After dedicating 20+ years of my life to this institution, I and many others were laidoff yesterday in the Wholesale Division. The foolery is when they terminate your position, but then posts similar new positions on the board in another city (say 200 miles) from the city where the position was formerly located. Nothing but Tom Foolery.
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I would wonder if it is legal, I have never seen a company do things in this manner. Funny thing is i worked in another large company before and they were giving 2 years severance and 2 years health insurance to people. This place doesn't even give a few days from what I hear.
Company has horrible morale and is a toxic culture all around which has been elevated with all these new exec's.
I am leaving so i don't get health issues from this toxic environment, plus most companies are having record years and i already have offers where the worst one pays $30k more than wells fargo. Seems they pay poorly too.
Positions have been eliminated in Business Banking. They announced to the team members on Tuesday and told staff on Wednesday. I was told this was done across the country. We had one guy ask if they were done with cuts and all we heard is they are done for now. Asked what would be done to boost morale and we heard crickets. I know losing you job is difficult, but as one that lost his job I count it as a blessing.
Seems that the failed Location Strategy initiative is causing problems with hiring managers.
They don't know if they should invest time and training into hiring someone who may be in a location that will go away soon.
Incompetent to the bone.
Thank you. I had planned to work 5-8 more years b4 retiring, so now need to try & find something else for the next few years & we all know that's not the easiest thing to do in your 50s. The integration with Middle Market Banking & Business Banking has costs many dedicated/knowledgeable Team Members their jobs with eliminations focused on the Bus Banking positions. One would think reposting of eliminated positions 200 miles down the road would be illegal but I've seen it done twice this year. Let's face it, they can basically do what they want & get away with it. This is the second time I've been displaced w/ WFB and am done with them and the stress. Time to take my severance, cut the ties and look for better opportunities elsewhere.
I am sorry to hear also. I was laid off this year, but I was ready to retire and happy for the severance. Best of luck to you and everyone who is paying for the greed and dishonesty of Wells Fargo management.
Sorry to hear this has happened to you and others. Sending you nothing but the best for your future. Can you provide more details about what area in Wholesale or if you think other areas are on the immediate chopping block? Also is this termination and hiring even legal?