Thread regarding Wells Fargo & Co. layoffs

Two points:

1. This slashing of branch staff to the bare minimum sounds dangerous. Do the locations have on site security? Banks get robbed, an unfortunate fact. Running them like a 7-11 graveyard shift sounds like a bad idea.

2. About those laid off, who are not fit for the job, and coming back - totally happens. We had someone on our team that was the obvious one to be laid off. She was never online, didn’t reach out to let anyone know she was having problems, wouldn’t answer when the boss called and in the two years she was on our team never turned in a stitch of work. She was rehired by another team who never called her former boss and, after pinging us all she was back, she was showing offline more often than not.

This place is circling the drain and management seems to be fine with it.

Wells Fargo screwed me out of severance package. Terminated my employment due to not being able to return to assigned office in region. Although I had to apply for my job after moving and was selected for my position they were aware I had moved yet a year later said I voluntarily resigned. Was given 60 days working notice with no severance and no options. Terminated on Christmas Eve. Well Merry Christmas to see. After 28 years of service this was my reward. Sad😟

I totally agree with the statement that they are making things so difficult and in my opinion ridiculous to all of us working our butts off that they want us to just be irritated, pi---d off, frustrated , etc. and just leave. Solves their issues really well. They get rid of people, they don’t have to pay a damn thing. Some of these processes they are coming up with these days are absolutely ludicrous.
And they want to lay off these people to cut down employee expenses yet they hire all of these muckety-muck‘s from JP Morgan Chase and paying a pretty penny so where is the savings?

Make sure you have an attorney read the fine print. Some agreement has cause in it that if you find a job within a certain time you won't get the full amount

I heard of lots of layoffs inthe east side but not as many in the west coast (very few in LA) maybe in 2021..

WORST COMPANY!

My Branch has more than 10 bankers.. what will happen??

Worst company ever. Wasted 17 years of my life.

They have notified our region that all branches will be dropping to almost half their current staff. My branch in particular has 6 PB’s that includes a licensed. One premier and a branch manager. They will be dropping it to three PB’s and one manger and premier. Other branches are being dropped to one banker and one manager. Also branch managers are expected to act as Bankers when needed.

PVSI Wfcc analytics. Non working ends mid march.

Severance agreements typically detail pay, benefits, etc. As well as that by signing the document you release company from all liability for any and all claims, etc., you will not solicit current employees from leaving the company for a year or whatever they put in there. also in there would be the fact that the agreement itself is confidential and that you will not share it with anyone and that if you do you are in breach of the agreement, which usually means you PAY BACK any severance you received.

Some companies also have a paragraph in there stating you will never apply for or accept employment at the company EVER AGAIN and that if such employment is denied that it will not constitute a violation of any laws. if Wells is smart they will include something like this to avoid the "old timers" from walking back in the door. We have lots of folks here who were canned and then walked right back in to new roles because of their "connections"

What’s in this agreement? I would have an attorney review before signing anything here with the scams they pull

You didn't get a 60 day notice? Is Feb. 27 after 30-day working period ends and 30-day non-working period begins?

Which group are you in? Please fill us in.

What team or rahter which group?

Just notified my team of 18 yesterday, while our stocks were dropping that our last day is the 27th of Feb. I get my package later today. Talk about timing. At least I'll get the RSR flaward.

They are still finding ways to blame the little man when system “glitches” are the true problem. Either the glitches are designed to lead to alerts and investigations or it’s just extreme negligence in not fixing systems that have glitches that lead to investigations. Either way it’s wrong

WF has already cut severance multiple times. They use to pay one month of severance for every year you’d been with the company. That was then reduced to the prior max payout of 16 months and to the current severance. Look, they want you to sign an agreement you won’t sue the bank. The reality is this bank has done so many unethical (possibly illegal) things they can’t afford for you take evidence and become a whistleblower. Complete agree they’ve made things unbearable with the hope you quit. Given today’s dismal earnings, expect big layoffs in the next 90 days to get expenses back in line.

they do not have to pay severance. They pay you severance so they can get rid of you without having to "terminate" you for performance reasons (which is extremely difficult here) as well as make you sign the severance agreement which includes a bunch of legalese. its a legal muzzle that you must sign in order to get your money.