Just got an internal email that JM will be transitioning out of her CMO role by end of q3. New Marketing operating model is taking hold soon. I would assume layoffs to follow?
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Oh no, Moldafsky out again?
Honestly had no idea she was even back
Never been a fan of Jamie Moldafsky. She's a lightweight, full of fluff lacking in real strategy. Obvious to everyone she played favorites to those who made her look good.
Absolutely ridiculous. The organization is like an accordion. 5 business lines, 3 business lines, 5 business lines, decentralized, spend millions to centralize, spend more millions to decentralize again. Just “putting you stamp on it.” doesn’t count as a strategy. Come up with a consumer/company strategy and organize around it. This all feels like movement for the sake of movement...but then again as a 30+ year TM I’ve seen it before and it won’t be long before it’s changed again. All these reorgs are just excuses to get rid of TMs. Would be interesting to go back 7 years and see what the explanations decentalized marketing TMs were given when their lost their jobs to centralization. Can the old TMs get this old roles back now that decentralization is the flavor of the month.
@OTW they announced it days ago via two emails and a call with Jamie, no clue why it hasn’t been reported yet. We were told they weren’t hiding it but weren’t announcing it.
If it has been announced that Jamie and Devika are being displaced, why hasn't the media reported this by now?
Assuming ER = Employee Relations. Can you share numbers on list and timeframe of notification?
I plan to stay at Wells Fargo as an individual contributor for at least another 10 years. Since I am only 64 years old, and still very young, I truly enjoy working at my Wells Fargo programming job every day. I almost never get sick and have no health issues. There is not enough money to retire and keep my current standard of living, also supporting a young adult child who does not yet make that much money. But I could retire soon, with a lower income, and still be able to pay my bills. Now I will be eligible to receive $1,100 per month pension from a former company beginning at age 65. Will delay taking social security until full retirement age of 66.25. Will sign up for medicare that starts at age 65. This will all help me pay off my bills and if I do get laid off from Wells Fargo I will quickly start applying for highly technical contract programming jobs to still earn an income and do what I like to do. That's the plan. I am contacted very frequently by contracting companies who want me to leave Wells Fargo and work for their clients doing complex programming, etc.. Say no so far.
Individual contributors are not safe. The cuts are across the board.
Those who remain should also be prepared for the unexpected throughout 2021.
JM did not just find out (despite what she might say).
Those of us in ER are putting together packages for layoffs and know who are on the lists.
Lists might grow longer, but they won't be shortened.
I understand the denial reaction, but there are posters with concrete info.
How do you know lists are made and “many ICs are on them”? Do you speak from concrete knowledge? Seems like that would have been mentioned on the call and as JM and DM specifically mentioned they had only just found out their displacements so actual, tangible lists that anyone on this board would have seen regarding headcount is hyperbole.
Individual contributors are NOT safe. There are already lists and many ICs are on them. And the lists will only grow until desired operating efficiency ratio is reached.
Corporate (centralized) Mktg eliminated.
Roles (for now) will be aligned to LOBs (w/CMO).
Jamie Moldafsky likely won't find new role within WF (she's in CA). Devika could stay if she's willing to take a lesser role/paycut (she's in NY).
There will be redundancies, there will be significant layoffs (per Scharf), there will be reslotting (roles/titles changing and salaries reduced). Bumpy road ahead.
Layoffs will take place between now and end of year, so WF can start 2021 relatively "clean" – no should feel safe.
SIGNIFICANT LAYOFFS per Scharf.
I think since we were once here and now back again it will be ok. I think we will see B3 displacements but I think individual contributors will remain relatively unscathed and employed.
Yes I meant Devika when I wrote DM, not digital marketing, direct mail, etc :)
As another poster mentioned, since she's already in NYC with Charlie, she has a high probability of landing another leadership role at WF
This is going to be a mess, with silos but still having IM and I&A support the whole company. Good luck to all!
Ah! Thank you! IHA should be fine! Digital Marketing should be fine. Potential for more layoffs in Marketing as a whole but I don’t think it will be a huge, awful impact.
I believe poster is referring to Devika (DM). Accordingly, Devika has no role in IHA, so no impact
DM meaning Direct Mail or Digital Marketing? If Digital Marketing - why do you think Digital Marketing is out?
If DM is out that probably means no mas IHA.
I think layoffs all over this place without a doubt. I would say no one is safe.
Jamie and Devika "displaced" (although latter might land different role in NYC).
Decentralizing Marketing, aligning to LOBs (under CEOs for LOBs).
Reslotting remaining positions in reorg for lower salaries.
Lots of redundancies, lots of layoffs.
Bye bye, Marketing and many in CA.
The lines of business (LOBs) will have control over everything. The Marketing organisation will be more or less decentralised. Certain functions that exist now will either be disbanded or relegated to the LOBs. These are big changes, mates!
It means layoffs because there are likely going to be duplicate positions now that marketers are going back to the LOBs. They’ve already said mass layoffs are coming.
It means layoffs because there are likely going to be duplicate positions now that marketers are going back to the LOBs. They’ve already said mass layoffs are coming.
Looks like DM is also out! It's starting...
Why would it mean layoffs?