https://www.pionline.com/money-management/wells-fargo-targeting-25-workforce-mass-layoffs
15 replies (most recent on top)
Has anyone heard anything recently about layoffs on the retail bank side in the branches? Just wondering if/when the layoffs are heading our way.
Does anyone know which departments are getting hit? I’m on the banking center side of the house, in the global service advisor team.
There was a post here a while back that went through the math that supports these higher numbers. That was back when WF was saying they were only going to lay off 25k people. IIRC, that person said there would likely be more than 25k people let go.
No matter how hard the "Leadership" tries to keep things secret, the word will get out.
not new, but sounds right.. look at the headcount of JPM, BOA, Citi- we're roughly 50-60k higher than any of them and as Charlie so likes to say "we're not any different". Now that doesn't mean they can or will do that large of layoffs at once, but would expect things to be in waves over the next 18 months.
Anyone want to make a bet after Chainsaw Charlie is finished at WF,he's gone and off to the next bank in trouble.
When Wells took over Wachovia, they went into Wachovia branches and built out 4 cubicles in the lobbies to fill with personal bankers.
Under Wachovia, a branch would have 2 bankers, 1 manager and then tellers for total staff of maybe 7-9 people.
There are Wells Fargo branches with 6 plus bankers, branch manager, Service manager and then the tellers.
Cutting to the Wachovia staffing model would reduce retail by 25,000 people before you start cleaning up layers of management.
Close 1400 branches and you can easily cut another 10,000.
Having worked in both banks, Wells was always overstaffed which was compounded by way too many layers of management.
We are bad enough with 275K employees, I can't imagine how bad we will get running lean.
When you consider closing at least 1400 branches with all the direct and support staff combined with reorganizing branch staffing to a new leaner staffing model, that alone can result in up to 40,000 people be cut through 2022.
@opc+16LpzSZ1 It wouldn't have that effect. If people know layoffs are coming why would they proactively leave when a paid full-time job search is potentially coming?
If anything this tells people to stick around and get paid to leave. Why do you think the source was anonymous? They want people to know just how bad it's going to be. Nobody outside of Charlie hires are safe.
I wonder if some of this isn't psy-ops to get people to quit on their own. 50,000 to 66,000 is a lot of people. If employees think that there is no way they would survive such a significant purge, they may leave on their own, saving WF $$ paid out in severance. You think about the policies enacted over the last couple of years, and it makes sense. Demoralize the employee so they quit. Such as the location strategy, the upcoming BYOD changes, no profit sharing, and probably a reduced or eliminated yearly bonus.
Driving up the fear factor. That’s how Chainsaw Charlie operates, he is going to use the “everyman for himself” routine to turn each colleague into a shark, willing to throw their friend under the bus to save their own job, not to trust anyone at the workplace in the hopes that the increased anxiety he creates will cause you to mess up just once so you get a bad performance review which they will use to put you on the list for termination. It’s like he learned this type of technique from the Nazis. He was famous for this at BNYM. Good Luck to you, you will need it.
Thanks for sharing the link. No surprises there, but it includes some interesting analysis.
I think this is the first article that mentions a specific number of lay-offs vs tens of thousand or 20% reduction in expenses. This is a lot of people, yikes!
Sources saying there will be layoffs, say it ain't so. Old news.
All recycled news