There has been rumor about adjustments to be made to displacement packages. I would imagine that in this cost cutting environment, that would entail a cut to the package and not an enhancement. Does anyone know if the packages are being altered?
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Citi is gearing up for layoffs in Q1 or Q2 2021
Wells Fargo and Reputational Risk!!! I am LMAO!!!!! There is no worse reputation in the industry than Wells Fargo.
Regulators would not permit those types of severance packages for executives. I think a few years ago the regulators objected to some sort of program or benefit that we had to change because it Favored higher paid executives. I can’t recall the specifics right now
@qya That's a laughable proposition.
I'd gladly take it though. 84 weeks of paid vacation sounds quite nice.
@qya+16BdachR I'll take a doubled package. I'm at 30+ weeks as it is– I'd take 60 weeks. I'm sure I can find a job in more than a year.
I seriously doubt they'd double the packages. As it is, they cut them b/c of the golden parachute BS from a few years ago. We used to have better severance packages.
@kvq+16BdachR. Reputational Risk????? What a joke, WFC has no reputation to uphold at this point. They could very well cut the packages to save money.
Ive heard rumors the packages are being doubled for senior executives and 40+ year olds, especially in information security.
Basically the bank is paying them for an extended nondisclosure agreement due to all the fraud and flawed processes.
Longs are gonna get crushed if that ever leaks out.
Doubtful; it’s already not going to look good in the press (reputational risk) as none of our peers are doing layoffs this year due to the pandemic; if they cut the severance, which is already sh–ty, that won’t be looked at kindly be the press that already hates the company.