Thread regarding Wells Fargo & Co. layoffs

Guessing @1str+1oG7Kk5n is someone in HR that knows just enough to be dangerous. But doesn’t know CS, BL, MS, ,aster plan to save money. Surely they don’t advertise to the peons their plan to jip people pit of their 401k match so the company can save money. But is it -art of their plan? Of course it is. Otherwise they wouldn’t have changed the match frequency.

@1kqg+1oG7Kk5n Teamworks has an article right on the homepage that self evaluations begin October 2nd. This is not new. Ratings have to be documented (and calibrated) early November.

Exactly. If you don't think this company wants to save millions on 401k matches, you're lying to yourself.

Let's say 5000 people were laid off before 12/15, each earning $60K. That's $18M that the bank doesn't have to pay out in 401k matches.

@1str+1oG7Kk5n

Glad you learned a new buzzword, but you’re wrong about nearly everything in your post.

Wells Fargo changed their match for ONE reason: They knew they were going to be slashing headcount dramatically in the coming years (through layoffs and attrition) and this was some beancounter’s idea to save money. They have reduced headcount by 40,000 since the third quarter of 2020.

Is it their agenda? Yes it is 100% their agenda!! Read the news.
Is it petty? Yes!!
Should their pettiness surprise us? No.
Are there a few random outliers? Maybe…but I haven’t seen or heard about them.

Your own post confirms what the OP says: “there were displaced folks who still got the match even though they were gone in the first week of December.” (hint: first weeks of Dec is prior to Dec 15.)

The rest is just facts and math.

If your intention was to put peoples’s minds at ease, that was kind - but you can’t be helpful when you sound like a lunatic.

Fearmongering dolts posting trash like this : "They will want our last day to be before Dec 15 in order to avoid the 401K match. "

This LITERALLY does not happen. WF does not give an isht if they have to match when you're cut. Anyone saying different and trying to work you all up and hasn't been watching the past 4 years.

Will people be laid off early enough so they don't get a match, of course. But these posts make it sound like it's WF's agenda, again they don't care. Not to mention last year at-least, there were displaced folks who still got the match even though they were gone in the first week of December. Don't let the trolls stress you.

Thx for sharing recent chatter - EOY reviews are now being requested as early as mid-October for some LOBs. Which seems a few weeks earlier than last year

Yes, the 60 day notice is typically a non working notice. I say typically because some in my area were given a working notice through the end of the 1st quarter.
A large group of 300+ were given a 60 day non working notice meaning they've been getting paid and once that notice passes, their severance kicks in.

So is the 60 days on top of what severance you get?

You are not automatically given a 12 month severance, it's clear on page 477 of the employee handbook.
In my case, I would only get 10 weeks of severance for 5 years of service.

My impression is that Wells Fargo traditionally notifies employees 60 days in advance of their final day regardless of a WARN notice. Employees are often walked out on the day they are notified, but they are paid for the 2 months plus the 12 months of severance.

60 days in NC for a WARN notice.

@hnc+1oG7Kk5n

I shared this in another post, but with the WARN notices they only have to give notice if it’s going to affect 50 people or more on a particular date. Like I said in the other post, my state hasn't issued a WARN notice since 2018 yet we’ve been having people let go pretty regularly lately.

WARN notice for NY is 90 days, so WF would have had to serve notice Sept.15 for employees in NY.

CA soon to be 75 days.

Unreal that 401k match deal, can't get any shallower for choosing to reduce expenses in this way rather than improving bottom line through generating new business, innovation, M&A, etc.

Mismanagement all around, corporate stereotypical stuff.