This is the only job I’ve ever had where I have to worry about layoffs every two weeks. I’ve worked for other major banks, I’ve worked in other industries too, and nowhere was it ever this bad. I thought joining Wells Fargo would be a great career opportunity for me. Instead, I’m already looking for something else because I’ll be damned if I’m going to stay at a place where layoffs are such a normal, accepted thing that they happen every 14 days. I can lose the pay raise I got by moving here, I don’t even care, but I’m not staying.
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This place is done at this point.
@OP all about Charlie’s greed.
You must not have been here long. They will keep downsizing, while leveraging the regular excuses. They only close specialty huh? Guess who decides whether or not a core is reclassified as a speciality? Or not a hub at all? They've done it many times and will continue to do so until HY and I&P is it.
@by it will end when remotes and specialty markets are gone. Just ask for and look at sites and do searches for REMOTE people. The extremists will make garbled posts about "all down to Hudson Yards and Hyderabad!!!!" but that's just not true.
To my ears and eyes they have been very candid about when all of this will stop, when no more remotes exist as the norm and niche/specialty markets are eliminated. For as long as they exist, layoffs will continue and some people who don't fit either will be let go as an efficiency exercise potentially labeled as otherwise.
Folks need to be more proactive in documenting these experiences on glassdoor reviews.
When the exec two levels up from my current manager was in AZ I asked him candidly when they expected the rolling layoffs to slow and he had no idea. Couldn't even give a year like "end of 2026." There's zero light at the end of the tunnel even for people relatively high up in the organization. The entire workforce is mentally checked out and going through the motions.
One of the most toxic places I've ever worked. I'm only sticking it out because the job market is godawful. WF is not the only company doing layoffs, and I've at least worked here long enough that I'd have some severance due. Not going to switch to someplace else where I'd be the new man on the totem pole with zero cushion
I see no evidence that the hy guys care about ethics. Morale being low is a feature, not a bug. They intentionally have created those conditions.
The ethics of this layoff/efficiency program will and are being examined. Have you ever wonder what happens to teamwork when every other week part of the team could be gone. Even the best managers are being hardened and made nasty on this hunger games/ survival game -- but your work shouldn't be a game... When you look at other banks there is a beginning and an end to their layoffs/efficiency programs -- NOT at Wells Fargo. I wonder how this is going to end. Like the "account scandal"?
Nobody can be expected to do their best work under these kinds of conditions. The constant insecurity and stress su-ks motivation and undermines productivity. And management struts around like they are god’s gift to banking - as if layoffs are a sophisticated management technique nobody ever thought of before. Nobody who wants to take pride in the work or their workplace should be here.
Oh and they lock the bonuses too 😀 - so the huge pay packet only makes sense if you plan to or are able to stay long term. Things HR does not tell you when joining. Oh and they keep making changes like slapping a notice period when there was no such thing when you accepted the offer.