Thread regarding Wells Fargo & Co. layoffs

Post from TheLayoff.com

It would have been better to stay in NYC. Hudson Yards is their baby. That’s where they are hiring in the northeast.

Now in Philly, it depends what you do. If you are in IT, you will probably be toast. If you are a banker in 2 Logan you might have a chance.

I believe this trimming of the fat when it comes to real estate, including WF's, is going to be the "doing us in" straw on the camel's back. With inflation where it is, the economy will not be able to whether this upcoming shake out of real estate. The bubble will burst. I hope it does not do damage like we saw in 2009.

Minneapolis is undergoing major consolidations. Home Mortgage campus is being sold and they are moving downtown. Bloomington office is closing. SLP is being consolidated to one building.

@onn it was announced in a town hall that they would move everyone out of the D building into E&F in St. Louis. . Only 2 floors (4& 5) are truly in use. The rest is almost empty. That’s us why only 2 floors were updated. No long term Plans to stay in the building. Ask any employee on those floors, they have been told they will move at some point. The saving grace is that no one wants commercial property in downtown STL right now. May delay things. Only selling point of D building is the garage for the new soccer stadium.

Just moved from nyc to Philly. Was that a bad move?

@jgt+1oamiF9O
Will Wells insist on more days in the office before layoffs are over? Consolidating is the only reasonable answer. After the bulk of all layoffs have been completed.

@mmp+1oamiF9O

Yes, 10 S Wacker. These spaces are ghost towns

Chicago is predominantly commercial banking and mortgage with a few brick and mortars for the communities. Scoop is that the Wacker situation will be reconciled soon and not to the liking of too many. All hush hush.

@qgb+1oamiF9O

I would normally agree with that except now they are laying off non hub people and hiring in hubs for replacement. It's happening in IT right now. A lot of unnecessary work and extra money but they are doing it

Wait, we're supposed to believe they give a damn of the location strategy is convenient for us? Half the purpose of it is to drive attrition. If people quit because the office now all the way across town the execs would LOVE that.

@tro+1oamiF9O

How does a company control parking when it doesn't own the parking garages?

Unfortunately, Wells will probably keep staying in downtown locations because it's central to all the suburbs. If tye move west, then what about all the people that live east.

@mmp+1oamiF9O

Yes, 10 S Wacker. These spaces are ghost towns

@wft+1oamiF9O

Stop spreading false rumors. D building is not for sale currently. Although everyone could probably fit into F and L if they did some work. The D building has some of the newest spaces though.

@vsm+1oamiF9O

Correction, no one wanted to be that close before COVID either.

It's true for Portland --re-stacking the Tower, closing one of the call centers---cramming those from that closure one ---- trust me...if you think you've dodged the bullet --or think you're too valuable or the only one left on the team....there IS a plan in place!

Des Moines if they telling you they are restacking a building to fit 3-4 buildings worth of staff, get ready for 60-70% of staff to be let go during this process.

2 things.

1. 101 n independence mall has a parking lot under the building. The parking lot was sold to a 3rd party when they sold the building years ago. The bank leased floors for staff to work.

So the 3rd party that ran the parking lot had me on a waiting list for almost 10 years. They finally decided to clean up the list and found that 80% of the people that paid for parking were gone. So then they decided to look at the waiting list and contact people that spots were available. Now the price of parking was more than parking at the neighboring lots.
So the lot has been almost empty for years.

2. I disagree with the person that says Philly had too much space. I think before the closing of the two broad street sites, it was the perfectly space environment.

People look at 2 Logan and hate the spacing. Everyone tried to be as far as the next person as they can. They want staff almost on each others laps. And no one wants to be that close since covid.

The only way asset cap will be lifted will be through shrinking the bank either through selling of business units or halting loan originations. Last option will be to break up the bank.

St Louis had 5 buildings at one point. A,b& c are sold & being demolished as we speak. They announced they want out of the D building by end of year & it’s for sale. Moving everyone to just E& F buildings.

"Chicago lost 2 floors already with more going away in the very near future. That spawned neighborhood seating, which means no one wants to go in anymore."

The 10 S Wacker?

@vzy+1oamiF9O

In my case, the time lost isn't personal time, it's company time. I used to work 10-11 hours a day when I was WFH. On RTO days I work 8 + goof off in my car for the rest. Apparently that's their preference, but they can still F off.

@msp+1oamiF9O

It's crazy how little the company cares about us, or cares about our safety and the environment. Even if we ignore the company's false promises about saving the environment by reducing pollution yet telling hundreds of thousands of people to drive in to work instead of WFH, let's look at the numbers.

3x a week, say 50 weeks a year (not 52 because PTO counts as in office) and you're at 150 days commuting. A Bizjournals article says the average Charlotte commute is 19 miles round trip. A typical car in rush hour traffic gets maybe 25 mpg. Gas is around $3.75/gal. So the math is: (150 * 19 / 25) * $3.75 = $428/year in gas alone. Maintenance and depreciation is often around $0.20/mile on modern cars so (150 * 19 * $0.20) = $570. We'll split the difference on parking and say $19/day. (150 * $19) = $2850.

So $428 gas, $570 wear, $2850 parking = $3848/year to commute to work 3x a week. Yet another hidden cost increase by working for Wells Fargo after years of inflation running 5% a year higher than our raises. So inflation adjusted pay is down, benefits are more expensive, and they're adding costs to our lives by more commuting. Again, that's ignoring the environmental impact and the loss of your personal time now spent commuting.

WFA in St. Louis. They crammed us all in to one end of the building. have demolished the other sections, and sold it to a hotel.

In Des Moines the plan is to sell 3-4 buildings and consolidate into a single building. They claim that building will be able to accommodate all Des Moines employees, taking into account hybrid work schedules/desk sharing, but 5-7% of DSM employees have been laid off in the last year so they probably plan on further reductions in headcount to help to cram everyone into a single space.

Read between Charlie's lines... all signs of a shrinking bank, an asset cap and an attempt to maintain the stock price for the investors stuck with there holdings. Nothing bright on the horizon for those of us in the trenches.

Ballantyne is paid parking now? Last time I was allowed to go there they had their own garage that was free 😳

Considering that WF has multiple buildings in many of these cities and is in the process of consolidating to 1 or 2 per city, it's asinine that they don't move people to buildings that have free parking. Maybe Hudson Yards should be an exception because it's NYC, but everywhere else employees should be able to park for free. If they consolidate down to a single building with paid parking it's a total douche move and proof that they hate employees.

Most of Charlotte there is no free parking. Unless you are at CIC, Ballantyne or DUC you are paying $10-$28 a DAY for parking.

A lot of these places were already empty even before the pandemic. Philly definitely had too much space and the 2 Logan Square has been in the work for a few years.

if you're in Philly you'll need to make the commute to Wilmington

Portland sounds like part of the problem Philly had. No employee parking and the parking rates have skyrocketed at surrounding garages. There aren’t riots but the police force is greatly reduced and simply are not that many people working downtown anymore. The youth, dr-g addicts, trust fund babies, and homeless dominant the area. Not much middle class people just trying to live their lives properly.

The person that I knew in Portland area was laid off two weeks ago. They would have been working with corporate properties group to get areas ready for staff.

Portland is allegedly going to be centralized quite a bit in the near term, though details are sketchy. No one wants to work downtown with the paid parking and riots, so I wouldn't be surprised if we largely vacated that building. BC will likely be where everyone left will be hubbed to.

Chicago lost 2 floors already with more going away in the very near future. That spawned neighborhood seating, which means no one wants to go in anymore.

Sioux Falls SD had gone from four operations buildings down to one.