So it’s been talked about for a while but where is the lay-off? When will it come? I just want it to come right away.
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Reviews were written in October and deliver in February
https://www.wellsfargo.com/com/financing/strategic-capital/
Pretty simple. You have a skype call with manager who informs you, at the same time you receive an email with the details and a hard copy is mailed to you. You will the. Receive a pre-addressed cardboard box and a roll of tape which to place all your company materials and send into the bank. At least this is what happened to my spouse in March
To get rid of people while they’re working from home, you just send them a pre-paid postage box to send everything back. That’s what the other company I worked for did.
How do you hand out packages to people working from home?
Ratings were done in February, not October. What is IB/Commercial Capital/Strategic Capital? We have CIB. We have Commercial Banking. However, those LOBs were split up in February. Commercial Real Estate is under CIB, which may be what you’re referring to, but again ratings were done in February.
Doubtful it’s a mass layoff meaning thousands let go at the same time. Some businesses may already know the areas and people to cut and others will need to take time to review and ensure they’re not harming any regulatory remediation or other necessary efforts before doing so. I wish they’d just get rid of the contractors that have been brought in over the last few years- we’re paying some upwards of $500/hr and they’re not helping resolve anything. Let’s cut that fat first!
what does a "2" rating mean? Do you think investment banking / commercial capital / strategic capital will be in the line of fire? Do revenue generating roles typically go in mass layoffs and if so who? Does it matter if your review from October was good?
I also like it to come right away.
MCF - Do you know what departments?
When? Anytime, all the time. Who? Anyone. The biggest mistake you can make is to feel safe.
MCF - well that might be good. 20 percent of those would have been force rated a “2” and gotten nothing. Best to get the package now in some cases
I have a stack of packages on my desk for distribution 7/16 and 7/17.
Awful business.
It will be spread out. Some LOB’s like student Lending probably end of August. Bank closings/consolidations over a period of time. Also gotta get thru midyear reviews so they can get rid of all of the 2 performers, deserved rating or not, so no severance paid. I think it will probably start in Or end of August and be an on going thing thru 2021. You can’t just lay off 50k at once.
It will happen late Friday because the company likes to ruin people’s weekends.
When we’re in the office, Friday afternoons were always the preferred timing...who knows the rest. 🤷🏻♀️
Yeah, I have no motivation to really do anything at this point. If they’re going to swing the ax, just go ahead and swing it.
I've seen folks throw out this week, but I'm not sure anybody knows.