Thread regarding Wells Fargo & Co. layoffs

Better than that - AI will erase billions of people......."are you Sarah Connor?"

Hello executives. Have any of you actually tried to use the AI tools you’ve given us to accomplish a complex task? It’s exhausting and inefficient. The smoke and mirrors at this stage is astounding.

My favorite is when they tell the press that they worked hard to find other jobs at WF for those that were impacted. The exact opposite of the truth, every single time they say it.

Charlie says the same stuff about why tens of thousands of employees have been let go. He just switches the root cause from efficiency, to eliminating beuracracy, to manager spans, to location strategy, to digitizing the enterprise, to colocating teams, to right-sizing risk controls--- and now the boogeyman is AI. We've all heard this many times before. Would love to hear him talking more about growing the business and winning customers, but that doesn't seem to be an option for this leadership team.

@a7 Its a scam. Paying a 1% yearly fee for a portfolio that is mostly index etfs or sector etfs. So basically paying someone 10k a year to place a dozen or so trades that can be done by a high schooler in 10 minutes with market orders.

If it wasn't AI, he'd find some other reason to keep the layoff train rolling into its 8th year. Dude is a one-trick pony.

Not employee. Just pulled out a cool million of IRA money and rolled to firm that is honest and doesn’t treat employees bad. The private banking spiff is pretty much fluff.

If the restructuring wasn't about AI, then why did we layoff employees? Why were they hired if we laid them off for reasons other than AI automation?

It doesn't add up and CS is full of it as usual.

Yeah, he's not worried about any consumers having a wallet because he wants to take it from them anyway.