Some reorgs are being postponed until Q3, because even deeper layoffs are needed now (managers asked to dig deeper for more sacrificial lambs to slaughter at the altar of greed and mismanagement).
Q3, Q4 and beyond are going to be layoff bloodbaths.
I'm in upper management and it makes me sick to see what's coming.
Gimme a break. DMI is filled with BofA toxic waste who were finally sh$tcanned after 15 - 20 years of “service”. And what does DMi do? They hire them. I interact with one such leftover who was fired after 18 years at BofA. I can see why the person was given the boot. Completely ineffective whiner. I interact with a other BofA lifer who is very arrogant and condescending to pretty much everyone.
Good luck DMI.
Our tech is from the 90's, the late 90's, but still the 90's.
I don't know about all the slackers being reported, but I can testify to management being low performing.
Not meaning they don't do things, they do tons of work, it's just stupid work.
"A" is important one day, "B" is more imporant the next, "C" is a huge waste of time but we're told to do it anyway, then later they realize "C" is a huge time s— and tell us to stop using it, "D" comes along to replace "A" but "A" never goes away, we end up using "A" and "D" to do the work we used to get done in "A" alone, "B" turns out to be obsolete before it's fully implemented...
which departments will have the most cuts? Sounds bad based on these posts.
This place is full of mediocrity and low performers. Tech is from 90s at best.
People have no drive and really don’t care for most part. Unfortunate most of these people Here will not be able to get work outside of this environment and are order takers, lowest form of worker there is.
Which groups getting layoffs
Maybe this post is to get more voluntary resignations? Who knows ! Of course with all the lawsuits and virus on top of it I am sure they have no choice but to cut costs.
Agile will fix everything! Ba-hah!
thanks for the warnings! Ill be leaving as soon as I get a good offer, really everything is still 40-50% higher than here even with the virus, IT must go on
thanks for the information, good news is some companies doing better than ever now; but in other cases, some doing worse. Ill put a strong focus on job hunt to get a position soon. This has been a horrible experience working here , worst ever. Also I lost all my skills since the tech is so obsolete, not even in the 80s level yet.
No disrespect to anyone working in those types of job. I respect and appreciate the work that you do. But I agree with the previous posts. I lead a team of front line production employees but spend 90 percent of my time working with what seems like 4 different groups explaining to each one about the ”nail in the tire incident” as a prior post states. And those explanations all happen at different times. Not 4 different groups on one call. Out of the blue more people keep contacting me to “understand “ and it’s jkst a repetitive dog and pony show
These posts are so spot on. 5 or 6 different people reviewing a simple response to a consumer, and many times a formal written response isn't needed, a telephone call would satisfy the OCC ....but no, let's spend extra hours having several people review, then spend money sending a response. And how many salaries are involved in the process......And no one will halt it.
I am in risk and your post really resonates with me. We can’t get out of our own way.
And issues/complaints/remediation type jobs are plentiful, as least in the short term interim. Go look at job postings. Very little out there in the area of actually growing the business. Tons and tons of jobs that don’t actually bring any revenue. Just layers upon layers upon layers of risk control type positions. It’s like the Titantic having one person shoveling the coal to power the ship and 8,000 people to analyze the massive hole in the boat. It’s even worse the minor issues we throw mass amounts of money at. A driver runs over a nail and gets a flat tire. We spend countless hours trying to understand why we got a flat. So then we decide we need double work on everything to make sure it doesnt happen again. So we have 70 people walk from destination A to destination B to ensure there are no nails before we let the driver proceed with his route
We're adding 10 net new this quarter! Growing like crazy.
Default lending employees will all be in very high demand now. Foreclosures, credit card defaults, bankruptcy, short sales, mortgage defaults, etc.
RE: Solution - Just ask for VOLUNTEERS to leave.. Excellent idea and would help those of us who are not ready to retire... Although I would do the opposite, add some benefit, maybe an extra week of severance per year. This would surely save money compared to the Location Folly. Also, those who want to go would save us the headaches of what happens next on the short term.
Solution - Just ask for VOLUNTEERS to leave at a reduced severance (perhaps 1 week per year of service instead of 2). Many would take this deal over the stress of uncertainty of future. WF achieves it staff reduction goals at a reduced cost. And if asking for volunteers doesn't achieve 100% of staff reduction goals in full (which it probably will not), THEN do layoffs at the standard rate of severance later. Seems like win-win. This isn't hard.
Yes the HR department is extremely corrupt. Do not ever go to them for anything other than a general question. And the more and more management that Scharf brings over from Chase, the worse the Wells morale is going to get. Chase is awful. Just take a look at the Chase lay-off forums and you will see how many miserable employees are over there.
I have no inside knowledge but layoffs would seem to be the logical next phase of COVID fallout.
Think about how many people are not leaving the house, so ATM/credit cards are not being used, the velocity of money has slowed, what the government will or will not be doing seems to change from day to day.
They can "reopen the economy", whatever that means, right now and it won't help much. I'm not going out until the have widespread testing at the earliest, and maybe not until the have a vaccine sometime next year.
Everyone stay healthy and I hope things work out for you.
yes the entire corporation is cor0rupt particularly the HR department, never go to HR they are there to protect the company and are not your friends
Were these reorgs and layoffs already planned prior to the covid 19 epidemic?
Over the last few days, mngmnt has been asking for team members to provide lists of projects they’re working on. This, of course, is all a way to figure out where to deploy these projects ahead of the oncoming storm. Batten down the hatches!
Hard to know what to believe.
@xug+14yojl9u any guess where that US head count is going then?
Funny. Over in ICS some leaders are trying to get approval for headcount increases. Some are trying for net 10 new people if you can fathom that.