For those of you that say you are involved in creating packages, or in the spans and layers discussions, when should we be expecting everything to come crashing down?
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They could trim a lot of fat by getting rid of the management overhead associated with "agile".
We have more "scrum masters", "jira coordinators" and "project managers" than we have developers and engineers.
All that "leadership" just gets in the way. Impossible to get anything done around here.
We stopped HEQ loans and Auto lending to a lot of dealers so seems like those groups and their support would be top of the list.
Look at data before making uninformed post. But you probably lack access
@2bmq+15xWb2wt Is right on the money. Most Wells Fargo technology managers are ‘legacy’. Many don’t have any degree if they have a degree at all. Such people are going to struggle when looking for a job.
Interesting. They could get rid of one out of four managers in my area and they would still not have seven directs each.
Curious about at what level these plans are being put together, and what they’re based on. Are past reviews being looked at, or just numbers?
Will the lower level Technology department Managers, who manage very technical employees, but are not really "technical", cannot program at all, do not try to learn to program at all, be put on Performance Improvement Plans, so that they can learn to be technical and program like the people that they are assigned to manage?
Spans and Layers is just 1 initiative to reduce expenses. There will be others. Plan is to reduce 25% of ALL managers at the company by year end across all of Wells Fargo. No area is safe, no function, no LOB, no level of leadership. Plans are due by each area by mid July. That is all definite. What I do not know right now is when people will be notified. Assuming it would be around September/October timeframe as plans still need to be reviewed/approved in July and then packages need to be created/approved.
Will the non technical, not programmers, not capable of writing, debugging or testing a computer program, managers be some of the first to be laid off in the Technology department? Are they qualified to be in the Technology department?
Agree. Don’t want to be in mortgage or auto lending in any way right now - fulfillment, sales, marketing - none of it. Tech, risk and any customer facing jobs seem like a tough spot to be in too. Marketing went through reorg last year so it may be better off but will still have to deal with the spans and layers, which likely means management shifts or reductions there.
We stopped HEQ loans and Auto lending to a lot of dealers so seems like those groups and their support would be top of the list.
What groups are in the line of fire?
It depends what group you are in. Earliest will be July and will continue to early November. They are doing it in phases so hr and other support functions like IT can keep up with the lay-off and shutting down access, etc. it is there idea of a risk based approach to cutting thousands of people possibly remotely. Good luck!
I think it’s hard to say who, what, when or where. The spans and layers will be interesting. I have no definite and only rumors to go on. I hear marketing went through some reduction late last year so that already happened to them. Risk may take a hit and technology usually does. I would imagine branch banking and support will and it’s not a good time to be on any lending side. I hope that helps. It will take a while for it to all play out. I would guess we’ll into next year.
Thanks for the unnecessary dumb a— comment. Of course I read, but now to the end of the year is a long time. Wanting to know more of a specific month can go a long way.
Any idea on when specific groups will be notified? (Marketing in July, Risk in August, etc.)
Do you read? Any time between now and end of year. Merry Christmas...
https://www.abc15.com/news/business/wells-fargo-signals-substantial-layoffs-ahead
"Wells Fargo’s cost-cutting efforts will include layoffs, most likely by the end of the year, Chief Financial Officer John Shrewsberry told investors at a Morgan Stanley conference this week."
Which groups? Are some of exec's getting let go too? No progress from that level yet.
Between July and end of year (technically Nov. 1, so last day of 60-day period is Dec. 31, 2020) – timing depends on which phase you're in.