Thread regarding Wells Fargo & Co. layoffs

WF probably realized it’s expensive to fire people because of the compensation package they’ll have to provide. It’s be cheaper for them if people just left in their own but will have to deal with whatever is thrown at us - some companies used pay reductions and furlough (taking your vacations) as a means of getting people to leave. I think the delays is really WF leadership trying to maximize their bottom line by doing some fancy calculus that leads to whatever target reduction they’re looking for.

What areas on the chopping board besides compliance ? Tech controls and wholesale controls too ?

@2lyr No need to be redundant. Wells Fargo Deputy Chief Compliance Officer and incompetent are synonyms.

BTW, this date information is compliments of the Deputy Chief Compliance Officer - along with her incompetent management team

9/16 is the spans and layers lay-off date for risk and compliance

So is this date confirmed? And which groups in particular , does anyone know?

so no mass demolition of existing workers? cut them all until no one left?

I think they said managers in October, not technology;

@xyz+16LTLcni "There is a 30 page tutorial included with the form that a manager must complete..."

That right there shows how ridiculous wells is. A 30 page tutorial to return a laptop? I get that access needs to be cut off and it needs to go somewhere, then get wiped, etc.

Control is rampant with ex-auditors from internal audit. They all jumped to control for higher pay and will probably now pay the price.

If you didn't know already, Wells Fargo auditors are one of the worst among peer banks. I know this since I have worked at Capital One and BofA as an auditor. The incompetence is pretty high in WF audit. Good luck you all!

The date makes sense. Stamp time period finishes 9/15 and if you add the 60 days from 9/16 it would be November 15th which is also the end of a time period. I don't know to what extent they take accounting into it but it would make things easier from a timekeeping standpoint IMO.

This is BS. We can return laptops as easily as getting our new skype headsets delivered to our home.

The biggest issue I have seen in Control is that they have specifically hired auditors and then expected them to execute. They are so busy poking holes in the process they are trying to build things go nowhere. Wholesale Control ballooned to 3000+ people with more managers than anything.

The control organizations are largely useless. Control basically does check the box stuff, creates busy work for the business, and does not have the skills necessary to even know what an actual key or primary control is, how to design it, rate it, test it, how to do root cause. etc. They need wholesale changes that upskill them and provide value to the business in actuality identifying and managing risk.

Nate Hermanator flat out said the move the lines would be mid September. It’s on video. Now whether that means cuts or not at that time, it’s not clear. I suspect they will shuffle around , dust settle , cut then once the new org is operational. There are so many control managers with a few or no direct reports due to gross mismanagement of people like overrated Mani Sulur who hired hundreds of people into a broken organizational structure and useless functions

Commercial banking control is going to get hammered. You could create a country with the castoffs

Oh ok, one guy retiring and returning his one laptop is the same thing as 500 boxes showing up where one guy works, all on the same day. Easy!

Laptop thing is complete baloney. I had a California team member retire at the end of April and the laptop return process could not have been easier. He was sent a box and shipping label, packed it up and dropped it off at FedEx.

The 60 day WARN notice is not just for the employee, it's a notice for the community that may provide services to the company that is making massive layoffs. Layoffs are disruptive to the entire community, not just the employee.

6o days does not have to be given if they give you your severance in a lump sum.

Today in my group we had to do an emergency "list your laptop and peripherals" on this SharePoint site today. Going to guess it is so they know how many boxes to send out.

I am a manager and can confirm
this. 9/16 is the date.

1. Cut a hole in the box.

Saul said on his call last week that technology cuts would be in October and would cover spans and layers. Why would he not just say September?

WARN Compliance notices apply to WF because of company size. Involuntary layoffs require 60 days notice under law. There is no way to avoid.

It’s not done in one day because each group and area is working to determine who stays since this involves reorganization of all layers of management. Some people are being redeployed permanent, others for 3-18 months and other cut now

All WARN requires is 60 days notice provided to employees affected. The bank does the notice period as a default. It does not drive lay-off approach or strategy.

I don’t know if the laptop return stuff is true, but I do know there was a massive COVID driven backlog of new laptop orders in the spring. And they are also doing business as usual replacements of old laptops via shipping, I personally got a notice about remote laptop replacement. If a lot of people who got laptops will not keep them, like contact center people, there could massive returns before layoffs. So combining all these things could make for some challenges. So it is not actually preposterous that the bank isn’t staffed to deal with all these things at one time.

Is the slow drip to avoid triggering WARN legal? They probably want to avoid negative headlines/publicity around laying off thousands during a pandemic.

There is a 30 page tutorial included with the form that a manager must complete to start the request to get a box and mailing label issued to the displaced employee, so they can mail back their laptop. Also, there are separate processes to return smart phones, badges, and tokens. SMH.

They do it in small groups to avoid the WARN notices. In order to get any severance due, you return the laptops by mail. They send you a box. It is quite easy process.

@rgc+16LTLcni SVB is a mo–n. There's a reason he left Chase to come here.

Please just stop with the dates, there will be no d-day.... just drip drip and attrition until we are down to 220k employees

Please God let this be true and let me be one of those displaced. FYI, this is the closest I have come to prayer in ~20 years.

Wow.. more information needed

@OP He could not figure out how to ship an empty laptop box to an employee's home address?

That's preposterous.