Author: Chip Cutter

The careful, coded corporate language executives once used in describing staff cuts is giving way to blunt boasts about ever-shrinking workforces. Gone are the days when trimming head count signaled retrenchment or trouble. Bosses are showing off to Wall Street that they are embracing artificial intelligence and serious about becoming lean. After all, it is no easy feat to cut head count for 20 consecutive quarters, an accomplishment Wells Fargo’s chief executive officer touted this month. The bank is using attrition “as our friend,” Charlie Scharf said on the bank’s quarterly earnings call as he told investors that its head count had fallen every quarter over the past five years—by a total of 23% over the period.

Listen. I’m conflicted. On one hand I think. How much more profit do you need? On the other its lemmings mentality. the bank that operates at 212k employees instead of 300k (in link) has a lower operating cost than before. I just wish with. my magical feel good wand. we cared about the impact on lives of those trimmed positions.

_{Quote Citation: Chip Cutter, “CEOs Are Shrinking Their Workforces—and They Couldn’t Be Prouder - WSJ”, July 27, 2025 9:00 pm ET, https://www.wsj.com/lifestyle/careers/layoff-business-strategy-reduce-staff-11796d66?st=zJuT5D}