I came across this site when I typed “ Wells Fargo layoffs”. I’ve read some of the topics and replies and have found that most of the information is pretty vague. For example: “OCC 50+ branches closure announcement” Yeah ok, that’s info anyone can find on their own since it’s public info, no new inside info there. As for layoffs in compliance, and other divisions, nothing we haven’t already read about in news articles or corporate info we’ve received already. If you really have info on REAL dates for announcements, POST and give people the heads up that they are looking for in this forum. Otherwise just hear say doesn’t cut it when it comes to people’s livelihoods. I’m sick of the everyday feeling of “OMG, is today the day that I’m going to be let go”,? “How and I going to pay my bills?” “Whose going to be hiring under this pandemic?”, and “How many others am I up against for this position?” This is real REALITY! This is scary and I don’t see how anyone on here giving REAL INFORMATION, such as, what department is next or what the real numbers are? All I know is that I’m not alone, when it come to being concerned with WF layoffs. I just ask for more transparency. Is that too much to ask for! That way I’m not wasting time working somewhere that has me on a ticking clock CD. If they plan on keeping me, I will giving them my best. But, if they plan on laying me off, I want to know sooner than later. That would only help me start my new job search sooner. Did you know that finding a gig during the last quarter is the worst time to land a job? Once you get to November it’s shutdown until after New Year’s. All because of the holidays, HR and manager are gone on vacation. This is the worst timing! Give me my notice or tell me I’m here for the long run so I can get OFF of this never ending roller coaster ride.
23 replies (most recent on top)
Be real. No one is posting info that is so specific that the leak could be easily traced. The sites posts anonymously but the info is not not always anonymous.
I seriously doubt anybody with "inside" knowledge of who is going and when is going to simply post that info here. So hoping for some super leak of dates and numbers and departments is naive.
The best you could hope for is people reporting their department was impacted.
@dbk+16LUE3s4 is it? They're usually the ones in exec positions. They seems to be doing ok.
To the OP, no one here is going to post the kind of information you're looking for as it is confidential and really, no one knows .
You should be able to make your own decisions and not base it on here say.
If you feel like looking, by all means do. It can't hurt. I am looking but it's dry out there right now but still I look.
If you want to stay around, you have that right, also for the time being.
Bottom line is no one knows and I don't think Charlie or the higher ups know as yet.
Have to take it one day at a time and breathe.
Must be nice expecting other people to make decisions for you all the time. Do you work in control?
Life is hard. It's even harder when you are stupid.
Not just a rant but a rant that's heavily focused on yourself. "I" was used 16 times in that short rant. This is an anonymous layoff site, not a public therapy forum.
You go to an anonymous, virtually unmonitored message board expecting real answers? You are directing your ire at the wrong people. Try your WF manager, although you may want to take a few deep breaths first. This isn't Teamworks. The WHOLE POINT of the board is that nobody has real answers and they're trying to piece together SOMETHING from the nuggets of info that get scattered around. I take it all with a grain of salt, and you might want to do the same.
Thanks for your positive post and outlook Devil Dog. Appreciate it, and thank you for your service. My father was a career Marine. Valuable lessons in the motto and heritage of USMC, that I continue to apply in my life when times get tough.
When there seems to be no way, make a way. Improvise. Adapt. Overcome.
October 1, 2009 I was laid off from Wachovia in the height of the first economic crisis and financial collapse. 2 weeks prior I was assured on an All Team Call that our business unit was completely safe since we were client facing and revenue generating with strong numbers month over month, year over year.
A month prior as the financial collapse of major banks and investment firms were happening, I had a one on one with my SVP and Managing Director and let him know that if push comes to shove, spare a certain coworker who is 60 and choose me if there are layoffs. It would be easier for me to find another position and transition into a new role and new city at 30 years old, compared to a recent widow who had 1.5-2 years until SS Retirement eligibility.
When the day came, I was asked to come into a conference room by my Managing Director. With tears in his eyes, a blue folder was presented to me and I was thanked for sparing my coworker and thanked for my hard and dedicated work. Personal letters of recommendation from my SVP and his peers were written, and I was able to use each of them as a personal and professional reference. Not sure if that is considered acceptable today by HR, but it meant the world to me. I’m sure my story and background was shared with anyone who called my SVP and his peers to follow up on those professional references.
I was able to find another position within the company and transitioned to NYC to what was now Corporate and Investment Banking/Wells Fargo Securities. If it wasn’t for that moment, 11 years ago, I wouldn’t be in the position or role that I am today. Through sacrifice and dedication thru the worst of times, I came out on the other side even better than before the first economic crisis. I remember having to uproot myself, blow thru my savings to stay afloat for 2 years between two cities and take a loss on my home. But it was worth it. I was able to achieve FIRE, (Financially Independent Retired Early) as of last year, at 40.
The sacrifices you make today, will benefit you in the future. Put others first. You will be rewarded in the end, in ways you can never imagine or think possible.
This site is 100% FAKE NEWS, worse than other news stations
I know that these cuts will continue into 2021 because the CEO and CFO have stated in analysts calls their timeline for reducing expenses and their target expense reduction amount. They made have no secret of it. What’s more, those figures are repeated in internal communications that you are obviously not reading.
This is information you can glean from reading the earnings call transcripts, which have also been discussed on this board many time with links to the articles. It takes very little effort to extrapolate the lay-off numbers from the need to cut $10B along with the fact that it is presently Sept and there are laws about layoffs.
It seems like you want to be dramatic instead of preparing yourself or at least listening to the summaries of facts others have provided. You are going to need a lot of good karma to survive this, because skill alone doesn’t seem likely to save your job.
I want no facts, NOTHING but opinions here please! LOL
The header of your post is the conundrum in a nut shell, “ Nobody here has REAL answers”. When I was severed, my boss, a Sr. V.P. and managing director of my group had no idea. He was notified by his boss about 30 minutes before they called me in to say adios. I have a feeling his boss was not in the loop until the day before. You see I was 61 years old, 34 year veteran, always got “4’s” on my performance reviews, participated in all Team Member events, gave to charity, never caused an issue with anyone etc. But the hammer fell on me last year right after Thanksgiving. I had 30 days before I was consider a non active Team Member. I was given the max severance package. During those 30 days I continued to work as I had done i the past and preserving my PTO. Because of my legacy history I qualified for and chose the WF healthcare which I kept for my Wife and I because I did not trust the what the Govt. healthcare insurance offered. (I wanted to keep my Doctors etc) And I knew Cobra had a time limit. The WF United Healtcare was pricey but I chose it also because my Wife was 7 years younger than I and I wanted consistency for her going forward. For me, I go on Meficare in another couple of years. When you get severed, the paychecks are a little larger because you no longer are able to contribute to your 401K, hence no WF match. I was severed due to age, 61 years old plus my last year’s salary of $90,000 + 11% annual bonus put me on the radar. The WF algorithm showed that I was being paid too much for the job I had, coupled with age. I know of a couple other 61 year old folks who have experienced this recently as well. The time if the year is irrelevant. When I got let go during the Christmas Holidays, I was told that my entire business group was gobsmacked by the action and many said it was never quite the same. You must keep in mind that the algorithm decides your ultimate fate at WF. If and when you get severed, it will simply be based on a mathematical formula its not personal, just business. Try not to worry about those things that you have no control over. As in the Marines, we are trained to improvise, adapt and overcome any obstacle in whatever situation they are needed. Semper Fi
Expectations?! Try DEMANDS! I think most of us here demand REAL answers. None of this IMO BS. You said, and I quote, “These cuts will continue for most of 2021 and possibly into 2022.” Is this a fact? Or just you playing the guessing game? Unless you’re close to the source and you know for a FACT that that’s the REAL timeframe, thank you for sharing, you’re so kind.
BTW kuddos to whoever posted AI reference At least some of us know what the end game is about! ;))
Been on this board for the past year. Stumbled across it as well. Some interesting stories. Some rants. Some useful information. Some trolls. Some news. Some funny things. Some sad things. Some tidbits that turn out to be true.
Take a deep breath. It’s going to be alright. If you need to rant and sound off, go ahead. I feel the angst of uncertainty in your post.
If you have information share it. If you need information, some people are good enough to give you a proper response. I’ve seen Medical Leave answers, COBRA info, healthcare exchange info. All kinds of stuff. Some useful, some not so helpful.
We’re all in this together. Together we’ll go far. Kidding!!!!!
@wgz - thats good stuff! Can you reply with a Jim Mora “playoffs??” Or Denny Green “they are we thought they are?”
I've been reading this board for a year. A few posts are very informative, but most aren't. We're all here for the rare gems. Even if we hear on this board after the fact that a group was let go, that is still information I'm not getting anywhere else if I didn't work I'm that LOB.
We're sitting in here, and I'm supposed to be the corporate worker, and we in here talking about layoffs. I mean, listen, we're talking about layoffs, not a job, not a job, not a job, we talking about layoffs.. Not a job. Not, not... Not the job that I go out there and die for and work every day like it's my last. Not the job, but we're talking about , man. I mean, how silly is that?.. And we talking about layoffs. I know I supposed to be there. I know I'm supposed to lead by example... I know that... And I'm not... I'm not shoving it aside, you know, like it don't mean anything. I know it's important, I do. I honestly do... But we're talking about layoffs man. What are we talking about? Layoffs? We're talking about layoffs, man.
Your expectations for an anonymous internet board are a little high.
You are in for a very tough ride if you are unable to handle long term uncertainty. These cuts will continue for most of 2021 and possibly into 2022.
Wow, welcome to the board lol. Quite a debut!
You’re welcome “Owl” and yes, a rant. Not A rare emotion people express when they have a concern about something that replayed to their LIFE. But better yet, “Owl”, what brings you to the this Lay-off Forum, since you sound like you have no need to have YOUR questions answered or concern of being laid off?
Plenty of knowledge from some. Have to as the right questions. Some never even ask the right questions. Example what HR leaders are on the short leash. Yes there are some. Why? Other new leaders want their friends at JP in power.
Thank you for that rant eeyore. I am sorry you feel that way. Don’t worry your questions will soon be answered.