Project Compass

Wells Fargo Plans Layoffs


Wells Fargo & Company ( WFC ) is mulling over retrenching technology and operations workers as part of its cost containment measures, according to Reuters . The company will take this initiative with an aim to reduce about $1.5 billion quarterly operating expenses.

Moreover, according to sources, the bank is planning to layoff approximately 25 staff and removed 30 unfilled positions. Wells Fargo plans to reduce quarterly expenses for technology and staff by $188 million, and therefore more number of headcounts can be reduced in this area.

The ongoing Project Compass, the efficiency program of Wells Fargo, which was initiated at the end of 2010, aims at eliminating jobs to reduce expenses. Under the project, Wells Fargo targets to trim down quarterly expenses to $11 billion in the fourth quarter of 2012 from $11.7 billion in the third quarter of 2011. Apart from reducing jobs, the company plans to achieve its target through loss alleviation and foreclosing assets. These initiatives will be executed in the upcoming quarters.

Wells Fargo remains committed to expense management, but not at the cost of any negative impact on its revenue. Project Compass is a company-wide initiative focused on removing unnecessary complexity while eliminating duplication as a way to improve the customer experience along with the work process of its team members.

Comment: There's a certain tension and uncertainty around the office. I have certainty! Trusting the Lord.

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