Thread regarding Wells Fargo & Co. layoffs

To the person who stated “WFC has made a commitment with the Regulatory bodies to hire more and to further ramp up testers. Again makes no sense but from a reporting and optics perspective it makes it look like WFC is doing the right thing” it’s a charade/smoke show. Saying we’re hiring and doing it are two different things

I’m an ORC 5 working in EIT Risk with 15-20 years of experience who for the past year has been applying for anything I can get in am attempt to get out of this toxic and abusive environment. I’ve applied at numerous IT Auditor 2, ORC 3 and 4 etc roles, anything to get out, wiling to lose half my pay and bonus. and after 30 plus job submissions on the internal site, just gave up.. WFAS isn’t hiring anyone of any talent, especially when we continue to send our COSO audit work to Genpac in India, including the use of customer PII data and production data being used in our test environments like the email mentioned last week that we all received. It’s all lies , smoke and mirrors....

It makes sense that they would cut back Marketing as much as possible. Those services can always be contracted out on an as-needed basis.

WF Marketing has already had so many layoffs. Are you saying 35-40% more being let go soon? Assuming Q4 in preparation for 2020?

I'm aware IHA had roles sent to other countries. Business has been suffering due to language barrier.

WF Marketing is going through some pretty massive layoffs. LOTS of outsourcing to India and Philippines and at least 35%-40% reduction in their work force numbers are coming. Many already in the know about this have moved into other positions in the company or have left the company all together in order to save their livelihoods. Those who have their heads buried in the sands are going to regret not paying attention to these online forums and will soon find themselves out of a job right before the next recession hits. I hope people are paying attention to these warning signs and online posts.

Many of you need a lesson in finance.

The manipulated quarterly numbers are a joke. A common shell game of moving things around. By the time those in denial realize it, the rug will have been pulled out from under all of you.

Those of us who are watching it happen (helping engineer it, in some cases) already have our exit strategy.

Talk to John Shrewsberry about layoffs like the prior poster does. Lay everyone off, it's the only way to make 7 billion net profit per quarter. Wells Fargo is a failing business, only making 24 billion net per year.

Correct. Entire divisions are being sold off and the rate will accelerate.

Wells is in the survival business now (survival of executive compensation and procurement of lifeboats for the elite few) and nothing more. Definitely not thriving.

The real layoff number is much larger as WF sells off divisions.

Being in the second line IRM, my feeling is that our third line friends often come late (and sometimes never). The expression ‘bayoneting the wounded’ comes to mind. This is the reality at WF. Auditors were not connected or qualified . Hopefully that changes going forward.

To the poster @ndi - you doubt I doubt for WF! That is so funny given that I have the names of your boss’ boss’ bosses who were both fired! I was in the room when the OCC senior examiners asked the question about audit scope of consumer accounts. The audit heads and leaders were squirming. The PRCs were non existent. From your questions, it looks like you are part of the gang that has not yet been fired. Start looking now! You won’t last until end of the year.

Nothing is being done to strengthen WFAS in a big way? Do you work for Wells Fargo? If you do, then you'll see head count exploding from 3 years ago. The growth will stop, but WFAS is being strengthened as we speak. All three lines failed and things should change.

Wells Fargo's Energy Group has laid off 22 and counting; most happened this week. These roles were senior and salaries totaled over $7MM. Word on the Street is that Wells Fargo's Energy business is now a non-growth industry. Once the largest by market cap and now done. This type of layoff is unprecedented in the company.

Wells Fargo's poster child for recruiting just left to join another bank. Her resignation came after a long medical leave rumored to be caused by harassment, EEO discrimination, and Retaliation that went unreported for weeks. Her resignation letter circulated around the organisation and sent shock waves through the penthouse of 420 Montgomery. Rumor has it that the NY Times got a copy and is waiting on her consent to publish.

This organisation is on the brink of collapse.

Check the WARN website for your State.

There could be variations by State, but I believe that any large-scale scheduled layoffs will trigger the WARN Act and are required to be publicly posted.

You can fire as many as you want. It will not change the culture here especially in EIT and others. The land of the "just request an exception to policy"

Wells Fargo is a crooked company, shut the whole damn place down !

As much as it makes financial and intellectual sense to fire people in WFAS, WFC has made a commitment with the Regulatory bodies to hire MORE and to further ramp up testers. Again makes no sense but from a reporting and optics perspective it makes it look like WFC is doing the right thing

You can’t just ask are layoffs coming. WF is a highly complicated and enormous business. There are displacements and hiring happening every day. It is so diversified that it can thrive in any economic cycle. Be specific in your question with what department you are asking about....also, NOONE with inside knowledge prior to the event happening posts here. It’s a speculation blog filled up by people that have no clue. All opinions and guesses.

Layoffs will happen among telecommuters working in offices <10 people. There goes 5% of the staff. Then you have the legacy tech folks who will need to go as there is a need to shift workforce capability. Those in mainframe areas will need to think NOW. This is probably another 10%. If you are in areas like “strategic planning” you are likely to be more vulnerable than the operational risk manager whether you see the value of those folks or not. The third line folks in audit better watch out. You guys are generally seen to be ineffective given the scandal. Harsh but that is what I will be thinking if I was on Saul’s throne in NYC. Without a large scale layoff, the workforce can be shrink from 48k to 40k by this time next year.

With rates this low we make no money. It'll be bad 10 years ahead of us.