Thread regarding Wells Fargo & Co. layoffs

@rxj+15REFqEY Yeah, you're the kind of person who DOES have an issue with this and IS worried. You know how I know that? Because you feel the need to down those of us who may be struggling. Are you that insecure that you need to build yourself up and tear everyone here down? You're a small man hiding behind small words. Get lost dude.

Wow, maybe we should all build bunkers too...yikes dude

To @2pmo: Who, here, said gold is a stable store of value? And who advised that gold, or anything else, should be held on to for 50years?

Gold a stable store of value. Let’s see it was at $950 an oz in the late 70s and now it’s $1050 an ounce. Dollars today are worth 30% of those in 1979, so gold is worth less than a third of what it was 50 years ago. Wow what a great investment where do I sign up?

OP is a Fruit Loops nutty paranoid schizophrenic. Confusing his unethical crumbling employer with the larger economy. Wow.

Generally 401k loans are not due until the end of the quarter following the quarter you were separated in. So if let go in 3rd quarter have to pay back by 12/31 for example.

Most people know that banking, financial and stock markets are broke and have been for a long time. I got out of 401k, stocks, etc end of 2019!

Looks like we will all have to work for the federal govt or new industry in some capacity; The world is changing and so have to shift to a new domain.

I would be surprised if a bank keeps commercial real estate for sole purpose of making people go to an office to work. Those days are over! They need to move to an agile mindset and pivot to the new reality.

@ogs: To be fair, I wouldn’t say sharing a thought to put 5% of your total portfolio in to gold as a hedge is “pumping an investment”. Nor is it illegal. Gold is a well known hedge against stock in extreme market conditions. It is an idea to potentially balance some of the risks in your 401Ks. To say “you can’t eat it and it won’t vaccinate you “ sounds like you think that people should go to 100% cash?

Having said that, your reply is a good reminder to do your own research and follow the advice of your own investment advisor if you have one.

Mid September. They will start preparing packages and make sure everyone is out by the end of Q3.

I don’t understand the timeline confusion.

These articles all say layoffs to occur in 2020. If a Financial Times article says Q3, well then welcome to Q3, it’s July.

The OP mentions next week, July 14th

July is Q3.

All are saying the same thing.

Get notified soon, takes effect 60 days later or third quarter. Both are correct

The folks saying to buy gold are pumping an investment. Be wary of comments on internet forums.

It's illegal, you can't eat gold, and it won't vaccinate you from the virus.

The poster of this one says layoffs next yet this article says third quarter:

https://www.ft.com/content/0eaf05af-d178-4849-b063-69bfd91c59c5

wonder which it is?

Definitely get a lawyer before accepting a severance package. My wife got displaced last year and was offered two months severance (not WF). Lawyer got her a year, less attorney’s hourly rate (don’t do contingency).

This post sounds like someone in midwest or bad economy even when economy is good those areas are still not; I would say look for new jobs. Even if you make through this layoff, i wouldnt doubt there will be more in the future too.

I would stay and collect all the money you can get while working here, then you can move to new role. I dont think this is doomsday, but you may need to get new skills for sure. Especially those whose job is focused really only in the banking industry. President changed federal requirements to be more skills based versus the old skills in the college degrees, so you could easily train in a different area then apply to them. Better to have some degree too, but if you dont you can still get employed.

I would suggest researching companies and finding successful ones even in this climate and going that direction, likely leaving this industry. If your in a rural area you may still need to relocate to get employed, but for now all work is remote so you would have time.

I feel the banking industry is completely unstable and will go away as things are changing drastically.

I am thankful i got another offer in different industry, but it is about 6 weeks out to start,

Sad but true that the originator of this post is "right on" with the advice, if you cannot obtain another new job in a reasonable time period after being terminated. You end up using your life long savings to survive. Things like "Make a plan to sell assets you don't need. Car, boat, house, whatever. This could be an extremely long downturn". Cut all unnecessary costs, etc. This is exactly what your plan will have to be in order to survive without a new job for a long time. Move to a different city where the companies are hiring. Take the children out of their long time school and enroll them in a new school away from their long time friends. Be careful about selling that house if you own it. When you have NO job, even with a lot of money in savings, apartment complexes do not really want to rent to you if you have NO job at the time. If you get equity from selling the house the apartment complex will take that as a reason to rent to you, with NO job.

OP gives solid advice. I appreciate the intent. Owning some gold is a good hedge. I just bought some yesterday at the advice of someone who’s opinion I value. He recommended at least 5% of your total holdings. 10% would be a more aggressive stance. Whether you lose your job or not, whether the pandemic causes a recession/depression or not- it doesn’t hurt to be prepared.

Make sure you stock up on tinfoil too...

Anyone know how layoffs are done here? Group / individual phone call (assuming your manager isn’t gone too)?

@rxj medical insurance is tied to employment

If you haven't noticed there is a pandemic.

Even debt free, you are 1 long term covid hospitalization with a $1,000,000 medical bill away from bankruptcy.

Get bent.

Oh my god! The sky is not falling! Some of us do not have credit card debt, 401k loans, car loans, or excess expenses. Debt free! I don't keep up with the Jones, they are broke! But thanks for the lecture bro, I got plenty of cash for a Rainy Day.

If you think this person is a doomsday fan, you are probably unprepared for what is coming.

My team was told straight up on a quarterly call that the expense ratio is bad, and people are going to be cut. My team is somewhat fortunate in that our leaders predetermined their strategy for staffing and expense challenges to minimize impact to FTE. We were also told that the hiring freeze would likely last until 2021, zero business travel, and WFH as an expense reduction strategy. This stuff isn’t a head fake, it’s a BFD.

I’ll just point out that 401k loans usually have to be repaid quickly, but not necessarily immediately, if you have one, you need to check loan terms. No one laid off from the bank should leave their 401k with the bank, roll it over to an IRA with some other institution.

Oh. And buy gold

Might be a little extreme but some valid points. There probably will be a economic downturn. Who knows how long. But good advice on the pto. 401k loans. Company is not your friend and not your lawyer. Don’t sign stuff they force in front of you until you are certain you know all the details. S**t’s about to get real folks. Chainsaw is tuned up, gassed up, new blades on and just waiting to do what he was hired to do

Great advise

Seriously? Op must be a doomsday fan.