Commercial Bankers (wholesale), mostly "Core" staff (the former Business Banking Group), will be notified very soon. Too many customer relationships are being transferred to Regional Centers in the near future; there will not be sufficient customers left in the geographic markets to support staff. Management has recommended that employees develop Plan B. Management is jockeying staff assignments to reach the 1:7. They have all worked together in the past, so seem to be collaborating to reach the 1:7. Meanwhile, countless hours spent on maintaining compliance training and learning new programs; it seems pointless.
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We have been told notices will go out in 30-60 days. Management said will be a lot of layoffs.
Core bankers with extensive complex credit experience and abilities to develop larger company relationships may have a spot but that’s in markets that have sufficient $50 million plus opportunities. Otherwise, the opportunities will be the business banker role or regional relationship management.
Unfortunately, the new business banking role is starting as a small group as they get the program, products and processes in place. Question will be will they seek to retain people ideal for that segment while they ramp that system up. Everyone knows, the learning curve within in Wells Fargo is not quick, getting use to the processes and systems. Cutting talent now and attempting to staff up later may be a bad move.
Let’s not forget, cutting large numbers of bankers will only result in extensive pressure on the current portfolio as good bankers get hired by other banks and clients call them and those relationships exit Wells Fargo.
Core portfolios are being hit the hardest, but I don’t think Core team members will be, necessarily. It will be a mix of both Core and Middle Market that gets displaced. The percentage of customers moving to centralized was staggering.
Centralized everything!
Yes, I heard there will be cuts in BBG soon. Good luck guys!
Previous poster is callous. Not even close to that atrocity.
Sounds like fake