Thread regarding Wells Fargo & Co. layoffs

Wells employs 270k people. BoA employs 220k doing very similar things as Wells. Expect layoffs.

So it begins

https://www.finextra.com/pressarticle/82983/wells-fargo-sells-global-alternative-investments-feeder-fund-platform-to-icapital

Wells Fargo’s WIM is not really profitable, they have extremely high expenses. All the money is made in Card and Wholesale.

No one is safe, look after yourself with that in mind because the situation at the bank is not improving, it’s rapidly deteriorating.

This is strictly my opinion - I have no inside info or facts, but if you are an underwriter in mortgage you'll probably be safe. Any other position in mortgage fulfillment or risk then I would be worried.

Agree lines of business are being shopped Or phased out right now. Mortgage,
Credit cards, banking and wealth management are the main arteries. Smaller volume lobs are on the chopping block. Believe it.

Our management said we will see layoffs.

ER work- how are they deciding who stays and who goes?

There will be layoffs announced July 1 - Nov.1. Packages prepared and ready to distribute as soon as this week.

Any employee who thinks there won't be layoff is in total denial.

They are trying to save what is and will be left of the company. They are not trying to save employees. Employees are simply seen as headcount, especially in times like these.

If any suitors make a nice bid, for whatever part(s) of the business, Wells Fargo will take it.

That is where we're at. Believe it.

OP - Ignore @ylg. He can’t even complete a sentence.

Your post is well thought out. I’m often amazed with people who take whatever management says as the truth. I think they are just a different personality and don’t want to deal with the anxiety it can create. Maybe they’re the smart ones? I’m all for optimism, but not blind optimism. That being said, the stress isn’t good for any of us. Hang in there.

Given what’s transpired it’s clear everyone at WF is a f$cking mo–n. A better question is doors management think you’re ‘stupider’ that they are. Clearly op is a an id10t for using the adjective stupider proving my point.

@ovp, that is a good post. Your right the odds are in the employee's favor for now but will continue to take Americans as customers but continue reducing the American workforce and giving other countries the jobs. So may come in the upcoming years versus this year for a US employee.

Not sure how a company can maintain their public image in the US while doing a massive layoff in US and then at the same time building those large workforces in India instead and the massive buildings there.

Hmmm...after reading the reply from @hjo, I am reminded that communication has at many times been very poor at the firm. They have always believed in communicating down through the chain of command, and if there is a break somewhere in your chain: you don’t get the info. Another problem is that certain managers think/know that knowledge is power. They enjoy knowing something that you don’t know and they feel elite about that. I work for a good manager who manages a healthy team atmosphere, but he unfortunately reports to a “company guy” who thinks the only way to manage the masses is with an iron fist.

I’ve been at the firm for a long time. I have friends throughout the firm at various levels. I, of course, have nothing concrete, but what Im hearing is for the most part consistent. Layoffs are 100% in the works. The first phase will start within the next month and additional phases will continue throughout the year. What is up for speculation is who and how many. My observation is that Charlie is a “play big or go home” kind of guy. Covid is complicating the plan because he is tryIng to manage both the firm’s public image during a pandemic and the firm’s expenses. It is a reality. It may or may not be you. Odds are in your favor, based on how many employees we have, that it won’t be. But some people who don’t deserve to be let go will be let go. Don’t panic, be strong and smart, and have a Plan B.

Hmmm...after reading the reply from @hjo, I am reminded that communication has at many times been very poor at the firm. They have always believed in communicating down through the chain of command, and if there is a break somewhere in your chain: you don’t get the info. Another problem is that certain managers think/know that knowledge is power. They enjoy knowing something that you don’t know and they feel elite about that. I work for a good manager who manages a healthy team atmosphere, but he unfortunately reports to a “company guy” who thinks the only way to manage the masses is with an iron fist.

I’ve been at the firm for a long time. I have friends throughout the firm at various levels. I, of course, have nothing concrete, but what Im hearing is for the most part consistent. Layoffs are 100% in the works. The first phase will start within the next month and additional phases will continue throughout the year. What is up for speculation is who and how many. My observation is that Charlie is a “play big or go home” kind of guy. Covid is complicating the plan because he is tryIng to manage both the firm’s public image during a pandemic and the firm’s expenses. It is a reality. It may or may not be you. Odds are in your favor, based on how many employees we have, that it won’t be. But some people who don’t deserve to be let go will be let go. Don’t panic, be strong and smart, and have a Plan B.

My management said in no uncertain terms layoffs are coming. Not sure why WFHM is saying something different.

yea but if there is no one to manage but a couple people they will move them under another manager, then those managers are gone too; so managers are just terminating themselves too and the employees.

It’s management’s job to keep you working at full capacity until the moment you’re shown the door. Don’t think of it as lying. Think of it as a sophisticated management technique.

@quk that’s what I thought as I was typing out the original post. I understand layoffs can be a good thing for stock prices. Still doesn’t answer why management would try to pass off the layoff announcement as a misconstrued quote.

Layoffs = less expenses, therefore stock prices go up. Layoffs are a good thing for investors. Layoffs is good “money management “ and isn’t perceived as bad.