Thread regarding Wells Fargo & Co. layoffs

Are all departments at risk, or just a few?

Agree with previous post. They had a round of layoffs about a year ago in the brokerage arm. We were told that Wells outsourced the whole process (of course) to distance themselves from any potential lawsuits. I would have thought they would have gone with longer-term employees to eliminate higher salaries. But they went with the shorter-term employees to reduce the cost of the severance packages. Short-term thinking rather than long-term planning.

I used to be one of the middle managers - when someone on my team had to go, I had no say at all. I had to "displace" the newest person even though they were my best performer. When it was my turn to be cut, I knew to expect it because my counterpart had longer tenure. Even though they had prior issues and I had strong performance, the only thing that actually carried weight was how long each of us had been there. (there were actually 3 of us on the chopping block, all with 20+ years with the firm, and they still went strictly by original hire date, not length of time in the current role or job performance.)

How about they stop hiring all these freaking senior managers making all these buchu bucks and leave us peons alone to do our jobs that are keeping the bank running

Everyone in US will be layed off.

Jobs rehired in foreign coutries to steal the IP of another US country

US customers go to Navy Federal - US based bank

I have heard rumors of massive layoffs because of restructuring in risk, but hiring doesn’t seem to have slowed in my department. Seems odd.

We just got an email that they are changing our titles in Technology. I'm sure they will also cut the pay and bonus. I went through a title change in another group and the pay scale was less, but they bonus was the same.

I was also told that there are numerous factors that are looked at for lay-offs. I went through displacement early in my wells career it ended up being a blessing.

If you’ve been with the company for awhile (ur tenure), you are more likely making more money. They will let higher paid people go first as a way to reduce overall payroll expense. The second area is if you are a white male and you have peers equally qualified but aren’t white male, you will be let go first. The D&I initiative will be used as an additional factor this time. And it makes sense if you look at what’s happening in our country.

Tenure.

I think back to when I worked for another large company in the area who had massive layoffs. They organized each group/department according to title. They decided how many in that title they wanted to cut . From there those with the shortest tenure In that title were let go. Valuable knowledge and tenure gone at the leadership levels and then people shuffled to manage new teams whether they had experience in that teams or not. It was ugly and confusing. They said it was the most fair way to do it.

Whiners. People not in hubs. Tenured staff. Anyone who is not a yes man or yes woman. Does that help?

This lay-off will be different than the past. Charlie has a number he wants cut and managers just need to figure out how to hit it. Some of the cuts aren’t going to make sense but it’s what’s necessary for Charlie to get his bonus. I wish everyone well. Let’s hope the number is less than 30k in layoffs.

based on previous experience at another large company, it's usually salary. after that it's pretty random because they don't want lawsuits saying they laid off mostly people over 50, females, etc. There's no rhyme or reason, and you'll be shocked about who goes and who stays once it's all over

Depends on the department. In my group it's all about who hired you. If you were hired by the current manager you're safe. If you were here before him, you're toast.

Of course if they were smart and got rid of him it would be a different story. The people he's hired are paid managerial salaries to do an individual contributor's work. I'm talking NO direct reports or administrative duties at all. I suppose if he were to be gone and somebody looked at that they might have a different take.