I know of many retire aged employees that have milked this cow for decades, and are also willing to accept a nice layoff package. They should start a volunteer to go list, they’d make progress on cost cuts.
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No. Severance Packages are not meant to be a going away present. You guys have it all wrong. It’s an exchange. You must sign a contract to give your rights away and never sue them or talk about them, etc. if you break that contract, they will sue you and make you give every cent back.
@1fey Thank you for saying what I've been thinking. I am so tired of people on this site acting like anyone who's worked here for a long time is dead weight, milking the system, etc. I've been here 20 years and have busted my *ss and put up with a lot of abuse. They better believe I'm going to get every cent I have EARNED, and won't make it easy for them to let me go.
Severance packages are the way corporate America has evolved to get rid of people in a humane way. Fed Ex and Ford did it recently, Coke and L Brands announced downsizings recently too. they all take accruals for severance and if you do the calculations, it amounts to about $100k per job. The idea that WF will reduce by around 50k people and not offer substantial packages is ludicrous. It's chump change in the long run and is a humane way to do it. Moreover, the comments I hear charlie making are completely true. WF is too nice and soft. Prior WF management teams were doofuses - Dumpf, Carrie, erc. I know lots of folks in my immediate business unit who are redundant or incompetent and should have been gone long time ago.
You are so arrogant to say people close to retirement are milking the system. These people have worked hard now and for the past 20 to 40 years. They never received 4 months of maternity leave thru the years. They have come in sick, suffered thru many layoffs and seen their benefits diminish. The seasoned employees that I know work hard every single day and have mentored the young new employees. If they are going to stick it out for a severance, good for them. They deserve it.. Sounds like you are jealous that your severance package won't be as good. Cant wait to see how you would react getting laid off after giving your whole adult life to a company.
If you are 1-2 years away from retirement, don’t ever show your hand, they will make your life miserable. But you want one of these packages?
Start raising your hand! Bring up stuff to management that should be fixed. Be that person that ask tons of questions at every meeting. If they retaliate and try to manage you out, don’t get upset, keep raising your hand. HR will not do anything because you have done anything to lose your job. Don’t be insubordinate.
One day, you will find that your job has been eliminated and you are finally free.
I definitely know many folks in this bucket. Why retire when you could get extra money from a package? These folks are dead weight and taking spots from people who would actually enjoy those jobs and provide the help and hard work our company desperately needs to correct our many issues. WF should allow voluntary layoff options so these folks could get what they want and others could take over their jobs (or they could eliminate the job with less pain).
@pjw if you have a million dollars and can't walk away from your corporate job because you can't retire on that, then you are a simpleton. Make your money work for you.
Of course they've discussed this option – it would be a great way to get people to leave. But then they'd be paying severance to people who they really just wish would retire. Their plan instead is make the culture SO miserable that all the legacy people quit. Then they will be free to hire as many overpaid white guys from JPM as they want. They're barely even trying to hide the plot. Bury everyone in risk processes, BPM, compliance courses, and threaten to fire people for breathing. Horrible culture – people leave. They save money. Charlie and his army of mediocre white guys win. The little guy loses.
@pjw you are an id–t for insinuating that I said $1MM is enough to retire on. I said no such thing.
@xdt+16F9Lu3U If you think $1MM is enough to retire on you're an id–t.
Some of you here don’t sound very kind or objective, @ least when anonymous and behind a screen. You know who you are. When I first started reading and posting on this board: I was sharp-tounged. It gave me some sense of control or allowed me to blow off some steam about my frustrations around working at Wells. I get it. But over time, I’ve realized this is a community that I mostly benefit from. I get some good laughs on here from posters who appreciate the ironies of working at Wells Fargo. Some of my friends who work at Wells are on here. I wouldn’t ever consider being rude like that in person. I do think that what you put out into the world comes back to you.It doesn’t mean we can’t all express different opinions but you’re not really bringing anything of value to the table when you’re an a–hole about it.
A package is to provide the employee income until they can find their next job. It is not meant to provide people retiring more money in their retirement account. I am not sure why people retiring think they should get severance pay as well. It just follows with all the low lives that work at WF.
Wells Fargo does not offer voluntary layoffs because they want to decide who stays and who goes. Period.
@krw I agree to a point. I have been around employees that have worked for the company for 30-40 years and are ready to retire. They keep delaying their retirement (while not working very hard), because they think they will get a package. They aren't going to get a package - especially if they have spoken one word about retirement. I am so sick of these greedy people that probably have $1MM or more in their 401K. They just can never have enough and need to try to work the system as best as they can until they finally leave! Good riddance, I say!
They’re not going to offer packages voluntarily- Saul van beaurden pretty much confirmed As much on his call today. You are all welcome to look at the regular retirement eligibility.
NewEmployee: You have not been here long enough to have enough knowledge/perspective to pass judgement on anyone at Wells Fargo. It’s like a 2 year-old telling their daddy how to manage the family finances. Laughable.
If you want to leave and you think your best route is to ask for a package, your judgment is poor. If they find out you want to leave, they will not give you a package. Sit tight, keep your mouth shut, and let them decide your fate.
What's the deal with all the racist comments about white executives etc. Apparently you are not white by your comment, “ Well maybe white male executives but that's it.“ in the preceding comment. Why must the race card always brought into every discussion?
Right now WF is in the fear mode that the consultants tell you to do first. Create doubt and fear and some will leave on their own savings severance costs. Only firms that care about their employees offer voluntary severance. Morale and thus productivity remain high for those companies. Has Charlie done anything to show he cares about the rank and file. Well maybe white male executives but that's it. His first action when faced with a pandemic was to take away employee profit sharing.
If you have been there that long, you have milked the company long enough. Long term employees shouldnt get any packages after what they have done to the company.
You cannot request to be displaced nor can you be displaced for poor performance or as a disciplinary action. If you're at that age, best have a quiet 'off the record' discussion with your manager.
Skip the suggestion box, email the CEO. See if he cares about people as much as he projects.
Put it in the suggestion box.
Agree. Why does WF not offer these? I don’t recall them being an option in 2008/9 either.