Thread regarding Wells Fargo & Co. layoffs

@ 1tik+15KmJ6NY

If you are on Long Term Disability for 2 years, then your position is in fact gone. Refer to the benefits book on Teamworks at Home.

Since you were approved for LTD, you are either waiting for, or have been receiving Social Security Disability Benefits.

There is no job or position for you to return to. The maximum Leave of Absence for Medical Leave is 24 months from your first day of Short Term Disability which converted to Long Term Disability after 26 weeks.

In essence you were paid 100% base salary for 26 weeks, then 50% or 65% of your Base Salary (65% if you purchased Optional LTD Coverage) beginning week 27 or the first month of your LTD thru your retirement age which is determined by your birth year and Social Security.

You honestly made out better than anyone receiving a Severance Package. You received 6 months (26 weeks) of full base salary plus medical and benefits. Now you will receive 50-65% of base salary until age 67 AND Social Security Disability Benefits including Medicare.

How do I know this? I too am disabled and had to learn the whole process. If you are able to return to work and receive written approval from your doctors that you are body abled, then your LTD and SSD will immediately stop.

I wouldn’t roll the dice on returning to Wells Fargo when you have guaranteed income for life at this point. Especially during a pandemic and especially in a market downturn and high unemployment.

@2tsw: glad you said what you said and that you are doing well at Wells Fargo. Not everyone is miserable at WFC- depends on your manager, your up line, your team mates, how long you’ve worked here, whether you are gratified by and recognized for the work you are doing. Pay is decent and benefits are decent. It’s helpful to everyone here to have all the various viewpoints. In a perfect world, you will get to stay and those who are ready for something different will get a package.

The continual threat of layoffs, and seeing that happen to many of your former USA co-workers, is not very "motivating" to the remaining Wells Fargo employees. I even had some former EGS India team members that I worked with for many years recently quit their contract positions at Wells Fargo in India due to the VERY low pay and lack of future opportunity with the company.

Well that is just too bad that some Wells Fargo employees look forward to being laid off to obtain an insignificant amount of money in a severance package and then start all over in a new job, at a new company, hopefully. Personally I have been working hard at Wells Fargo for many, many years now and do NOT wish to be given a severance package. I signed up for a job at Wells Fargo, promised to do my best for the company, and that is still happening. There are very many opportunities for me to leave and obtain a new, highly skilled technical job, but I do not think those jobs are a better opportunity than the one I currently hold at Wells Fargo. Hoping to not get notification of a severance package actually.

@1lfx: you’re obviously stalking this board for a reason and seem quick to insult people you don’t know. It might be time to ask yourself why that helps you feel like more of a man.

But all the posts here claim the old timers get cut first. Damn internet and your conflicting information!!!!

I completely understand the sentiment, but be realistic about the job prospects out there. And if COVID continues to wreak havoc on the economy (and some economists still think we're headed for a depression), being a new hire somewhere else (assuming you can even find a job) almost guarantees you'll be the first on the chopping block if the you-know-what hits the fan.

I wonder if people like me will also be targeted. I am on long term disability with about 0 chance of ever being able to work again. My job has been eliminated already as I have been gone almost 2 years. I would welcome a severance package for sure and I know those out on medical leave can also be laid off too as FMLA no longer applies. Just hoping

If they offer a package I'll try not to yell "oh heck yeah" too loud.

Wells used to be a good place to work, but then again, partly because of all the crime-ing and partly because I'm on a team with bad management.

I don't say that because I'm treated poorly, I say that because I used to be in management, and these guys all need to read some books and get some training.

During the PCG/WBS bloodletting last fall, our team was told that of the three people currently in the role, two would be let go. Two immediately raised their hands and said, "pick me!" One said, "I really don't want to leave!" They ended up keeping the lowest paid, who was one who wanted to leave. He resigned shortly after because he really didn't want to have to do the work of all three. Instead of hiring back one of the others, they've decided to have NOBODY in the role and let others try to stretch out enough to cover the work. Things are not getting done, corners are being cut, and everyone is unhappy. Could have been avoided if they allowed for volunteers, but that's not the Wells Way.

Whoever thinks that WF is currently the worst place to work at, ever, probably didn't experience WF in the years immediately following the 2008 financial crisis. Those were horrible times if you managed to keep your job. That being said, the upcoming months are going to s— balls if you're "fortunate enough" (?) to hang on through the end of the year.

This is the worst, worst culture and work environment ever. The least supportive workplace I have ever been at. Nobody cares about team member experience, morale, dog eat dog. This has been an awful experience for me, so I am trying to exit by finding something else.

WF would never do that. That would just make too much sense and well...

No shocker, but they’re not even considerate/smart enough to offer a first round of voluntary layoffs first. If Boeing and Verizon can figure it out within the past year- why can’t WFC? That would be a smart way to cut staff during a pandemic without having another PR fiasco.

I took a package a year ago and it was the best decision. When they announce possible layoffs, I went to my boss and mentioned I might be interested. Ya a little scary starting over but I also felt a huge weight lift off me from all the WF craziness. Goo luck everyone. Just know that the rest of the banking industry is still functioning normally and the sooner you get away from WF the better off you will be.

Yes because the people who are left behind are going to go through hell, overworked, overloaded and will most likely get cut anyway. As long as our ceo is around, it will be constant cutting quarter by quarter.also, no guarantee there will be packages in the future. Companies don’t need to provide them and if the company is in financial trouble you won’t get one. Sticking around just prolongs the inevitable.