Thread regarding Wells Fargo & Co. layoffs

I was in the same position you are now but just two years earlier. Maxed out my 401k forever, stock market really helped. So when Sloan announced layoffs, right after that townhall I called my boss up and let her know I’d take a package so someone that really wants a job can keep their job. Honestly I thought they’d wait and see if I’d quit. But a few months went by and my boss let me know I would have the option for a package. Took the year’s pay, I also got unemployment (it’s better today) and the , out of the blue a competitor calls and offers me an incredible salary to join them. I really wasn’t looking to work but the pay was significantly better than I was making at WF and for much less responsibility.

I’d make sure your boss knows you’d take a package. I’d also let them know you aren’t going to just quit. But it gives them an easy way to reduce stuff with minimal impact. Last thing, make sure to document all the task that you do like SOP for your job. Make sure people know you are doing it as it signals you are open to moving on.

In hindsight, so glad to be off the stagecoach. Miss all my friends but the stress is gone and much happier now. Good luck!

@"email not considered".

I dunno. Say I'm a manager and my manager comes to me and says, "sorry, but you need to reduce headcount by X". One of my employees had emailed, me, my boss, and my bosses boss a few month back with the @"I did this" email.

I will pick her, but the reasons will match whatever HR or the policy requires. I'll say I didn't pick her because of the email and so will my boss, and my bosses boss. Why wouldn't I?

I got sick of waiting on dream package get out you will be happier ! I sure am.

@1mjq+14VdIkgC your email could not have been considered in the decision about whether you got pkg or not - it's just not permitted to enter the equation... you lucked out.

@my 401k not doing good: The great depression started in 1929 and there were ups and downs. Most people don't think we got out of it till WWII, so two years to recover might be a pipe dream. But who really knows??

My 401k I not doing good right now, think it will be 2 years before it gets back to what it was

I did this. I emailed my 1-up, 2-up and 3-up and explained that due to specific family circumstances that it would make more sense for me to take a package in order to have more time with my family. Additionally (as others have said) it would be more logical for the company to chose someone that would welcome the package as compared to others that might find a severance to be devastating. Of course, the 3-up manager replied back with a corporate-speak email that there are "HR protocols and processes that need to be followed" and that they can't take email requests of that matter. Sure enough, though, not long after there was a reorg – and I was given a package.

Unfortunately there is nothing you can do to be included in the next round. And please, DO NOT let your manager know you are hoping for a package. Or THEY WILL do everything in their power to make you so miserable you quit without severance. Sorry, but there it is. If you think you hate it now ....

Rule 72t. Rule 72t allows you take substantially equal periodic payments (SEPPs) from your accounts free of penalty. No disability, death, or unemployment required. All you need to do is agree to take consistent withdrawals each year for the rest of your life, based on IRS calculations.

You will want to explore your health care options before you retire in your 50's. Early retiree health care thru Wells Fargo is almost $900/mt. Blue Cross Blue Shield through the Affordable Care Act is $1,225/mt. I have had discussions with my manager that I would welcome a severance package if it would allow a younger team member to keep their job. It would be nice if Wells would offer Voluntary Separation packages.

Be care what you wish for. It’s a tough job market out there. Not many firms are hiring. Unless you really want to leave the bank.

What is the formula you are using ?

That's sweet of you.

I bet you would feel just terrible if someone else got laid off in your stead and you didn't get an extra, say, years worth of pay. I also bet you hate your job and can't wait to get out. Am I right?

Is that what separate's you from retirement - one or so years pay? How old are you, exactly. If you are older than 55 you can get at the 401k money. But, if you are younger, and they terminate you before you turn 55, then as I understand it, you can't access the 401k money penalty free until you turn 59-1/2. Maybe an exception for substantially equal withdrawal amounts. Not sure on that.

But the short is, that if you are less than 55 and terminated, you'll need 4.5 years of living expenses.

If you are 55 or older, you can access the money now.

So, how does one year make it for you? Do you have any money in a Roth IRA? Do you have a substantial pot outside of qualified plans?

How about taking out a home equity loan then, and live off that till the 401K money starts flowing.