Deal Saul,
I don't care where your kid goes to college.
I don't care what your favorite pizza is.
I don't care about your date nights, or where you went on vacation.
I don't care if I'm entertained when you hold your song and dance shows.
I care about my job and the jobs of thousands of my peers being impacted by your alleged plans to turn the bank around.
The optics are aggressively bad, buddy.
Learn to read the room.
Signed,
Those of us living the real world
It's completely legal. Whether it's moral is another issue.
Saul was brought in to help WF get creative in avoiding payouts. Shrew-berry (emphasis on shrew) and other execs are finding legal ways to get around paying anyone a dime.
Company's financial back is against the wall. Don't believe the latest #s...things are much worse than anyone realizes.
WF waited too long to course correct and is now taking drastic measures.
This will escalate over the next three years. And 2020 is going to be a very bumpy ride.
Think musical chairs. Many won't have seats each time the music stops playing.
Your employer is the decider for you getting unemployment, and they do not want to pay it.
So Wells, or any other company, would of course want to avoid that.
But this is still speculation, let's see if Saul steps up Tuesday or if he's going to keep making lame excuses.
I read from another thread that they are trying to cook up something that would either to require people to take an offer to relocate or otherwise it would be considered as "separate with the bank voluntarily".
I am not sure if this is even legal. Because if one decides NOT to move they would loose their job plus they cannot file for unemployment. Personally I am cool if WF does not give me a dime - but I cannot accept that I quit voluntarily if I do no take the offer. I need to file for unemployment in that case.
I see ca huge class action lawsuit coming and another scandal - and the media will be all over this.
I worked for a company for over a decade that was doing this continual layoffs of employees over several years. I was still there though … much worry about that. Then the company actually paid my family to move to a different corporate location in the South, coming from the North. Bought the house in the North from me, paid to move our stuff from North to South company location, paid closing costs on the new house in the South. Plus additional moving transfer money provided. That was great but then a few years later that company merged with a different company and then laid off, or actually fired, most of their employees left at the South company location. Hey I had left prior to then to work at some different company so I did not really get impacted by it. However the remaining South employees laid off/fired all had to scramble to find a new job, start a business, etc. all of the sudden when the corporate merger occurred. So that is what can happen. Not just at Wells Fargo but at any company.
43+ upvotes
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I think Saul was told when he took the job that the major decisions around this have been made, and I think the primary person who made it was John Shrewsberry, who used to be not only CFO but also over IT. He saw it as the best strategy to cut costs by having massive numbers of people quit – no severance, no unemployment (maybe, as requiring someone to relocate can still result in unemployment benefits). Speculation: Saul was told when he was offered the job, and he agreed to go with it aggressively, more-so than Scott Dillon (adios). A few new-hire managers were told to be on the bandwagon when they came (Jason Strle and his directs). They have been communicating the positives and none of the negatives ever since. And this is, they say, as transparent as they can be. Imagine making decisions about enrolling kids in schools, buying a house, etc. It's impossible under these circumstances. And Shrewsberry gets on the internal TV to say he has had to move several times in his career – yes, but were you COMPENSATED to do that? Or was it simply to keep your job? I'm sure it was for an upward move that you wanted, not because your job would end if you didn't take it. And what was the financial pain you experience, and the year-long uncertainty you went through, John? When multi-millionaires talk to common folk, they make such a fool of themselves.
My guess is Saul cares little to nothing about the impending layoffs. What continues to confound me is all of these people somehow believe THEY won't be, at one point in their lives, laid off too and THEIR job sent overseas.
https://qz.com/work/1663731/mass-layoffs-a-history-of-cost-cuts-and-psychological-tolls/
I've seen companies in trouble gather up their top talent and regroup.
I'm sure there will be some people/teams protected at Wells, but overall, I don't see that as a strategy.
I just see a goofy management dude allowing people to spin in the wind and wonder about their futures.
This is not a good sign.
I don’t think anyone is happy with Saul’s strategic decisions. It will get even worse end of August when the final decision is made public about location strategy.
Amen
Let's see...Are we excited yet and what's your favorite pizza topping? Hmm get to the damn point. Do your layoffs and your forced layoffs and be done. Stop this bullsh@t.
Saul exemplifies what's wrong with WF.
Delusional, overpaid narcissist.
Is this what you want, WF? Quality leadership be d-mned, just find ways to get people to leave without expense?
Were hearing you loud and clear. You've lost our loyalty as we've lost our motivation.
You don't get it and you never will. You'll continue to scratch your heads as WF goes down the proverbial drain.
Sad thing is that you COULD have turned this ship around, but you CHOSE not to.
Wells Fargo is losing some really KEY employees who are leaving to go to other companies. They are people who are not replaceable due to their extensive knowledge of the business and IT systems there. This is a major blow to Wells Fargo. Some are people who are not located near the proposed Hub cities. Who cares about Hub cities? Why do Wells Fargo employees have to be located at Hub cities? What is the benefit of that? None at all.
Fantastic post.
WF lxecs like Saul are tone deaf or callously apathetic. Or a mix of both.
Truth is, he's the face of the short-lived future of WF.
These are NOT the values of any company that deserves to survive or thrive.
Big middle finger to those who don't care about the droves of loyal, talented employees. We're all sick of your total lack of respect and regard.
One negative reaction? Hi Saul