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Senior executives at Wells Fargo are expecting even more layoffs to impact the company soon.
The banking giant has slashed 40,000 jobs since 2020 and things are only expected to get worse as the fallout from the commercial real estate sector continues to affect banks and lenders.
Additionally, a banking crisis affecting the broader industry is placing additional pressure on Wells Fargo.
Don Johnson explained: “Wells Fargo CFO confirms more layoffs ahead – so total headcount has been reduced by ~40,000 in last 2 years.”
Wells Fargo CFO confirms more layoffs ahead – so total headcount has been reduced by ~40,000 in last 2 years
— Don Johnson (@DonMiami3) September 12, 2023
Users provided data on local bank branch closures, as well as balance sheets for several American banking institutions, with the implication that the banking crisis will only worsen.
1,144 Bank Branches Closed in the past 6 months
2023 TOP CLOSURES
PNC – 201
US Bank – 185
Wells Fargo – 160
JP Morgan Chase – 54
Bank of America – 49
Santander – 44
Citizens Bank – 38
Huntington Bank – 32
M&T Bank – 21
Fifth Third Bank – 19LIQUIDITY CRISIS INCOMING
— The Butcher of Wall Street Marcel Kalinovic (@BossBlunts1) September 5, 2023
1⃣ Citadel Securities – $45.76B SNP
2⃣ JP Morgan – $321.08B SNP
3⃣ Wells Fargo – $86.15B SNP
4⃣ Bank of America – $534.33B SNP$987.32Billion ($987,320,000,000)
Almost $1Trillion in assets sold & not purchased, What could possibly go wrong
(SOURCE 10-K) pic.twitter.com/M1qnQckY6S
— G-MAN (@GavinClimie) September 4, 2023
Reuters broke the story:
Wells Fargo had 233,834 employees at the end of the June quarter compared to 243,674 in the second quarter last year.
The bank has trimmed its mortgage business, which has also seen some layoffs.
In the June quarter, Wells Fargo increased its allowances for credit losses by $949 million to account for potential losses in office loans.
Economist E.J. Antoni reports: “Bank deposits tumbled $70B last week to the lowest level since mid-May; small banks had biggest deposit drain since banking crisis in Mar; deposit level at small banks lowest since Jul, level at large banks lowest since Apr ’21; Treasury borrowing sucking out all the oxygen.”
Bank deposits tumbled $70B last week to the lowest level since mid-May; small banks had biggest deposit drain since banking crisis in Mar; deposit level at small banks lowest since Jul, level at large banks lowest since Apr ’21; Treasury borrowing sucking out all the oxygen… pic.twitter.com/XnAAupwh22
— E.J. Antoni, Ph.D. (@RealEJAntoni) September 8, 2023
The Charlotte Observer provided this quote from Wells Fargo Chief Financial Officer Michael Santomassimo:
“We continue to believe we’ve got a lot more to do to make the company as efficient as it should be.”
But here’s the good news: I might be able to help you.
Because guess who’s NOT laying people off?
Guess who is in HIRING mode?
Me!
Noah!
Your humble correspondent!
We’re growing faster than I can keep up with.
Maybe I can help you?
If you’ve been impacted by layoffs, or just got fired….or….if you have a job but it doesn’t pay enough, then this is for “YOU”.
The layoffs are really getting bad out there.
You may not work at any of those places….
In fact, odds are you probably don’t!
But the layoffs start there and then spiral across the country.
And I know many of you reading this have ALREADY been laid off or fired from your job.
Many more are to come.
So….that’s why I’m publishing this.
Can I help you?
Very possibly….yes!
In fact, I tell you this because this is MY story.
And deep down it’s probably your story too.
You see, it doesn’t even have to be a layoff.
It may just be that you’re very unhappy with where you’re at in life.
Unhappy with your job…
Unhappy with your future prospects….
Not crazy about doing what you’re doing for the next 30 years and getting a cheap watch as a gift when you retire.
Oh I have a feeling that my story is going to resonate with you.
You see, I believe deep down we all know we were created ON purpose and FOR a purpose.
A God-given purpose.
Something we were created to do in this world better than anyone else.
Sound crazy?
I don’t think so.
I think every single one of us has greatness inside of us…and a calling to live the life God created for us!
Not to live someone else’s life.
Definitely not to live a life for your boss or for your job!
How sad is that?
It reminds me of one of my favorite memes:
But as always, there is TRUTH in comedy.
It’s what makes comedy funny, because we can all relate to the underlying truth.
So here’s where it gets really personal.
I didn’t learn that until I was in my 40’s.
I wish I’d learned it earlier.
And I’m telling you because maybe I can help YOU learn it earlier in life.
When I started this mission of the WLTReport back in 2015, I was finally doing MY thing.
Not living for someone else…
Not just punching a clock…
Not just moving papers around into a folder in a beige office for 40, 50 or 60 hours a week.
No.
I was finally doing what God created ME to do…and I was changing the world (in my own little way) at the same time.
If you’ve never been in that position, I can’t quite describe it to you but it’s magical.
Suddenly, you don’t need coffee or extra motivation to get through the day.
Suddenly, when you’re living out YOUR purpose you have all this natural energy and “work” doesn’t seem like work.
You go from watching and waiting for the clock to hit 5:00 so you can go home to wondering “where did that day go, I could use another 12 hours!”
People ask me all the time how I get so much done around here and they’re fearful I’m going to “burn out”…
Nothing could be farther from the case.
And to quote my friend Christopher Greene, “I’d much rather BURN out than RUST out.”
Let that one sink in a bit.
I believe in this so much and I believe I can help a lot of people who are reading this so much that I actually recorded this video.
This is me, totally from the heart.
Please enjoy (and then if anything in this video resonates with you, scroll down and I will tell you how I might be able to help you too):
I Had a Job, Once…
pic.twitter.com/fINRaHEOcO
— DailyNoah.com (@DailyNoahNews) April 8, 2023
Backup here on Rumble:
Now, if ANYTHING I said in that video gave you that little shock of adrenaline or that gut feeling that connected with your soul, I want you to keep reading…
I want to be very clear upfront about a couple of things.
One, I’m not trying to sell you anything.
And two, I’m not telling you to quit your job or make any drastic change.
I’m just a guy who finally found how to live for the passion God placed inside of me, and if I can help some other people along the way I want to do it.
Fair?
Ok.
So in addition to my mission here at WLTReport, I’ve also been working on this second mission that I started talking about last month.
It’s like Mission x Mission for me…Mission Squared!
And I’ve got about 100 people in my “Inner Circle” who have jumped aboard and are doing it with me and they’re absolutely loving it.
The truth is I’ve been blown away in the past few weeks by the comparison of what we’re doing with this new mission and everything else happening in the world right now.
I’m sure you’ve seen all the headlines.
As I type this, banks are failing…
Banks are being shut down…
Bank Runs are threatening to spread across America…
Big companies are doing mass layoffs…
Tens of thousands at a time, Wave 1, Wave 2, Wave 3, they just keep coming!
All the big names are doing it and no one seems immune: Google, Amazon, Facebook, Walmart, McDonalds, Wells Fargo it’s everywhere!
There’s definitely not a lot of “confidence” or “certainty” anywhere in the system right now.
And yet in the midst of all of that, then I huddle up with my Inner Circle and they’re receiving paychecks!
Life-changing paychecks in many cases.
That’s not my words…
Let me share with you a personal message I received from one person in my Inner Circle.
I’m withholding her name for privacy purposes but she did give me permission to share this.
Read this and try to not let a tear come to your eye as you realize in her own words: “I did not have a Plan B…”
Read here:
I got that message a few weeks ago but it still pumps me up reading it here again!
And that’s not the only one.
They come in all the time, people so grateful for the opportunity to live THEIR purpose and join our Mission!
Making money and having fun doing it all at the same time.
I’ve redacted some personal information, but check out three messages I just received recently from some good friends in the Inner Circle:
Ok, can I show you just a few more?
Sorry but I’m so proud of these people who have jumped in and changed their lives.
Here are a few more:
Now I have to give my standard disclaimer: RESULTS ARE NOT GUARANTEED. I can’t promise you will do well or earn a ton of money. The only thing I can promise you is the OPPORTUNITY. And those who work hard and put in the effort and have drive and determination have tremendous opportunity here.
No promises, no guarantees in life.
But if you work hard and don’t give up and know how to take life by the horns and dig in?
Then you might just do very well.
But the reality is stuff like this comes in all the time and it pumps me up so much!
Not only is our mission changing lives but the people working with me in the Inner Circle are having THEIR lives changed right along with it.
As I said at the very beginning of this article, this is NOT for everyone, but it might be for you…
….if you’re a high performer…
….if you want to earn a supplemental income working with me…
….and most importantly if you’re a NICE person…..
….if your heart is beating fast right now knowing that everything I’ve typed above and everything in my video above is like it’s speaking DIRECTLY to you.
If that’s you, I want to connect with you.
I can’t make any promises, and I can’t even promise we will have any slots open, but if this speaks to you then I want you to send me your information and someone from my Inner Circle will get back to you if/when we have something open.
I look forward to hearing from you!
UPDATE: As of right now, we are currently FULL with over 200 workers on our Mission. I am still accepting submissions but just understand you will be placed on a Wait List until more opportunities open up. Thank you!
Thanks for reading.
I can’t wait to see who this helps over the next month, 6 months, year or more.
We’re changing lives and I absolutely love it!
Noah out.
This is a Guest Post from our friends over at WLTReport.