“Wells Fargo CFO talks shedding real estate, cutting more staff”
September 13, 2023
“Wells Fargo & Co. sees more opportunity to trim expenses by unloading more real estate and cutting additional employees, Chief Financial Officer Mike Santomassimo told investors.
“We continue to believe we’ve got a lot more to do to make the company as efficient as it should be,” Santomassimo told those attending the Barclays Global Financial Services Conference Tuesday. He noted that Wells (NYSE: WFC) has cut almost 40,000 jobs over the last couple of years, lowering headcount every quarter since the third quarter of 2020…”
What everyone needs to watch out for is banks and shadow banks buying large amounts of property after a huge crash. Their losses will be like peanuts if they buy land for pennies on the dollar after a major crash in real estate.