Wells Fargo to Cut up to 66k Jobs: The True Effect + BofA Announces Things are Normal in America Again - Screws Employees out of Money

<p><strong>Dedicated to the employees of big banks who get shit on over and over again.</strong></p> <p><a href="https://www.wraltechwire.com/2020/10/27/wells-fargo-workers-report-layoffs-underway-50000-jobs-at-risk-news-site-says/"><strong>Speculation is that Wells Fargo is going to cut it's workforce by 20-25% really soon, which could mean up to 66,000 employees gone</strong></a><strong>. Amazing. It is all the residual aftereffects of the "Unauthorized Account Scandal" (Lay people know it as "Fake Account Scandal"). In my opening segment, </strong><a href="https://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html"><strong>I discuss how 5,300 people fired in 2016 for the scandal really should have only been a fraction of that which pushed sales goals to low level employees</strong></a><strong>, and how now with revenues and profits down, Wells will cut spending by eliminating jobs of people who were never involved in scandal.</strong></p> <p><strong>I speculate aside from the millions of customers impacted, maybe millions more are impacted as a result of the layoffs. (Kids, Wives, Husbands, Etc.)</strong></p> <p><br></p> <p><strong>Then the HUGE STORY of the week. Bank of America announces that the pandemic is all over, and they are removing the $200 bonus pay from front-facing employees/call center employees checks.</strong></p> <p><a href="https://popular.info/p/as-covid-spikes-bank-of-america-ends"><strong>Judd Legum broke the story a month after I first mentioned it on this podcast. I am that good :)</strong></a></p> <p><strong>(Wait... You mean the virus is still around? So why are they taking away pay?)</strong></p> <p><a href="https://www.cbsnews.com/news/bank-of-america-ending-coronavirus-pandemic-hazard-pay/"><strong>Citing going back to "business-as-usual"</strong></a><strong>, Bank of America in a memo stated that pandemic pay ends in October.<br> I discuss what "business-as-usual" really means (It's not good) and how the one incentive for associates during th