Thread regarding Wells Fargo & Co. layoffs

Everyone is tight, have you been to an airport? It's a ghost town. Draconian lockdowns and trying to avoid the inevitable has crippled the economy unnecessarily. When Biden wins in November it'll all go away, it's political.

The fear is setting in, Charlie Boy is likely estatic that his Shock and Awe campaign is already in motion. My condolences. He likely had his PR department leak that information to the press - where else would they get such detailed information?

I’m in marketing. For years we have been told to write self reviews - in the third person. So all the manager has to do is drop them into the system. We’re told to use lots of examples, and sometimes one will get kicked back with instructions to write more. Usually though, the manager will just take them and use them verbatim on the first pass.

I used the same one several years in a row, with some updated examples. No problem, because of course nobody went back and looked at previous years.

And I have helped several colleagues write theirs. Which is how I know which ones get kicked back. It’s a team effort. Collaboration, and all that.

This says it all: “In the past, some managers were known to copy and paste prior reviews when grading their direct reports, some of the people said”. I wonder how many m_r_ons have been promoted to leadership roles based on copy/paste bogus reviews that created a track record of several years of “exceeds expectations” ratings.

Here's a non paywall version:

https://www.foxbusiness.com/financials/wells-fargo-tightens-purse-strings-to-ride-out-coronavirus-pandemic

Nothing we didn’t already know. Personally I think it’s funny. Managers with 3 direct reports and no deliverables are about to find their cushy rides coming to an end one way or another.

I work with people pulling down $175,000/yr who haven’t put in over 35 hours a week, if that, in years.

I’m close enough to retirement that a package will get me there, so I’m in a unique position to sit back and watch them scramble with a smirk on my face. After years of ratings of 4-5 and exceeds expectations, suddenly I’m a three. Okay. Fine by me. Let the games begin.

The OP refers to the last para. This is the last para of the article (which most of you can read simply by google searching for Wells Fargo under the news banner).

Efforts to remake the bank in part reflect the new CEO’s focus on the nitty-gritty of corporate operations.

“Mr. Scharf has made no secret of his disdain for the company’s performance-review process. In a shift, all employees were subjected to a midyear review that assigns them a rating between one and five, people familiar with the matter said. In the past, some managers were known to copy and paste prior reviews when grading their direct reports, some of the people said.”

@ggg

Here is a portion of the article I read without a subscription.

Thank you for proving my “opinion” that incompetence reigns supreme among WF employees, many of whom apparently can’t defeat a pay wall to read a single article. LOL, sad.

Wells Fargo recently started a group tasked with ensuring that staffing decisions fulfill all regulatory requirements, according to people familiar with the matter. Major staffing decisions are being sent through that committee, though they are ultimately approved by the operating committee and board of directors.

At the bank, changes are visible in the day-to-day. Managers are being instructed to hire workers in cheaper hubs like Minneapolis and Charlotte, N.C.; a separate layer of human-resources approval is required to hire in expensive cities, like its home base of San Francisco, according to people familiar with the matter.

Mr. Scharf has said that managers must have at least seven direct reports, a change aimed at thinning the ranks of middle management, according to people familiar with the matter. If they don’t meet the minimum, their employees are reassigned.

Try this instead:

https://www.wsj.com/articles/wells-fargo-still-has-a-way-to-go-11595682180

The fact you stated you read it without a subscription probably means you didn't read it but felt compelled to comment and wanted your opinion to be valued.

I read it without a subscription. I continue to be surprised that so many people didn’t get mid year reviews, and all 6 of mine to date had some kind of rating and I had one every year. This is an enormous HR failure, and it’s several years since this was supposed to be fixed as part of one of the consent orders.

Honestly, most people would do well to look at the line chart showing headcount vs. competitors and take heed. Cuts will be severe and apparently there is a lot incompetence to weed out.

Need a subscription to read this

Paywall OP. Please copy and paste the article.