Thread regarding Wells Fargo & Co. layoffs

I got out and it is by far the best thing I ever did. I was a long time high performing employee who was reorg under a manager who had no idea what my team did and actively tried to meddle in our operations to make them worse. She gave me a meets with threat of inconsistently meets if I didn’t get with her program. Now I’m way happier and work for managers who actually know the job.

@dr Awesome that you landed another job. That pay cut is rough, though.

When I landed at WF after being displaced from a global telecom 10 years ago, WF was a breath of fresh air - so much better than the throat slashing environment I came from. Then "Consumergate" happened and Scharf waltzed in. It has been a ride downhill since. Any workplace can begin that "great place to work" to bad environment at any time. Good luck and I hope the new job stays great!

@eq well kinda kinda not. I mean they’ve already booked layoff expense so there’s a “budget” for it and the severance is just a contra-debit against that budget. They want to reduce the efficiency ratio and somebody on severance is not factoring into that ratio at all in the sense their severance is pre-funded.

What everyone forgets is they don't want the severance impact because it still hits the budget and doesn’t resolve their cost cutting objective. Wait at your own risk.

Was displaced in February after 10 years. Found a new job three weeks into my 60-day notice period. Negotiated start date to mid-April. Took a $50K cut but fully remote job at a fantastic company. You don’t realize how awful a company WF is until after you have started somewhere else!

In a similar boat to @ad+1k0jr1rn9, I left recently and have had no second thoughts. The environment is way less toxic and people aren’t burnt out anything like the wells groups I worked with. Obviously everyone’s choice to see if they can time severance if it’s coming, but it’s just not healthy to wait out the end for another year or more to me. Pick your own timing and go.

@cv if someone is displaced for "efficiency" or location strategy then the rating doesn't matter - they get severence

If someone is PIP'ed and managed out/termed for performance, no severence. that's not the situation for the OP at present.

OP if your midyear discussion results in "you're going on a PIP" then time to get out

If you're not having a dialogue with your manager since the IM to understand if they think you are addressing the points from your IM, then you'll most likely get another IM in MY. It sounds like your description is that they have been very negative. Your explanation of meets for MY and then IM YE to sc--w the bonus isn't how a manager would handle it- they would be questioned on why/how your rating "cured" and then fell apart again 3 months later (since the MY review is delivered in july and then YE ratings are due in october to start the YE process).

So that all said, whether you should or shouldn't take that other position - take it only if you've done your due diligence and you really are confident that it's a good opportunity for you long term. if you get displaced between your notice and severence that's 8 months to find your next... focusing on nothing but the job search. it depends on how you feel about this role you're looking at vs what you think you'd be able to find with that amount of time focused on a search.

Any chance of Severance… need to hit meets I am assuming… I was axed 6/23 with 9 months, actively looking to find something after the notice.

You owe this bank nothing. You do not owe your directs anything. Your mental health is more important to you and your family than staying at this toxic place. Wealth will follow your sound decisions you will make.

I always thought I would retire from WF. I was offered the relo package, but didn’t take it. I found another job with a smaller bank and I am so happy. I knew working at Wells had become toxic, but I didn’t realize how bad it was. I’m sleeping better at night. I work for people that respect each other and are just so helpful. Charlie and his cronies have turned WF into a toxic mess. Maybe it’s by design or maybe not, either way, I’m glad to be off the stagecoach.

The ship isn’t sinking. It’s more like the ship is listless. It’s out of fuel, rudder broken and the remaining crew are slowly being forced to eat each other.

Save yourself. Company and "leaders" too toxic. Similar performance situation. Meets for several years. Midyear 2024 Meets. Moved to new manager. YE 2024 Inconsistently Meets. Then displaced. There is no loyalty to employee and managers only care about themsleves. Take the new position. Do your best to negotiate best salary (and sign on bonus if you think you can finagle it.) You may have to take a hit on salary and vacation days but you will have peace of mind. And hopefully you wont have to worry anymore about getting the boot the Tuesday after payday or getting knifed in the back.