Thread regarding Wells Fargo & Co. layoffs

"I have not been here that long, almost 2 years. I try to stay in an organization 4-5 years then jump for 30 - 50k + more. Sounds like your head is in the weeds. There is always a better company or better position, serve at least a minimum tenure then it is ok to move, unless you find similar opportunities within, just don't stay in same exact role, that is someone who is complacent.

Most large companies require people to move to a new role every 2 years and some even require a promotion within 2 years (every 2 years) or you will be let go for being untrainable and complacent."

LMAO - There are only so many $30k-50k jumps before you price yourself out of the market. Real easy to do in 20's and 30's but once you are at market you aren't getting those bumps.

Yes, even with temporary covid disruption, most other companies are quite healthy right now, including in banking. WFC is the outlier. It was left behind, largely unknowingly, in the 2010-2015 time period. All other banks, regional and national, were improving overall efficiency and investing in technology in that time period. WFC was for whatever reason doing the opposite...all money going to increasing headcount. Then came the scandals. Now it is a massively overstaffed, scandalous and technologically outdated rudderless ship in a sea where all the competition mostly has things together now. Anyone let go from this company for whatever reason won’t have to explain a thing to a prospective employer. The entire financial world dismissed WFC a while ago and has been waiting for it to implode.

IMO it is going to s_ck at this company for AT LEAST the next two years, maybe more to even have a hope of undoing all of the c-ap from the past.

Prior management caused all of these problems, and most of them are gone now... and that is a good thing, but their legacy is still here. Not only did the initial, deep problems get caused by the old Stumph crew ... then the Sloan crew and his merry band dug us into an even deeper hole with the regulators the last four years instead of digging us out, while blowing up our expense base. Now all of that has to be addressed - both the cost overage and the past due regulator work... it is going to be very painful.

The regulators still have more punishment tools up their proverbial sleeves if they don't see progress fast under charlie. The asset cap isn't the worst that can happen - there are still more severe regulatory actions that can be taken and we are teetering right on the edge...

Everyone's situation is different, and you have to make the right choice for your own circumstances. Personally, I am looking. Not jumping out of desperation, but giving it time to find the right thing, and not waiting until I get the displacement notice to start looking.

@ozf+16NibwZE. I think i know here too!

She is a massive bully and ignorant. Has no technical ability and is toxic. Send her to a competitor to bring their company down too!

She needs to be first to go! Work here way too long in same position in same group.

Stay because you like your job and your boss and your pay. There is toxicity everywhere and probably a terrible boss that goes along with it. Job market is picking up but don't feel like you have to leave because others are leaving. Those who leave may regret leaving. Now if you happen to find a great job you really want outside the company, then go after it.

: @ozf+16NibwZE if it's that bad, save someone's job that wants to be there, and leave.

I have not been here that long, almost 2 years. I try to stay in an organization 4-5 years then jump for 30 - 50k + more. Sounds like your head is in the weeds. There is always a better company or better position, serve at least a minimum tenure then it is ok to move, unless you find similar opportunities within, just don't stay in same exact role, that is someone who is complacent.

Most large companies require people to move to a new role every 2 years and some even require a promotion within 2 years (every 2 years) or you will be let go for being untrainable and complacent.

@gtj+16NibwZE you're a broken record old man. Do everyone a favor and just leave.

I just can't stand the people I work with to even want to stay at WF. They have all been at WF forever. The one woman is a bully and thinks she needs to manage everyone. She is unbelievable. She steals peoples designs and uses them as her own. Someone said that confident doesn't mean competent. That describes her to a tee. Another one that is able to fake it really well.

And if I get another e-mail from her saying in her closing to have a great day or weekend, I am going to scream. She is so fake!!

Great post. Agree 100%.. Trying to stay and tough it out at WF and "hoping for the best" are not realistic strategies.

The big news here is that WF is finally made a decision – this will shake up the status-quo. There will be chaos and ambiguity. For those who are great office politicians there may be some limited opportunity but overall WF will likely remain toxic and disfunctional. What is often worse than getting laid off? Being one of the employees who surive the layoff and are left to navigate increased workload and decreased morale as the next cuts loom.

Great rational post, OP. I’m with you. I am really wrestling with what to do. Truly. I’ve put in 20 years and have earned a high paying job. I really like my direct manager, her manager and even his manager. My LOB is run well and is considerate of us, but I also find I’m absorbing toxicity at work daily. People are angry, exhausted, worried and the cracks are beginning to show. Do I play the game and use this time to try to pivot to a different role and move up? I probably could, given the network I have built. But this company will be difficult to work for for many years. Do I really want to deal with all that comes with that for the money?

I’m increasingly thinking I don’t want to deal with it. Our world is stressful enough, why voluntarily add to the stress by dealing with WF? My worry is that I won’t find something that pays what I get now.

If I were in the branches or younger, I would leave right away. There’s no future for those folks, no more career path. Best to move to a company with growth.

As it is, I’ll see if they package me in the next year. If they don’t, I’ll pull the plug. I don’t know how much more I’m willing to endure. Maybe that’s their strategy: work us over the coals so we leave on our own. I’m trying to hang in there and do my best for the people I care about and work with, but I don’t see myself staying for too much longer.

I really don't know who would want to stay at WF. I guess the branch tellers that are making > $200K/year faking that they are software managers of a software development group - and would never find another job like that anyplace else.

I am embarrassed to tell people I work for WF. There are many jobs out there - even during this time. It's always good to be proud of the place you work at.

Piggy-backing on to OP: I have a friend, who is a Managing Director at Stifel, who said they would love to have a shot at some of the talent from Wells Fargo.

Also the Credit Union idea is good, especially for those working in our bank branches. A lot of people are anti- big bank right now and are taking their business to smaller local banks and credit unions. My niece left Wells for a credit union a few years back and said it is more her vibe: more friendly, none of the sales pressure, customer-centric.

Finally, if you want to stay at Wells, I do know people who are taking advantage of the reorganizing that is occurring. Depends on your city, but some are successfully interviewing for and taking on new jobs with higher pay, climbing the proverbial ladder. I’m observing that they are using their knowledge base to move in to completely different unexpected roles. Their attitude is they may or may not be looking to stay long -term, but they will use this time to build their resume.

I enjoy being on this board. There are some trolls, but for the most part people here are genuine and have good intentions. Some actually make me laugh out loud. Some are frustrated and I don’t mind that either. Everybody take care.