Been at WF for about a year and I've been told I'm on the chopping block and trying to figure out how much runway I have before I'm destitute.
15 replies (most recent on top)
Relax folks no one is losing their careers, maybe a job, but not their careers. Who know maybe something better comes along.
“Packages” are not done- you can see the employee set Vance schedule in the benefits book.. not like they’d offer something better; why would they?
The benefit of moving HQ to NY from Ca is that it means the CEO will no longer be bothered with questions about why it’s okay for him to telecommute while putting policies in place prohibiting others from doing so.
He got quite defensive when asked about that when he testified in front of congress.
The biggest benefit of moving to NYC is because it means no frauds will happen again. NYC is the financial capital of the world where the best brains exist. The frauds happened in Wachovia and in Wells which were headquartered in Charlotte and SF. That will end the frauds . Period. Full stop.
What advantage would the bank gain by having HQ listed as NY instead of CA? Is there a tax benefit, or just to do it because that is where all the execs are now?
I disagree on Charlotte going away. Both Goldman and Chase had planned to move some of their operations to Charlotte in 2020 so that's one thing but more importantly Dear Leader has commented that the ability to at a moments notice hop on a plane and be in Charlotte in just a few hours was a real plus.
NYC is too expensive for the peasants so I think Charlotte, Minnesota and probably Tempe are still viable. I think SF and all things CA, OR and WA will go away - too expensive. The interesting thing is will they move the HQ from San Francisco -
@OP, how do you know your on the chopping block?
@1zzd I actually like my chances better in Des Moines than the west cost or any market rate cities of 0 or 1. Corporate HQ is now NYC; Charlotte don't kid yourself. This merry band will be calling the shots up there but Charlotte/Minneapolis/Des Moines/Phoenix is where the worker drones will be housed. For BCP purpose they have to begrudgingly keep some geographic diversity.
What do packages look like?
If you are living in one of the cities you will have a lot better survival rate than if you moved to Iowa or similar. Good news most companies are remote at least through 2020, so you could probably get a job in another area and work remote for all of 2020. Relocate in 1-2 years if still required.
@1nrq I would normally disagree since Wells Fargo can't make a decision that quickly. However, I believe that Charlie and his merry band of BNY Melon heads will force a quick decision on this. So, I think you are spot on with this.
I don’t know anything, but I’m thinking that if ratings are due by July 31, yanking should begin around mid to late August.
Decisions have to be made and approved, packages assembled, etc. So give that a couple of weeks.
If you work in the old business banking group, it is safe to say your done. All your clients are going to centralized area and theres no need for your services.
You were told you’re being laid off but not when? Did you have your midyear review and get rated?
@OP What area do you work in?
See Chapter 14 of the Benefits Book