Linux_Yes: lots of tricklin' going on.just remember, tax cuts for the rich create jobs.lol schmucks.
Fark_Guy_Rob: I really don't understand this mentality that so many people seem to have. 'A company is profitable, therefore, employees can't be fired!'
Randomly: Earnings report is from 2nd quarter. 3rd quarter the mortgage side tanked. 4th quarter Subby reads article.
HotIgneous Intruder: Yay banks!Yay capitalists!/Fark Wells Fargo - Wachovia.
Fark_Guy_Rob: If Wells Fargo felt it could be MORE profitable without 5,500 employees - it should either fire those 5,500 or reduce their pay.If an employee thinks they could make more money WITHOUT their job, or at another job - they should either quit or demand an increase in pay.I really don't understand this mentality that so many people seem to have. 'A company is profitable, therefore, employees can't be fired!'I worked for a company where the CEO felt the company was a big, happy family. As nobody was ever let go. But there was so much dead weight. But we were profitable....right until we weren't. Then, it was already too late. Laid off 1/4th of the staff, but they seemed to know exactly which 1/4th wasn't contributing....and I swear to God, productivity went up! Now, maybe I'm biased, but I swear, things were BETTER. As in, these people weren't just NOT contributing, they were actively impeding work.Still, at that point, they company was so far gone, it didn't matter. I think it was 3 months more and the company declared bankruptcy and laid off almost another 1/2 of the employees.....while everyone who wasn't let go had started sending out resumes and even more people started to trickle out.
Diogenes: The mortgage business won't be in a slump forever. When it recovers and that portion of the business is restored, they will need to hire again. But they just lost people with a body of knowledge because of the layoffs. This will create quality problems.
Linux_Yes: HotIgneous Intruder: Yay banks!Yay capitalists!/Fark Wells Fargo - Wachovia.i pulled my money out of Wachovia bank (later bought out by wells farko) right after the 2008/09 wall street bank stunt, and put it in a Federal Credit Union.and i've never since looked back. very happy with my choice. now, i don't have to feed f*cking stockholders any of my money.
cefm: They'll want those people back in less than 2 years - and they won't be able to get 'em. Instead they'll get new folks with less experience, no loyalty to the company, no customer service skills, and will generally be a shiattier company going forward than they would have been if they invested in maintaining a strong workforce.
Diogenes: Well, it's lazy, reckless, and ultimately self-defeating. But it does raise revenue and shareholder "value."Feel the trickle down, folks.
Rik01: I've lived through several 'recessions' but it wasn't until the early 80's that I spotted businesses slashing the ranks of employees and people lining up to invest in them afterwards. Yuppies, usually, quick to capitalize on greater returns from the climbing profits now that there weren't so many pesky employees around to suck down the cash.A bonus was that the remaining employees were so terrified of loosing their jobs that not only did they work harder, but many took pay cuts and loss of benefits, which translated into bigger corporate profits and greater returns for the investors.I'm not sure when CEO's became gods, worth millions a year, plus Golden Parachutes so vast that even if they got fired they'd never really have to work again. Including the CEOs who did shiatty jobs or were so hostile towards the average consumer they were nearly psychotic.Then again, I never expected to see so much of the nation in abject poverty due to the greed of financial institutions and have billionaires start popping up like popcorn. It seemed the more folks that lost their jobs and homes, the more billionaires appeared.Sometime between the 80's and 2000's, a judge made the cap on interest rates, placed by the federal government decades ago to protect the average consumer, illegal and non-constitutional. Companies left skid marks jumping interest rates up over night.I recall a time when it was never really hard to get a job, especially, for school kids, a summer one. Businesses were usually willing to hire on a new worker who looked like he might benefit the company. During the summer break and Christmas season, businesses were actively looking for temporary full time help.Now, they seem looking for ways to fire or restrict the employees they have.We're in a financial crisis now and yet I keep finding news reports mentioning how housing booms are on their way back in some areas -- even though thousands of repossessed homes lay empty across the country.The financia ...
burning_bridge: It seems silly to me that we are expect to make decades-long commitments to them through mortgages and loans but their commitment to us is zero. I understand there is a difference, I'm just pointing out that the totality of culpability seems to be a one-way street these days.
sure haven't: Employees don't make the company happen, employees are an annoying cost. A liability that needs to be eradicated. If every company did away with these "employees", they would save millions to distribute to lottery-winning upper executives.We'll get there someday. For now though, we can only cut bit by bit. Soon though, every company will gloriously be employee-free, and will finally be able to make the board even richer. It will be paradise.
Skyd1v: sure haven't: Employees don't make the company happen, employees are an annoying cost. A liability that needs to be eradicated. If every company did away with these "employees", they would save millions to distribute to lottery-winning upper executives.We'll get there someday. For now though, we can only cut bit by bit. Soon though, every company will gloriously be employee-free, and will finally be able to make the board even richer. It will be paradise.Good post. An entertaining use of sarcasm/snark.My problem, anecdotally, is I see this IRL at the company I work for all the time over the last couple of years. I work on the executive floor ( just a drone though ) and overhear a lot of meetings on how to "reduce employee expense". Since we are a service based company, one would think crapping on the very people providing the services we sell wouldn't be considered, but, here we are.
clkeagle: American businesses are now so poorly managed that they can't compete
jayhawk88: Fark_Guy_Rob: I really don't understand this mentality that so many people seem to have. 'A company is profitable, therefore, employees can't be fired!'Seems like there should be a balance, though. We're at a point now where if a company like Wells Fargo posts, say, a $1.1 billion quarterly profit, but Wall Street (somewhat) arbitrarily thought they should have made $1.2 billion that quarter, their stock will take a 10-15% hit and the talking heads are on TV for a week yelling "Sell, Mortimer, Sell". Or, if their profits only rose 10% instead of 11%....HOLY CRAP PANIC WHAT IS WRONG WITH WELLS FARGO??? There's nothing wrong with Wells Fargo, their profits rose 10% for pete's sake, but now a bunch of computer programs can make $47 million in 20 seconds shorting the stock.People are routinely getting laid off/fired not because the company is doing terrible or they're dead weight, but because the company did slightly worse than the expectations of a bunch of individuals who's only interest in the company is how much money they can make off of it buying or selling their stock.
Alphakronik: If you bank with a major US bank, fark you.
inclemency: Some great posts in this thread(Rik01, Diogenes, et al).Also some unsurprising zero-sum capitalist mentality posts.This is an unsurprising story, in that it is not unique. This saddens me.Corporate greed, and individual greed with intentionally dulled empathy is an illness. A serious illness that has repeated itself through history. Perhaps it is our fate. But I feel pretty good about how I make what little money I do (from a moral perspective) and will never have to apologize for it.Thank heavens I never got a real taste of it... I have an addictive personality and would hate to hate myself more than I do./fark money worshippers
Harry_Seldon: Alphakronik: If you bank with a major US bank, fark you.I bank with US Bank. I have no beef with them. I have my mortgage with them for years, and they still own the paper.
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