Thread regarding Wells Fargo & Co. layoffs

Absolutely everything you stated last year has come true!! Everything but WFH due to COVID.

multiple studies by really smart people concluded that open office concepts negatively impact productivity.

YEs, they save the company money but at the cost of employee productivity.

Given that no one else on the Street wanted the job, we resorted to bottom feeding. Lovely. Have huge problems here attracting any talent at the higher levels.

@11fu7eaV-adu It’s ok. You’re in denial. There are four stages of grief. You’ll get to acceptance soon enough.

You’re not getting it. WF may well need to get rid of a bunch of dead weight in management, but Scharf doesn’t do it that way. The Scharf way is to hire at the top until he has an unbelievably bloated layer of physically diverse but mentally mind melded yes people. The gulf between this debating society and real managers will grow. This detached layer will debate cuts in lower management and the trenches without any concept of the damage they’re doing.n. The more productive you are the more likely you are to be cut.

You obviously don't know anything about Wells Fargo. The corporate properties people have already gone around implementing Workplace 2020 which is "open space", collaborative space and what not. One of the biggest office buildings in Charlotte has almost no offices in the first place its already all open cubicles.

And saying that there will be tons of layoffs is over simplifying it - you have to layoff people in the places where you need seats and don't have them, usually these two things are in direct conflict.

The point is that this financial services stuff and the people running the companies are all the same. Nothing to see, SSDD

To the comment that there are not enough seats to bring back people that wfh. That is untrue for 2 reasons:

1) open office: Charlie will maximize space by moving to open office because he wants to “break down walls”. Of course this impedes productivity but it does save on space.
2) lots of layoffs. The math is easy....

Oofff. WF can’t catch a break.

My condolences to the rank and file at Wells Fargo. Ironic that your emblem is that of a stagecoach driver with a whip in his hand! What you can expect from Charlie:

1) He has a personal assistant who is tasked with bringing him the newspaper, coffee and buying him skinny black jeans from Levi & Strauss.

2) He’s infamous for town halls where mindless drivel speed forth listing all the great ideas he has AND the stupid questions asked by planted people in the audience.

3) He will say he wants to remove Management layers but his actions at his old shop proved otherwise. He is going to decimate the average rank and file, the folks who actually do ALL of the work while leaving the incompetence to remain.

4) He’s going to be given a long leash by the Board of Directors - incompetence runs supreme at this level, to go so far down in the trash heap to bring this pestilence into your midst. Vote no to all of them when the proxy comes out in March 2020.

5) May the force be with you, Darth Vader has joined and is bringing the Dark Side with him!

This is interesting feedback. WF eliminated employee rankings a while ago from a numerical system to performing vs. not performing. Lots of banks stack rank and cut the bottom 10%. Even if that gets implemented, it probably won't happen until mid-2020 at the earliest - too hard to deploy something like that in Q4. And anyway, WF needs to get rid of a bunch of dead weight in management anyway - so bring it on. Some of the dumbest people on earth who may not even have a GED found their way into manager roles at WF.

As to WFH, a big initiative to cut back on that specifically in tech got paused. Not only is the data bad about where people are physically located, but the bank doesnt actually have enough seats to physically bring people back into the office. They also learned that you can't just slash people WFH on that basis because this company has a tangle of esoteric legacy systems needed for day to day operations.

New CEO seems like a clone of every other white guy in the financial services industry - so I say, whatevs.

Just click here to see the trail of destruction Chuckie leaves in his wake.

https://www.thelayoff.com/bank-of-new-york-mellon

This is a happy day for BNYM, and for Wells Fargo employees, a disaster.

Now, onto my Next Victim. I understand one former colleague already flagged her sister-in-law who works at WF that her 3 days a week working from home is immediately in jeopardy.

Here come FORCED RANKINGS. Yes, managers, you will be FORCED to select someone on your team to rate BELOW EXPECTATIONS. No matter HOW WELL they perform. Have 5 people? – pick one to be Below Expectations. Start planning now. It is coming.

I decimated morale and performance at BNY. I shook the company to its core. And for that, I've been rewarded... with YOU.

Good Luck Wells Fargo. You are IT! Jokes on you now. Sorry I mean the joker is with you.