Thread regarding Wells Fargo & Co. layoffs

Relocation offer

Non-hub remote worker here. Got a relo offer. None of the tech locations appeal to me. Already applying elsewhere. Still have the better part of a month to tender my decision knowing that even if another company contacts me that they won't want to wait for the 60-day Notice Period and that my only option if they want me is to decline relo, give my 2 weeks notice and probably lose out on severance.

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| 2082 views | | 23 replies (last July 28, 2024) | Reply
Post ID: @OP+1tyTFreL

23 replies (most recent on top)

@abnh+1tyTFreL

Wait, they give you less time if you do it on your own dime? That doesn’t make any sense to me. Or did you mean October 2025?

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Post ID: @byno+1tyTFreL

30 days +/- to accept offer. Then if you take their relocation package, you'll need to be on-site no later than July 2025. If you choose to move on your own without the relo package, then you need to be on-site no later than Oct 2024. If you decline, then expect displacement notice a few weeks later.

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Post ID: @abnh+1tyTFreL

Curious how long they gave you to make the decision and then how long to move?

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Post ID: @9fnp+1tyTFreL

We hired an internal candidate from Chandler, AZ and the offer letter indicated a move to Charlotte within one year. We got her $10k. She moved early, as she wanted to, and was displaced less than a year later.

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Post ID: @3ita+1tyTFreL

$8k lump sum plus can tap into a $15k flex fund. Luckily one of the locations offered does not have a state income tax, so that would almost be considered a raise.

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Post ID: @1wnz+1tyTFreL

HOW MUCH MONEY WERE YOU OFFERED???

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Post ID: @1ter+1tyTFreL

Sorry to post the obvious, but you cannot work during your notice period but can certainly work during severance, as I am doing that now (I was displaced four months ago and have 10 months of severance). Got a good job, lower paying, with a non financial services firm.

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Post ID: @1akk+1tyTFreL

This is a terrible job market for technology workers. I got a relocation notice as well, but already been looking for months. Remote and non-remote jobs have far more candidates than they know what to do with. I would not delay a job search.

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Post ID: @1mtx+1tyTFreL

Freeze your Work Number report, just as you would with a credit report. I don’t have the link handy, but just google “work number freeze”. Then if Wells checks up on you, they can’t check work number unless you unfreeze it.

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Post ID: @1quw+1tyTFreL

@1zwu+1tyTFreL
Thx, yeah I know there’s other means in your reply to me. I was replying to what I thought was an explicit claim about credit agencies. I still am yet to hear the mechanics of how WF could learn you were on a new payroll during or Notice, whether that’s learned near time of new job or lie mod later. The Work Number is thrown around as one means, but I haven’t learned much about how that really works — it’s certainly not universally used, there are lags and you can lock your data anyway.

And let’s assume somebody is smart enough not to brag on the socials or LinkedIn (never mind it’s a stretch WF would have the ability to pick up on that- they are not China).

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Post ID: @1qql+1tyTFreL

@1mwg+1tyTFreL You are mixing data sources and issues. Employment can and is reported to other entities by different employers vs just the credit bureaus.

I don’t point this out to fear monger, only for facts. If I was severanced and picked up a new position I’d double dip. It would take several months for the respective agencies to update their records and Wells to pull the report. Worst case you’d lose out on future severance but it’s not like they can claw back what has been paid.

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Post ID: @1zwu+1tyTFreL

Relo is always to the benefit of the employer, unless you are getting some sort of financial and career promotion (does WF even do that?) to justify the sacrifice of putting roots somewhere else.

For me, relo was offered to keep the status quo job wise, no pay adjustments (despite a move from Zone 2 to Zone 1), no job security.

Even in this tough job market, I've got a year of severance, 60 day notice period + a few weeks of unused PTO to get paid back.

I really can't pass this up, even if it means lower income for a while. Only one life to live.

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Post ID: @1jvi+1tyTFreL

@yql+1tyTFreL
The agencies will only (maybe) learn about new employer if you apply for credit. If you mean credit agencies.

https://www.experian.com/blogs/ask-experian/is-employment-listed-in-your-credit-report/#:~:text=If%20you%20see%20a%20new,they%20aren't%20required%20to.

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Post ID: @1mwg+1tyTFreL

Delay, delay, delay --- accept relo and keep looking. At some point in future you may have to show up - but until then delay and keep looking.

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Post ID: @1lyd+1tyTFreL

If you relo and leave within a year (of your own accord), I believe you have to pay back the relo assistance you received. Might be worth checking that out.

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Post ID: @bnv+1tyTFreL

I wouldn't accept a relo offer personally. There's no guarantee your job will still exist, even if you relocate. I've also heard, but can't confirm from experience, that they are very strict with relocated employees, meaning no write-ups or issues, for a 1 year period after you start at your new location.

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Post ID: @slm+1tyTFreL

I think preventing the worst case scenario —that you don’t find something with comparable salary before your severance runs out — is worth the risk that you accept an offer too early to collect severance. In the end your 2 main long-run goals are to maintain or improve on your current income in your chosen career, while not having to move. Timing it so you also get to double dip for a while would be a nice bonus, but in the grand scheme of things is a short term consideration.

With how long a lot of hiring processes can take these days, there’s a good chance that even if an initial application you submitted today ended up resulting in an offer you accept, that your eventual start date wouldn’t actually be for months. And if you really want that severance, you can always come up with a hierarchy of jobs you’d be willing to start before notice ends vs after. For example, you could decide you’ll only start a new job before notice ends if the offer is full remote and at least as much pay as your current salary. Then once notice ends and severance is locked in, you may want to open things up to the possibility of a hybrid role in your local area and/or a slight dip in pay. Then, the closer you get to your severance running out, maybe the lower your standards get. But you at least want to start looking for the “pie in the sky” offer right away in case there’s an opportunity like that out there before notice ends that might not be there later.

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Post ID: @ezl+1tyTFreL

What if u have a 2nd PT job before notice ?

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Post ID: @yed+1tyTFreL

Was the money attached reasonable?

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Post ID: @tmb+1tyTFreL

@btp+1tyTFreL

Banks do income verification already for credit cards, loans, etc through various agencies. It's a risk worth careful consideration. The notice policy is clear enough and severance isn't a legal right.

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Post ID: @yql+1tyTFreL

You can try to play it where you could say you'll relo, but I believe they give you a year. Then just look for a job in the meantime. Obviously, you'd give up severance, so that's the big issue

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Post ID: @qyy+1tyTFreL

I don't know and I don't think that I want to chance it.

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Post ID: @pjy+1tyTFreL

I still want illumination on all the ways they find out you’re on another payroll during the 60-day notice period.

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Post ID: @btp+1tyTFreL

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