Any status on WF IBD? I know they started layoffs recently . . .
Hey Monkeys,
I know that WF has started the process of layoffs (mentioned in july earnings call). Estimated to be 50-60k jobs cut. Will this affect IBD hiring? I was in contact with an MD in NY Industrials who put me in contact with their office's HR person (director of laterals/on-campus) but the interview was cancelled the day before. I've since heard (from one of my relatives in Houston IB) that as of late October the bank has started lay-offs in batches of 500-1000. I've also been told that this won't affect the revenue generating portions of the bank, but I'm not so sure as the first batch was in commercial banking (700 people I think).
Should I put off a process at another bank to wait it out for word from WF? Or is it a total dumpster fire?
The jobs that they cut in commercial banking are not revenue generating, they basically are getting rid of some retail locations and got rid of the respective tellers. I've heard they wanted to focus on their IB as a whole, do you mean your meeting with HR was called off the day before.
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