I’m not trying to be mean or insensitive but I took a break from this site and now that I’m back, I realize nobody knows anything. It’s just a bunch of speculation and fear p**n.
The economy is bad, we’ve been dealing with the pandemic and wells hasn’t been doing so well so it’s natural for folks to want answers but they just aren’t on here.
Nobody knows which specific teams will be laid off, how many people or when it will happen. Wells isn’t going under and they aren’t being sold. If you take a step back you’ll realize the banking industry as a whole is taking a hit.
Lastly, and I know this is where I’ll get the down votes, lay off chuckles. I recall last year reading allll the comments about middle managers just collecting checks and people who aren’t qualified just taking high paying jobs and now the tone is shifting to those people should be kept? Again, this year has been hard and being part of a company that wasn’t doing well before adds stress but the best thing you can do is take care of yourself. If that means job seeking do that but stressing yourself out and looking to an anonymous forum for answers about tomorrow doesn’t seem wise.
21 replies (most recent on top)
OP, incoherence much?
Well if the OP and the reply from the OP is truly from corpcomm, then we need to send in skilled IT support teams to fix their Enter/Return key.
It's like someone tried to throw words directly into my eyes.
OP here. I can’t believe this post is up but I’m happy to see so many agree with me. This post was moreso for the newer people who come here out of stress looking for answers. If you’re one of the daily users who come on throughout the day to see if someone responds to your comment then you’re likely too far gone anyway.
As for the fact checks, you’re comparing wells to companies that aren’t slimming down their business lines and don’t have an asset cap. I’m not sure how one can just forget wells is under an asset cap when evaluating their pandemic performance.
No there isn’t a crystal ball that says wells won’t go under but what’s the likelihood the fed would just let the largest mortgage bank and one of the biggest retail banks just go under? I say pretty low but hey root for the bank that you and others work for to go under. Root for the CEO wells had to pay 36 mm to because nobody would take the job to fail thus making all the employees fail.
Keep thinking employee relations/communications really has the time to censor an anonymous message board filled with disgruntled cowards who would rather vent their frustrations than try to find a less stressful situation
Out of all the contentions to this post that might have been the funniest one. Thinking employee relations is on here trying to calm down employees who are likely going to put their heads down and do their job lol
I disagree that there's no value to this board and comments. I've actually learned more on here, in bits and pieces than anything from leadership. Is it all true? No. Is it all false? No. It's little glimmers of the truth here and there from people who only have pieces of info. No shame it that at all and with a larger group we can piece more of what's really happening together.
I am officially declaring this to be a post from Corporate Communications.
Corp Comm never comes back and engages after their initial post.
A genuine OP, who typed this long of a post, would have enough pride in their submission to answer questions and respond to their detractors.
Waste of everyone’s time.
Lol. Lay off poor chuckles?? Sure, as soon as he sacrifices some of his $36MM obscene annual comp to throw a merit increase bone to (far less) “highly compensated” employees.
Post ID: @bbj+17NdPibn
Hogwash? What are you, 85 years old?
I am able to be out here while still doing “the job I am currently being monetarily compensated for”because I spend much of my day attending worthless meetings where people talk all day without ever saying anything of true value. Round and round we go. And we wonder why WFC is at 22.
You? Looks like you have been out here 2 or more times today during business hours.
OP: Do you not plan to respond to the 2 fact checks?
Just curious how serious/genuine you are regarding your post. I know that if someone challenges my posts - I respond with factual statements to back up my position. Or I admit that it was just my opinion, or I was embellishing, or that was my mood when I posted, or I didn’t communicate well, or I’m wrong.
Wells Fargo is down double that of US Banks, and is the only large bank to slash it’s dividend.
Your opposing argument is:
And I, would love to know what you know, that the rest of the world doesn’t know (not Charlie, not the Board, not Warren Buffet, not me) to firmly state that Wells Fargo will not go under or be sold off.
Your opposing argument is:
There will always be speculation/gossip to fill the gaping communication hole that is WF. I think it’s worth noting that HR is inefficiency on steroids. First, the big cuts were coming in October, then Nov 17 so prepare the chopping block, but wait...umm, nvmnd. We’re thinking Q1 2021, does that work for you? Oh and by the way, you have way too many performers meeting their objectives, shame on you! Knock those people down a notch so we’ll know who to fire. Yeah, I said it.
This website serves a greater purpose than people realize. It's an outlet to vent fears and anxieties. It's actually kind of therapeutic. It's an opportunity to get things your feeling off of your chest and hear a different POV. So, no matter if it's speculation or fact, in a strange way it does help.
I’m going to rename this post:
Moment of corporate communications
Why would anyone downtick the reply that fact-checks OP?
- Do they disagree with the facts presented?
- Or is it that they prefer to not have to deal with facts?
Perhaps the thing that's getting missed is this: We have no where else to go for information on our future ability to take care of our families. Evidence is there showing sudden, jarring terminations and no one is talking or knows much.
This is the only point of control I have to plan on how to remediate the loss of 95% of my income during a pandemic.
Yes, be kind but also be critical and worried just enough to take action and not let this just happen to you.
I'm with the OP in thinking this site isn't all it's cracked up to be in many ways, but no one is holding our feet to the fire forcing us to spend time here. I don't understand the compulsion of some to make these grand exit speeches. It's not mean or insensitive... it's patronizing and unsolicited.
This site is anonymous, so anyone can quietly leave it without impacting anyone. Bye Felicia, I don't need a complete stranger telling me where I should/shouldn't spend my time online.
Yes, there are rumors on this site. It's an anonymous chat room. We're all adults, who should know to proceed with caution.
Come on now. I call Hogwash.
OP: Hogwash #1
Post ID: @wac+17NdPibn: Hogwash #2
Post ID: @oku+17NdPibn: Hogwash #3
One has to ask themselves the following question: What is the main purpose behind OP’s post?
My assessment is that she is trying to tamper down the negative speak around Wells Fargo and Charlie. Who would want to do that? Corp com, or a staunch yes-man.
The second purpose of OP’s post is to devalue the information on this Board. (Yes there is good info and bad, but most adults can differentiate between the two. I learn more out here than I do from management.) Who would want to devalue this Board? Corp com, or a staunch yes-man.
Additionally, I find it dubious that people who denounce the board are following the board and taking time to post, comment and agree with each other ON THE BOARD.
Decent take. The performance (or lack thereof) of WF is a complicated matter that isn't easily absorbed in short take posts. Also, Scharf is an easy target and people love a villain, so he gets the hits, some very well deserved.
Agree. Not much here can be taken seriously
More corporate coms speak. There are people here that are in the know. You just have to wade through the bs and trolling.
I could not agree more, I took a break from this site and feel the same way. Nothing new. Bad speculation that never pans out, dates come and go and NO draconian layoffs reported and allot of spewing venom. Nothing on here that you don’t see on the news. Same old, same old.
Fact checking OP:
“If you take a step back you’ll realize the banking industry as a whole is taking a hit.”
****The most commonly followed benchmark of the Banking sector is the Invesco KBW Bank ETF. symbol KBWB.
KBWB is down 30% for the prior 52 weeks
WFC is down 60% for the prior 52 weeks
Additionally, Wells Fargo is the only big bank that has had to cut it’s dividend during the pandemic, from 51 cents to 10 cents: an 80% dividend cut. ****
“ Wells isn’t going under and they aren’t being sold.”
Unless you have a crystal ball, you don’t know this to be true and cannot back your statement up with facts. This is your opinion only, and should be stated as such.
OP
I’m not trying to be mean or insensitive, but you sound like Corporate Communications.