Impact Finance – What’s all the buzz about? If Wells Fargo offsets the pain for its shareholders by cutting compensation expenses, that could set a precedent for others in the industry. The expectation in the asset management unit, however, is that cuts will not be as deep as in some business lines. Tenth Floor On Sept. 2, the Financial Industry Regulatory Authority announced that Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC agreed to pay more than $1.4 million in restitution plus interest to approximately 100 customers and fines totaling $675,000 for failing to supervise recommendations that customers switch from variable annuities to investment company products, a news release said. To read this article on Zacks.com click here. Wells Fargo is certainly a bank in trouble, and in need of some significant cost savings as it faces (remarkably, it must be said) its first quarterly loss in a decade. Charlotte could be facing a big blow to the banking industry. The people persons are precisely reflective of the organization as a whole. But not before drawing one last racial discrimination lawsuit therefrom. suggest strongly that people ought to look for jobs elsewhere, hundreds of thousands of pounds heavier today, Wells Fargo Readying Thousands of Job Cuts to Start in 2020. I would like to receive Nasdaq communications related to Products, Industry News and Events.You can always change your preferences or unsubscribe and your contact information is covered by our Privacy Policy. By contrast, Bank of America—which employed even more people than Wells did in 2010—now has reduced its headcount by 80,000, and pays out only 35% of its revenue to employees (Citi spends just 29%). Yes! node.dataset.value : node.getAttribute('data-value'); if (selectedValue) { for (var j = 0; j < node.options.length; j++) { if(node.options[j].value === selectedValue) { node.options[j].selected = 'selected';break;}}}}}, JPMorgan Chase Co. (JPM): Free Stock Analysis Report, Bank of America Corporation (BAC): Free Stock Analysis Report, Citigroup Inc. (C): Free Stock Analysis Report, Wells Fargo Company (WFC): Free Stock Analysis Report. In April, however, as result of the coronavirus, the Fed announced it would temporarily lift the asset cap so that Wells Fargo could provide additional support to small businesses through the Paycheck Protection Program. ", That same day, Wells Fargo Asset Management provided a statement that said: "Each business line and function is conducting comprehensive analyses to identify duplication, low-value activity, manual processes, and other opportunities to improve how we operate. The Stagecoach is offering its next leader a real fixer-upper opportunity. Banks in trouble tend to lay people off—and they don’t tend to be shy about it. nodes[i].dataset.subscription : nodes[i].getAttribute('data-subscription'); if(status ==='true') {nodes[i].checked = true;}}};var nodes = document.querySelectorAll('#form1783 select[data-value]'); if (nodes) { for (var i = 0; i < nodes.length; i++) { var node = nodes[i]; var selectedValue = node.dataset ? BlackRock's Fink: Biden the 'Voice of Reason' Markets Need, var dom1 = document.querySelector('#form1783 #field1');var field1 = new LiveValidation(dom1, {validMessage: "", onlyOnBlur: false, wait: 300});field1.add(Validate.Presence, {failureMessage:"This field is required"});field1.add(Validate.Format, {pattern: /^([^@\s]+)@((?:[-a-z0-9]+\. The source said the firm might achieve a significant proportion of the reductions by cutting and downsizing branches and leaning more heavily on telephone and web services. … (There's) just a general malaise from bad news and instability," Mr. Johnson added, noting that it could negatively impact Wells' ability to attract new asset management clients. As of Jun 30, 2020, it had approximately 266,300 employees.The company’s CEO Charlie Scharf had already raised concerns over its inflating costs, stating “our expenses are way too high”, during an investor conference in May. In February 2018, the Federal Reserve placed a growth restriction on Wells Fargo in light of the retail banking cross-selling scandal, prohibiting the bank from growing beyond $1.95 trillion in assets. Sign up and get the best of News delivered straight to your email inbox, free of charge. In October 2019, Mr. Scharf became the third CEO in three years to take the reins at the troubled firm. Wells Fargo, which has been witnessing a significant rise in operating expenses since the revelation of the sales scandal in 2016, hasn’t undertaken any large-scale job cut over the past decade. Since joining Wells Fargo in October 2019, Scharf has been reviewing the company’s businesses. Wells Fargo’s sales scam allegation has resulted in many setbacks, including the banking giant’s tainted image, numerous lawsuits, triggered federal and state investigations, and congressional hearings. And yet today, Wells employs almost as many people as it did a decade ago, spending more than 40% of its revenues on compensation. The $20.1 billion Kentucky Teachers' Retirement System, Frankfort, has around $500 million in core fixed-income assets managed by Galliard Capital Management Inc., another Wells Fargo Asset Management boutique. Wells Fargo & Company WFC is ... and expected to be achieved through branch closures and layoffs. HSBC is doubling that, with 35,000 positions set to go. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. But as the Fed keeps an eye on mounting U.S. infections, it has said it could eventually restrict how much banks pay out using a formula based on earnings. 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