Wells Fargo cuts 26,500 jobs, shutters branches, declares "excess capital" and drops $40.6 billion on stock buybacks


Originally published at: https://boingboing.net/2018/11/08/trumpenomics.html


Wells Fargo cuts 26,500 jobs, shutters branches, declares “excess capitalism” and drops $40.6 billion on stock buybacks.


They’re creeping into Mexico. I saw a “bank with us” advertisement on a public monitor yesterday, and thought, “you poor people have no idea what this company has in store for you”.


Deja vu 2008 all over again?


I remember my former bank, Shawmut, possibly when it was being absorbed by Fleet, closed my branch but insultingly told me it was for my own good. Nearest one was more than a T stop away, and was no longer convenient. The signage informing me of the change was something to the order of “We’re making changes to SERVE YOU BETTER”. Goodness. I only just now realized the sign was a cookbook.



My take? Wells Fargo execs realize that they are on the precipice of the entire operation getting investigated, and there is even larger shady shit looming throughout. So, time to make sure that golden parachute is tightly packed, please hold while we ignore logic, reason and morals over the soaring refrain of “We’re In The Money”.


The way the American CEO and corporate boards operate these days, with the obvious gutting for profit going on, it’s impressive that any large business manages to survive.


Too big to fail. :frowning:


Maxine is coming.

And I think she is pissed off.


Now if only they could reduce the number of branches to zero, and roll up operations, they could cut expenses massively, put all their money in a big bag, and take it home.


Jeezus that takes me back. I was a Baybank customer, until it got absorbed by Bank of Boston, which then almost immediately got bought by Fleet, and then Bank of America, and then I switched to another bank, which hasn’t been much better. “Cutting jobs” is almost funny-- when I go into the bank and get in line for the teller, some manager comes over and tells me I can use the ATM for most transactions (and there’s only two people in line and two tellers!? Why even have tellers?)

“A Royal Crown pomade tin is the best thing to keep your money in”


And the conservative knuckleheads keep voting ‘R’. This is why we can’t have nice things, like single payer health care.


No, too big to succeed.


I almost wish I had an account there so I could close it. I still would be happy to see Wells Fargo burn to the ground though.


Too bad the workers weren’t unionized, then they could have a seat at the table about that 40 billion.

Sadly, they bought the line that “if you negotiate by yourself with no power, you might do better than a union could”


I don’t believe anybody “buys that line.” We’re all afraid of losing our jobs for trying to organize and then being blacklisted by all potential employers.



I’m confused… you all do realize that the $40.6 billion is going to be distributed directly to stock holders and that the rising stock price will benefit all the other stockholders who do not directly get their shared purchased? Its true that the largest single stockholder is Warren Buffet but after that the top 10 are all Mutual funds (e.g. people’s retirement accounts etc…)


Silver lining: fewer branches and fewer employees means fewer access points to screw over the rest of us, right? Like… please close all branches in Oregon, where I live – I can bank with someone else.