Thread regarding Wells Fargo & Co. layoffs

you have connections in Wells you can get paid a lot without working a bit. And you get paid a hefty bonus for those who can guide the new leaders to make more money and increase their profile with absolutely bad leadership. Folks stay as they have no where else to go and it’s all they know to do. It’s unfortunate if you cannot play politics or cheat. You will be made to work hard and paid less.

If you have connections in Wells you can get paid a lot without working a bit. And you get paid a hefty bonus for those who can guide the new leaders to make more money and increase their profile with absolutely bad leadership. Folks stay as they have no where else to go and it’s all they know to do. It’s unfortunate if you cannot play politics or cheat. You will be made to work hard and paid less.

But, what is your advice?

I work there still... I can’t leave now right? Middle of a pandemic. Who do I run too?

I have now been gone from WF for six months. You absolutely don’t realize the stress Wells puts on you until you leave. And better yet, you find other banks are normal and functional. I look back and the decision to leave is one of my best. I really miss all my friends and Wells use to be a great place. But the sooner you leave this dysfunctional company the better it is for your health.

Congratulations to all those who left!
I worked for wells for 14yrs. I saw co-workers who got paid more while not knowing more than I did, those who barely worked and got paid more, those who had connections and got paid more, those who fit the description but not necessarily a fit but got paid more, those who manage to cling on to management roles that are nowhere to found but got paid more, those who managed to kiss a– and got paid a lot more. Yeah I don't miss that.

Wells Fargo is a terrible place to work. You don’t realize the full extent of how toxic that place is until after you leave and work elsewhere. I used to work in Houston and would actually categorize the corporate culture at WF as being worse than Enron. Totally degenerate and morally bankrupt.

Well you either need to retire or start your own business because companies treat their employees this way. I have worked in different companies to know.
Maybe entrepreneurship is your next goal or retirement?

Wells Fargo Advisors last year merged its bank branch-based brokers and its larger network of more than 10,000 private client group brokers into a single management unit.

It has been offering premium recruiting packages to replace the scores of brokers who have left in the wake of the bank’s fake-account scandals. It hired 370 brokers in 2019, but net headcount across its brokerage channels still fell by a net 456.

Wow a total loss of 826 in 2019.......

7/2020:
Our strategy is to focus on a highly productive team of advisers, and to manage out under performers,” Wells Fargo spokesperson Desari Mueller wrote in an email. “We anticipate that the number of advisers will continue to decline as we continue this strategy over the next couple years. The overall headcount number is not a strong predictor of revenue growth.”

Meanwhile, Wells Fargo & Co., the bank parent of Wells Fargo Advisors, reported a net loss of $2.4 billion for the second quarter, and the bank’s view of the length and severity of the current economic downturn in the wake of COVID-19 has deteriorated considerably from previous assumptions, the company said in a statement.

Wells Fargo & Co.’s wealth and investment management group on Tuesday morning reported a year-over-year 4% decline in client assets to $1.8 trillion; meanwhile, Wells Fargo Advisors also saw a 4% decline in the number of financial advisers, totaling 13,298 at the end of June compared to 13,799 a year earlier.

Well said and so true