Are layoffs around the corner?
4 replies (most recent on top)
Wells sure is. $969MM severance charge taken.
M2SL peaked in April 2022. It's all down, down, down from there...
The one-time $1.6 billion tax pre-charge was a sizable part of profit haircut.
I think you have keep some realistic perspective. Suggesting -58% when the benchmark you’re measuring against was the most profitable in history, is misleading. Nobody could sustain the profitability that occurred in 2022 in general and not flame out.
If layoffs occur because of it, then I would suspect (expect) those would be pointed towards those hired because of 2022 and the stupidity of the “great resignation”. You don’t throw the baby out with the bathwater. That being said, this is a Wall St bank. So you never know with those types….