Market keeps going up and down, there is a ton of uncertainty and people are talking about layoffs in San Francisco.
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I wouldn't be surprised if Wells Fargo instituted a pay cut across the board for all full-time employees, such as, if you made more $80,000 you would get a 3% to 5% pay cut.
Yes, San Francisco employees have a higher wage differential because of the cost of living, therefore, layoffs there would cut salaries by 25% versus North Carolina, Phoenix or other locations.
If they don't need them then it's a 100% cost savings. Even better for WF.