Thread regarding Wells Fargo & Co. layoffs

Wells Fargo Advisors was hit hard today. FRA role mainly wiped out, remainder of them will be out by year end. also heard of many CA that were let go today too. Wells is a pos for doing this mid pandemic.

Was Wells Fargo always managed in the past as it is today? Or was the introduction of Wachovia Management the root cause of their demise?

What is going on at Wells Fargo Advisors? Are they exempt from Layoffs?

I really think that Well's Fargo employees should start looking at getting a union since HR doesn't help. If they were union, most of the pressures put on the employees can go through the union and it would be stopped! #UnionizeWellsFargo

Google Wells Fargo commitment to not lay off due to COVID

Well Fargo is a POS.

Marketing took a hit today

I think the worst is over

• and Avid is OUT, just as predicted on this board

• 2grw is pretty much right.

It's not that Wells, or any other company, wants to send automate or offshore jobs, it's just that they're required by law to maximize shareholder value.

Shareholders can actually sue a company that does not maximize their returns.

The difference with Wells vs. every other company trying to cut costs is that we're paying (with our jobs) for the crimes committed by upper management.

We can't grow because the Feds have capped us at 2 trillion, so the only way to make money for shareholders is to cut heads.

I'm hoping to get a job at Stumpf's country club, where I will for sure be mixing up some special c—tails for him.

Come on, the goals are arbitrary...10% 15% whatever. They only say that because they have to say something. Do we even know if they are actually accountable to anyone (board, etc) for what they say?

This is a bank, all that matters is money no matter what they say. There will always be layoffs because they are constantly moving jobs offshore from the US, and constantly automating low value tasks. If you think the goal is anything other than a large automated data warehouse with the bare minimum of human support (ideally non-US), then you're delusional. The only reason a third of the people are around at any banking organization is all the bureaucracy/politics involved.

Get paid as an employee while you can, otherwise if you really believe in the future value of WFC, then buy shares.

The original layoff goal of 10% of workforce will probably be 15%.

Yea I have about 5 interviews over the next week. Hope to have something I can lock in by December .

The website posts this every year to generate conversation. Sheesh people.

Is this how reporters are getting the news? Pathetic and unethical!!! Sounds like a page out of Wells Fargo’s playbook.

You must be a news reporter because you have the exact same thing posted to the Bny Mellon lay-off thread, the PNC thread, and the Chase thread just to name a few

If things do not improve quickly people will start leaving on their own

Baby you ain’t seen nothing yet. 2020 is going to be a bloodbath.

Oh come on the "NO" layoffs answer was just sarcasm.

Of course there will be layoffs. The new CEO will need some good financial news to report next quarter, and lower expenses via head count reduction is the quickest way to make it happen.

And then of course he will bring in his own people, who will bring in their own people. That’s just the way it works.

Well I think if you are a Wells Fargo employee, in fear of being laid off, you do need to worry about things that you cannot control. Like keeping your resume updated and be ready to GO. Keeping up your contacts with other job opportunities, etc.

Until there is news it’s all just rumors and speculation. Everyone would have a happier life not even reading this blog. Don’t worry about things you can’t control.

No. All employees left are needed to keep the company in business.