Very few people impacted .. not that this is good news but not the doomsday some predicted . But this is sognificantly much much smaller than the doomsday predictions. . I for one will venture to say , a lot of wild imagination driving many posts. Just let us do our part in keeping Wells out of trouble and we should be ok.
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Sognificantly delusional OP...
It will take years to rightsize. As new systems and and automation come online the user community will shrink. Rinse and repeat. Until nearly all non value added processes are gone.
bunch of posts of people getting laid off on 25th, just scroll down the forum page to find that date.
@1eus from your negative red arrows doesn’t seem like group agrees with you or the OP.
what team/division was let go? Ive been OOO and have no idea what is going on.
it appears like 50-70% of FRAs have been layed off, me included. i would say thats significant amount. Just because they havent reached your department yet doesnt mean they wont.
It's not going to happen all at once but in phases.
Some people who worked at BNY Mellon under Scharf said it happened in phases and not all at once and it went on for years.
No news in controls , except that a bunch of control people have been moved to the front line
Which groups affected so far with layoffs?
I am sure there have been layoffs, but nothing where i am working so far.
The cuts are occurring everyday. It’s hard to see because so many are working remote and unless you are impacted or are told something, it’s relying on rumors.
One thing for sure is that on the 3rd quarter earnings report and during the call, they will want to report the cost cutting that has been implemented and what the impact will be in 2021. For the CEO to inspire the markets, he will want to report already making a big dent in that $10 Billion goal that he previously stated.
I agree with the OP. The much-awaited lay off of the year did not come . So now what ? Is it the Sep 20 event next when many of us will lose our jobs ? This kind of extreme stress is affecting everyone , especially those of us in tech where SVB confirmed the news of the next round coming. Very stressful times.
Why do you think that not many people were impacted? You know everyone at the bank?
Just because they did not put up an article on TeamWorks – sorry, I mean EmpolyeeWorks, detailing the carnage doesn't mean that it didn't happen. People were affected by this last week. Try some humanity for a change.
I think that this is being done slowly and not a big bang. Some groups are still going through the numbers. I know of an area that will be impacted next week, so whether it was 2 weeks ago last week or the weeks to come, people are going to be impacted on a larger scale so we can get to the savings they've advertised already. I wish all well in these times. Happy for those that make it and thoughts are those that are in the market for a new job.
I am the OP. You guys are completely misreading my intent . Why did you assume that I said I don’t care or even welcome latoffs (as one of you throught)? All I said was the scale of destruction predicted absolutely did not come theough. I am very sorry if anyone lost their job in the round on 8.25. I genuinely am. Short of pleading with you all to re-read my note and my intention to bring some calm in an otherwise very depressing environment , I am not sure what we can all do. Peace , folks!
I do not get why anyone would be so flippant about layoffs. A lot of really good people will be losing their jobs not because they are not good but because the job they are in currently is considered not important enough to keep by someone 5 levels above who has no clue what they do.
Yes there will be some people laid off that should be gone, but there will also be people that just are in the wrong job at the wrong time. They are not taking their time to figure out the go forward strategy - they are given a number and they are just taking your Employee ID and salary and making decisions.
Who knows if the right skill sets will be kept - in fact the truth is they probably do not even know what skills should be kept. These middle layers are the same people who got us in this mess and now playing judge and jury. I am sick to my stomach. And yes I am looking but the truth is that it is hard to walk away Fromm 10+ years of hard work and high performing and also lose the benefits - but this place really s—s sometimes
This post brings to mind an awesome 90s song
“I’ll get over you, I know I will
I’ll pretend my ship’s not sinking
And I’ll tell myself I’m over you
Cause I’m the king of wishful thinking”
With sincere apologies to those who were impacted, this guy is an ignoramus.
You are a j*rk. My entire team was let go and so was our division.
You are so uninformed. Go back in your hole, troll.
You might want to read Scharf's own words. $10 BILLION in cuts. I can't wait until the layoff axe lops off your head, so you'll finally shut up.
Are you one of those who gets excited about layoffs?