25+ managers were just notified of their upcoming termination. Maybe more.
35 replies (most recent on top)
Somebody need to learn the casheir how to satisfact they customer.
Any moves on the WF Advisors?
I was a manager at Smells Farto for 18 years. They let me go almost two year ago... I mean displaced. They made my life miserable my last year and I realized why after I was ordered to pack up my desk in front of my team and escorted out the door as if I had done something wrong. As if I hadn't dedicated half of my life and career there. I got a severance package but after what they did to me for the last year it should have been more. Nothing is worse than sitting in your car in the parking ramp and realizing that they had planned to flush your career down the toilet when the new annual budget came out and they tried to get you to quit the whole time so they didn't have to pay you. You're much better off not being there. If it seems they are making your job more difficult and they are trying to get you to quit they probably are. I would ride it out get the check and just tell them you weren't surprised when they bring you into a conference room with your peers that will also be let go. Because you don't deserve to have a one on one conversation with them apparently. I landed another job. It's a wonderful world when your company has 500 happy employees with a great culture vs. a company with 250,000 employees ready to stab you in the back to keep their job. Buh-bye Smells Farto.
They are trying to squeeze people out first by attrition. The audit function has arbitrarily determined that they can reduce hours per audit (> 30% reduction in time) but want the same quality and quantity of work completed and don't expect people to book more than 40 hours per week. Literally told we need to be more efficient and execute at a higher level but nothing has been done to improve, or even evaluate, the processes to drive the efficiency. Things are falling through the cracks. The new CAE is a joke. She's in over her head and I think she'll be gone before year end. The biggest issue at WF is there is a lack of good leadership or a plan to improve efficiency.
@1mbs - be careful with the turnover the bottom 10% mantra. I needs to be done for a few years to get all the dead weight out. But to continue it will create a nasty culture of backstabbing, push in front of bus, others taking credit for your work etc.
It’s impossible to have an entire team of superstars. Go read up on the nine box matrix
X axis is performance and y axis potential to move up. Low mid high on each axis.
789
456
123
Sooner or later your left with 3,6,9 then 6 and 9 then just 9’s. While that seems like an ideal spot it’s actually a horrible spot to be in. A whole team of folks that want your job. None are content and they start to leave to move up.
Why would anyone want to get rid of the 3 box people. The perform well but don’t want or don’t have the ability to move up. A ton of sr developers, architects, analysts etc. they are your workhorses. I don’t mind a mid tier performer with some potential either. I can mold them.
1,4,7 either shape up or ship out. 8’s are lazy or need mentoring. 5’s too.
6 and 9’s love them but they won’t be around long. 9s need to be placed in a fast track path. 8’s need a promotion or they’ll be gone.
REVS is Real Estate Valuation which makes sense seeing as we're not doing HELOCs anymore. I feel bad for the folks that got let go regardless of the circumstances. It will be a bumpy year to be sure.
To the person saying we should be more like Goldman and layoff the bottom 10% to increase efficiency please remember Goldman is an investment bank and compensates their employees at higher rates. Goldman also has more generous severance packages, I think 12-16 weeks is the minimum. If you start working at Goldman you go in knowing the risks.
Folks, it was 25+ other managers in another LOB. Move on
We created a highly inefficient and ineffective bank that lacks the data and tech capabilities necessary to scale and compete against the best. We created duplicative services, products, teams, and tools without regard to the cost component. Up until recently operating efficiency was a foreign term. We don't even understand the total cost to produce a 'widget'. Managers think of cost as either personal or project, but not both for example - we don't have activity based costing. Above all, we didn't bother to learn from our competitors when they went through similar challenged and grew more complacent over time. As a results we have billions of cost to take out. Sadly, you will likely know some impacted, perhaps you or I get impacted as well. It is not an easy time for the bank, we have to fundamentally change our culture and structure. We are at will employees, just as we have a right to walk out the door we can also be laid off. This is also, a tremendous opportunity to come out of this with a stronger franchise value and deeper talent bench. I would argue we should learn from the best and take a lesson from Goldman who turnsover via layoffs it's bottom performers annually (~10%). So what we can all do now is drive efficiency in all we do (i.e., reduce meeting size, eliminate prep meetings, outcome over process, challenge the status quo and ask why, improve processes around you by removing waste snd streamlining, eliminate work output not used, make a decision and stop revisiting decisions, rationalize duplication, etc etc).
I don't know if I'll make it, but know this is necessary if WFC has any chance to survive (tens of thousands of jobs lost is much better that 250k). I wish all the very best.
What does REVS stand for?
The below text is accurate. The cuts today were management only. There were QC cuts earlier this week. The message I got was staff is safe till they evaluate locations with more production needed for both commercial and residential.
Feel bad for anyone that's let go. Hope they find a good landing spot in a tough economy right now. The OP said it was the REVS group, real estate valuation services I presume, under Head: Dave Nole. I don't know any details, but many seem to be wondering which group. The staff in this group is spread out all over the country as they support appraisal/property valuation work is my understanding.
There is good info being shared in some of these posts by people that are in the know. Sadly, some clueless individuals choose to challenge things they know nothing about.
anyone else layed off?
I am more exhausted by the people who question everything, and call everybody a troll, than I am by the people who have the potential to be a troll. Seriously, grow up or get off the board.
I wrote this and if you think I’m naming names you are insane.
The REVS team just got hit. Between Residential and Commercial, over 30 managers were just notified of their displacement and 60 window.
Say it’s not true, I don’t care. I got notice today and I’m just letting you all know since that’s the point of the group.
I heard there were 37
No details = Did not happen
guys dont use names - you would not want your name on this board.
also, admins delete posts with names and ban your ip
OP more info please...
right, and given our remote situation, how would one person instantly know 25+ other managers were also let go? That's not usually info that's given out during the layoff convo, is it?
Not defending the poster calling for 40k more in numbers but if you think the number is going to be any less than that you are probably deluding yourself. Wells has the highest expense ratio out there for a major bank and significant layoffs are inevitable. Now that the Fed is signaling lower rates for longer (NIM) the pressure to decrease working capital is even greater IMO.
pretty sure this post came up week ago...same subject title, no detail and all bs. let's not give this tart any more oxygen.
Apologies, but this is a singularly useless post. “Managers”—teller managers in Clark County Nevada? Trading desk managers in St. Louis? IT managers in Minneapolis?
For the j–koff wishing for 40K more, my hope you are one of them. I love the high performers who don’t think it could happen to them, these layoffs are indiscriminate.
District Mgr, Branch Mgr or Service Mgr?
I'm guessing Mortgage. Been a blood bath over there.
Is this a legit posting? Can we get some details on which area of the bank?
Should be 40,000 more.
Please provide more details on LOB.
All these extremely vague posts do not help anyone else.
as usual zero detail provided.
Yes, managers of what? Sorry to hear about this regardless, but it would be helpful to include a little bit of detail.
What department(s)?
Godspeed.
Do you know what line of business they are in?