Thread regarding Wells Fargo & Co. layoffs

Transparency

Here are notes from recent meetings. I am helping management with their stated goal of being "transparent", and encourage others to do the same. Take these for what they're worth.

Pertaining to "Relocation Strategy", "workforce realignment", and "Technology Strategy 2022": Doing the whole enterprise was "too much". That is on hold. But, "the technology organization already has a clear strategy forward, which will be continued with full transparency". There will be "additional insights" in Q1 of next year (this is for the Technology organization).

In the Fall of 2020 the "next steps" will be taken that deal with locations containing less than 10 employees. The "who's and when's" will be communicated, with consideration given to impact on families and "how to deal with something that is painful". There will be "more announcements" at the end of March regarding locations with less than 10 employees. (Personal comment: this sounded contradictory when they said it. I think what they meant was "In March we're going to tell the people who are getting laid off that they have 6 months - until Fall of 2020 - to find another job).

There are 13 layers of management in some groups. They'd like to cut this down to 8. Some managers will become "individual contributors", and other managers will have more people under them than they do now.

One senior executive said when he worked at other companies he saw "many re-orgs and strategies that didn't result in any tangible product or meaningful change at the end of the day".

Interesting quote: "The consequences of reputational damage is not as much of a consideration today as it would have been in years past." (personal comment: does this mean that the leadership culture now accepts the companies tarnished reputation as "the new normal"? Or does it mean they are not concerned about making unpopular decisions now that they would not have made before? What is different now? I dunno....)

One senior executive is fond of saying "we're making soup". (personal comment: I find this funny, because my grandfather used to say "you can't make chicken soup out of chicken sh*t").

Again, take these for what their worth. Just sharing public info and helping them be "transparent", and encourage others to share what they hear.

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| 2487 views | | 7 replies (last October 25, 2019) | Reply
Post ID: @OP+11EtPSAK

7 replies (most recent on top)

Any idea how many team members in IT are expected to be impacted during this initial March/Fall 2020 plan? Even a rough idea would be interesting to hear. Thanks for posting.

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Post ID: @3pwa+11EtPSAK

Thank you so much for this information

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Post ID: @2hzc+11EtPSAK

This site is removing replies no. Not cool.

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Post ID: @2jmq+11EtPSAK

THANKS

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Post ID: @2yqy+11EtPSAK

Rhis is a great report out. Thanks for the transparency.

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Post ID: @els+11EtPSAK

This is a much welcomed post, thank you.

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Post ID: @owx+11EtPSAK

Thanks

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Post ID: @lww+11EtPSAK

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