My SVP has already taken all of my work away, checked to make sure all the team’s work is saved on the shared drive. Just waiting for the phone call and package now.
25 replies (most recent on top)
Spans and control my boss took a couple of my people to make his seven. Now I am under 7.
@2kiy+16OJWZLM - You only lost your a– in 2008 if you sold and stopped contributing. Those of us that kept plowing away have portfolios 4 to 6x with growth and contributions,
My boss is this one -> "the one who gazes in awe at the boss and thanks him for his every utterance". So I'm pretty sure he won't be let go. It'll be one (or two or three) of us underlings.
@2jau+16OJWZLM While there's plenty of dead weight around the bank gotta remember a whole bunch of people lost their @$$e$ in 2008. They may be trying to get to where they can actually afford to retire since the original plan went to garbage.
gimme a freaking break... I will believe spans and layers when I see it implemented, especially in ICS. we have so much dead wood here it is unbelievable. Lots of career WF, retirement aged people who are s—ing out every last drop of pay they can get.
Sadly these are also the same people who are the reason for a lack of innovation and refined processes because all they do is play politics and blame shift.
@1iqx+16OJWZLM, how many people let go? WHich groups?
@xxu do you know how to read? There were at least 50 posts that gave 8/25 as an exact lay off day and it was in fact one. Where are any other dates given that we’re wrong? You clearly are a Wells employee just spouting off incorrect info. Go open a fake account.
If you were below expectations for mid year or for year end, you will get taken out by early 2021, possibly in the sept and October 2020 rounds. Also, if you are in a group considered not needed anymore or duplicative, your job will be eliminated and your performance ranking won’t matter.
Will spans and layers pull in individual contributors too?
I heard hr is deciding the spans and layers layoffs and if you are in a hub and paid less, then you will be kept, if needed.
Is tech included in this round ?
That is right! Again I predict that the old warhorses will be put in safe teams . Teams of 3s and 4s overnight becoming teams of 7 and so on. The newcomers without any such clout to connect or coalesce will be let go. The old guard will win. We will be talking about lay-off 1.0, all the way up to lay-off 21.0 twenty years from now.
Plain and simple, and yet not. Politics always enter in. If two managers have four directs each, who will be let go? The one who puts his/her head down and does the job with minimal drama - or the one who gazes in awe at the boss and thanks him for his every utterance?
OPN- that is correct - just a black and white way for chuck to reduce costs. Does not take into account performance, what you are an expert on,etc. just pure cuts across the board to meet the $10 billion cut number. Plain and simple.
which groups are these getting cut?
So, spans and layers doesn’t have anything to do with job performance or tenure with the company? It’s purely wrong place/wrong time in terms of 7 direct reports?
It's getting ridiculous how often the local branches in my area are being closed.
Anyone have any thoughts about this small portfolio? My thoughts are that though it is small, it tends to always be profitable and that politically, it might look bad for Wells to drop a bunch of merchants during a recession. So, I feel relatively (very relatively) safe, but who knows.
Thoughts?
Don’t blame BofA for the lay-off, blame the middle management! These individuals are the worst! These “managers” are not creating values but just playing politics. Make perfect sense to let them go. If you unfortunately have to leave involuntarily, better off hate your manager , target that guy instead of company. There are also many good managers in the firm. But when come to hard time ,many managers try to be the good guy and let company be the bad guy. These managers are jerks.
We are headed for another crash and I doubt that this time anybody will be willing to help us out like in 2008. The best thing to do right now is to leave the entire banking sector. Plenty of jobs available in other sectors that are not on shaky legs. I think that is the only viable long-term solution.
How do you know this date is accurate? All the other dates on this board that were guaranteed never occurred. This may just be only a trick to reduce headcount by people's own choice, save a lot of money this way
Sorry to hear my friend ..
Which group are you part of ? Don’t give too much details . Are you in risk or controls side ?
God speed in crafting a future after WF, my friend.
Svp's are a dime a dozen like vp ... That's not saying much
@OP+16OJWZLM - same here and honestly, I'm pretty happy about it. Hopefully by me going, it will save someone else who's not in a position to leave.