They are cutting 20% of headcount across the board to bring headcount down to around 200k. The goal is to get headcount down to 180k or less to be in line with JP Morgan after the 20% by outsourcing, automating etc. They are not waiting for covid to get resolved. Cuts will come as soon as July. They were originally suppose to happen in May, but got postpone to July. Godspeed. 50,000 teammates are going to lose their jobs during one of the worst economic downturns. Very few banks are hiring and will not be able to absorb these headcount reductions. On pins and needles
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I work around managers who have 3-4 direct reports and no deliverables who act like they're overworked. It's not going to be easy for those who are left.
Every time an employee who has a great deal of knowledge and experience in their job leaves, for what ever reason it may be, it is an added great risk to the company. Other people may not be able to replace them at all, make serious mistakes, leave important things incomplete, or not done at all, etc. The 20% head count reduction in Wells Fargo employees is a very great risk to the company. Hope that they realize it sooner than later.
Spans and layers 7 by 7. All managers will need to have 7 direct reports across the entire company and there will be no more than 7 layers of management from the CEO level on down. Exceptions are not being granted, and 20% of staff will be cut across the entire company. No exceptions. You can thank our fearless leader and when you hear him speak he rationalizes it by saying he is saving the company for the remaining employees. And oh ya, he is lining his own pockets in the process while throwing employees to the wolves. This is really happening. I am not making it up. This guy is a ruthless p*
What is the new management structure? How many managers and direct reports?
All managers need 7 direct reports is the “spans and layers”.
What is spans and layers project?
Can you share the departments that will be hit?
I am working on the spans and layers project.
How do you know this? Hope you're not just posting your fears. People are anxious enough.
How are we gonn get down to 180k at the rate Charlie is hiring his buddies? J Dimon got any more family members that CS can hire as a favor?