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I have worked at TikTok US core tech for 3 years. AMA.
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Should I marry a lazy girl?
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Very thin yoga pants
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Please Help :: Should I pursue CS Masters in USA or remain in India to join Startups?
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[Poll] how stressful is your job
https://youtu.be/lMU9X_VGH9I Layoffs impending? How did Wells Fargo react to their dividend cut?
Stuck at $80-100 box for years while rest of market continued going up and now pandemic hit and they are cutting dividends. Great move.
"Great move"? I think you understand this, but just for clarity: Cutting the dividend was not a "strategic decision" so much as a "forced decision"... The company has literally been losing money 2 quarters in a row (and possibly the only big bank posting losses this year), and will probably continue to do so. The decision to cut the div seems about as strategic as a person deciding to move back in with their parents to save money on rent as a result of losing their job
That was sarcastic if you haven't noticed the context lol
I would be very surprised if it loses money in Q3. In both Q1 and Q2 it's underlying business was very profitable, but it built huge reserves (in Q1 due to CECL accounting rule changes and Q2 due to the assumption of worse losses). The reserves we built assumed almost 3 times as many people don't pay is back next year vs this ones. The dividend cut is because the fed thinks our loans will do horribly because we have more subprime than the rest of the big banks and ignores the fact that we know how to underwrite subprime as shown by our performance during the great recession
"CECL accounting rule changes" It's very cool to have somebody in the know / financially literate in this thread. I was worried that the word dividend would be far too complex a subject for the majority of people. Very cool. I'll look into this.
The rule made it so that instead of needing to cover the next 12 months of losses banks needed to be prepared for all losses over the life of the loan. This rule is particularly painful for credit card companies which is why Capital One and Discover took the brunt of it
I've received word that the contractors are just kinda being "run off" when their contracts expire, as a means of trimming some expenses
That was true for the last 4 months we also largely had a hiring freeze but recently we decided to start hiring again
sounds like it could get really ugly if Q3 recovery doesn't live up to the hype. My old team was primarily contractors, so morale must have been wicked for those guys... Under a normal distribution of contract renewal dates, 1/3 of the team got fired lol
Is this the infamous Desu Desu? People still talk about ya and your defunct pulse profile. And some of the problematic memes accredited to you.
I'm flattered 😊 Don't forget to like & subscribe: http://desudesudesu.io/
Haha I wouldn't be. I'd honestly be a little worried that your real name is out there. Not to mention the worrying content. This is coming from a previously disgruntled Cap1 employee myself. Hope you've moved on and are in a better place emotionally.
Uh oh, boyos, Q3's not looking good either https://www.reuters.com/article/us-usa-banks-capital-one-fin-idUSKCN2522DA
With debt climbing, banks are pressured to cut dividends. Banks also trim throughout the year. My guess is larger trims in Q3/Q4