Thread regarding Wells Fargo & Co. layoffs

What is it about the change in EGS leadership that makes it even more likely that US jobs will be sent to India?

So this is just happened with my direct supervisor, who moved to a different role with a different group. I just joined in October and just now becoming nervous. Don't wanna job hop but maybe time to look in other LOBs for openings? Also, what is going on with location strategy and telecommute policies? Are they pushing these initiatives to cause a massive exodus instead of having transparent layoffs? Plus there is a new EGS head, so our jobs can be moved across the ocean. Not so psyched about changes any longer.

Did you see who was promoted to MD within WF/WFS at the end of 2018? Let’s spell “ridiculous” together... shareholders deserve the very best decisions, not promotions of dead wood and those that surf the internet all day long...

So when the sales scandal broke , Carrie Tolstedt was let go and there was some clawback on her pay. Stumpf stepped down. Since then there has been other scandals in the lending group but why hasn’t the leader of that group been asked to step down? She has cost the bank even more in fines than the sales scandal. Instead they moved her to a new group that still has problems.

Lately every email received about some group meeting initially causes an innate reaction of "Oh No, is this a displacement/layoff notice"? Each day a loyal, dedicated, hard working internal Wells Fargo employee wonders just how much longer they will be employed with Wells Fargo. This is not a really motivating thing.

Wells Fargo has been pushing talent out the door for decades in favor of worthless bums that clog up seats and commit fraud on a massive scale. This company needs to clean house across the board & it's not just the execs, but the middle mgmt.

Bingo. Knowledgeable ones (who are great mgrs all the way around) are being stripped of DRs in June. Their mgrs (ineffectual and unnecessary) are staying.

Very bad move for the company.

There are a lot of mid level managers at Wells Fargo that do not have the technical or business skills to become like the "worker bee" Analysts that they manage. They are just Managers. Then there are other mid level Managers, the good ones, who are more technically capable and have more business knowledge than the people that they manage. Those managers are the "keepers'.

This has happened when I was at another company a few years ago. All the mid level managers became analysts, while more senior ones became directors. Others were laid off. What happens is that the people with direct reports now have 8-10 of them. Obviously it’s too much to handle but the company saves some $

Wells Fargo does not realize how much knowledge and experience the company loses with each and every displacement, layoff or firing. It takes many years for an employee to gain the knowledge to do their job at Wells Fargo very successfully. These employees with many years of experience cannot just be replaced by a contract employee or an outsourced individual.

Amen! This company is mistreating team members on a grand scale. Enough is enough.

I wish we could all quit on the same day...all 265,000 team members.

I wish they would just pull off the damn bandaid already. Everyone is so demoralized and miserable they should just cut the people who are going to be cut and let the others do their jobs without the sword of Damocles hanging over their heads.

NOT GOOD. They are completely missing the mgt layers that do virtually nothing (those mgrs know it and many secretly admit it) and are among the most highly paid.

Wells is knocking out the wrong layer (the valuable glue) and is keeping the layers that add no value and costs the company a LOT.

More evidence of strategic missteps and incompetence among decision makers.

Corporate Risk will be having a lot of demotions as they're consolidating all divisions to report directly to them and layers of useless middle level management will either be laid off or turned into analyst roles. GOOD.

Two sr level mgrs in Mktg mentioned the same thing a few weeks ago. Not sure how widespread it will be (beyond Mktg).

The staff cut list iniyially submitted around Nov. 2018 and has been on hold until other moving parts sorted out.

This company s---s. Hey, interim CEO Parker, please stop asking us to support sr. leadership. What have you done for team members lately?

It's a two-way street. We're tired of just scratching your backs and getting nothing in return except layoff notices.

Thanks for your honest insight!!

Sorry but not surprised to hear. Which LOBs are you referring to?