Wells Fargo IBD potential layoffs?
Hi WSO,
I am a 1st year analyst for Wells Fargo's IBD and seeing recent news with the new CFO and plans for $10 bil of cuts in expenses is making me a little nervous. Do any of you have insights/thoughts as to how this will potentially affect Wells Fargo's investment banking and S&T business? Thanks.
I doubt it it will be on the IB side. Maybe an underperforming MD. Wells runs its IB pretty lean and its trying to grow that area of the bank. I think the retail side of the business will get cut.
I think WF is relatively top heavy and maybe a lot of seniors still floating around from Wachovia, that may be what the job cuts are referring to and thats typically where the cutting starts. Also, ive heard that they are looking to move more of their CIB people to Hudson Yards, so maybe this is their way of downsizing and cutting anyone too expensive to give a relocation package to. IMO you should be fine as a junior employee.