Anyone have any idea where will get hit? Besides the general comment of “everyone” or “no one is safe”? Like specifics area or department?
9 replies (most recent on top)
The only fact on this thread is that layoffs are coming- that's public knowledge. This was the original plan pre-corona and I would imagine there will be further cuts due to major sources of income taking a hit. All the stuff by one poster about unemployment and the like is BS. At will employees and the rules vary state to state but not by much.
Wow, there is a ton of bad information on here, especially the first reply.
Banks did not receive federal funds. PPP is backed by the SBA. Either SBA takes the profit or they take the hit. WF processed the applications and is donating the money normally earned from application fees. There is no bank bailout, and the only thing that has happened profit wise is that the bank has set aside billions in loan loss reserves. This is not a bailout, but it does mean the company has billions less in profit, or to accommodate expenses such as incentives and raises.
I have no idea why so many people think that Senators or Representatives are going to intervene in layoffs or why there are laws about being late to work. Being late to work isn’t a protected status like gender or race.
Good luck making that argument to a judge or jury. “ I was late for work, it should be illegal for my employer to expect me to be on time”, ridiculous.
Please people do your own research, prepare yourself. Hoping that random posters on Internet forums who obviously know nothing about banking, laws, or even their own company is a very bad strategy.
I can get another job, but I think i want to wait for unemployment then look; hope they give at least 1 year severence, of uncle sam may not be happy man
Looks like they will be by EOY:
https://www.wsoctv.com/news/local/wells-fargo-signals-substantial-layoffs-ahead/5ZQ3LTTIKVFPVF3VJWFD7XGGBQ/
The made a commitment not to lay off because of Coronavirus. These cuts are not because of Coronavirus. They are due to the fact that Wells got caught ripping off customers. Anyway, never believe anything they say. Watch what they do.
@1xte+15un79UU Don’t disagree with you and hope you’re right! Just what was said is all.
@1oua+15un79UU not sure about that;
You can confirm that with the Feds, Im sure they can provide detailed information for a company that took Federal Funds.
Specifically stated today on a marketing call and Devika said as well “Wells did not make the commitment to not lay-off this year because we can’t”.
There are laws in now, if they lay people off, they have to pay more than unemployment even if you get fired.
No company will lay people off until next year or very end of this year or they will have to speak to Elizabeth, Bernie and Donald. Especially a company like this that took a lot of federal funds and spent on nothing important.
Its illegal to give pip plans for being a min or two late. There is a 15 min grace period. They should be careful or they will get more lawsuits if not careful. Im sure Elizabeth is keeping her eyes on this funny business here very closely with all her extra time these days. This is not one of the communist countries where this is ok.