank branches are completely closed, leaving only ATM access to banking services. Not surprised to see tens of thousands of people laid off.


3 posted on 10/27/2020 7:13:25 AM PDT by Reno89519 (Buy American, Hire American! End All Worker Visa Programs. Replace Visa Workers w/ American Workers)
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To: Buckeye McFrog

Yep. Do d@mned obvious.

Electioneering.


4 posted on 10/27/2020 7:13:29 AM PDT by Jane Long (Praise God, from whom ALL blessings flow.)
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To: Rebelbase

Wells Fargo....Which, according to Clark Howard, is a criminal enterprise operating as a bank


5 posted on 10/27/2020 7:14:43 AM PDT by Karma_Sherab
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To: Rebelbase

>>The time of a full service, walk-in bank is over.<<

That was over 10 years ago, no one bothered to tell the walking corpse.


6 posted on 10/27/2020 7:15:39 AM PDT by freedumb2003 ("Do not mistake activity for achievement." - John Wooden)
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To: Rebelbase

Once the cuts are made, FOX 46 is told Wells Fargo will hold a town hall Wednesday to help rally the troops.


huh?


7 posted on 10/27/2020 7:16:17 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Rebelbase

Digital currency will obviate the need for tellers, vaults and many of banks’ personal services, which can be done over the net.


8 posted on 10/27/2020 7:16:32 AM PDT by carriage_hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: Rebelbase
Once the cuts are made, FOX 46 is told Wells Fargo will hold a town hall Wednesday to help rally the troops.

/sarcasm on/Yeah that is the ticket./sarcasm off/

9 posted on 10/27/2020 7:16:39 AM PDT by C19fan
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To: Rebelbase

as it restructures away from a retail bank.


and into what? no discussion on this.


10 posted on 10/27/2020 7:18:16 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Rebelbase

Wells Fargo dug itself into a massive hole by incompetence and corruption. People don’t forget that.


11 posted on 10/27/2020 7:18:29 AM PDT by Bayard
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To: Rebelbase

If they opened the lobby of their local branches it might help them, and me.
Doing business through the drive-thru is a PIA.


12 posted on 10/27/2020 7:19:13 AM PDT by Vinnie
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To: Rebelbase

I have gone into a bank or credit union a whole three times this year.


13 posted on 10/27/2020 7:20:27 AM PDT by wally_bert (I cannot be sure for certain, but in my personal opinion I am certain that I am not sure.)
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To: Karma_Sherab

Wells Fargo bank IS A CRIMINAL enterprise. The entire company should be shut down.


14 posted on 10/27/2020 7:22:00 AM PDT by devane617 (Kyrie Eleison, where I'm going, will you follow?)
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To: Buckeye McFrog

The Left won’t miss this opportunity to blame Trump, that’s for sure. Never mind the fake account shenanigans.

Peach


15 posted on 10/27/2020 7:22:38 AM PDT by CarolinaPeach
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To: Rebelbase

No wonder we can’t reach our banker.


16 posted on 10/27/2020 7:23:43 AM PDT by AppyPappy (How many fingers am I holding up, Winston?)
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To: PeterPrinciple

Once the cuts are made, FOX 46 is told Wells Fargo will hold a town hall Wednesday to help rally the troops.

Huh?

>>>>So they can say, “ It’s not you, it’s us. We suck and we’re sorry to have to let you go, you’re like family to us” .....like family you use and then discard.
Yeah, bye now.


17 posted on 10/27/2020 7:26:20 AM PDT by drSteve78 (Je suis deplorable. WE'RE NOT GOING TO TAKE IT ANYMORE)
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To: Jane Long

Election manipulation by WF.


18 posted on 10/27/2020 7:30:40 AM PDT by gibsonguy
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To: Rebelbase

The death of retail banking is grossly exaggerated and repeated.

The Banks would LOVE to eliminate people and their overhead. But systems don’t MAKE money, good people do.

Truth be told, WFC has been one of the BEST run big banks, along with USB. The real crooks were/are JPM, C, BAC. The leadership of WFC showed outward signs of being “politically conservative”, therefore they got investigated and fined for a variety of “abuses”. One such was opening excessive retail accounts, a practice that was done by EVERYONE at the time.

Check out the stock charts of all the banks I mentioned and you’ll see that the two I mentioned by far have performed the best since 2007, and the reason why they recovered, instead of being still down 90% like C, was that they actually ran a pretty good bank.

It’s been 11 years since banking/financials blew up. It was 13 years to recover the Tech wreck from dotcom/y2k.

I’d have to think that banking environment looks attractive for the next several years as interest rates are low and economic activity will soon be booming post covid.

WFC right now may perhaps be signaling to Trump, we need some support NOW. We all know who’s in the way. Pelosi.


19 posted on 10/27/2020 7:39:34 AM PDT by Professional
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To: Rebelbase

Our bank in MA hasn’t allowed walk in traffic for months. TD Bank paid a lot for the real estate and building in my town. It is a very lucrative branch.

It could now be run out of a container box on cinder blocks. The ATM and call center is where it is happening now.


20 posted on 10/27/2020 7:51:38 AM PDT by Vermont Lt
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