Thread regarding Wells Fargo & Co. layoffs

@1akn+16WOJAku said, "I've asked for more details and got some info but will not divulge here as to remain anonymous."

You're privy to inside info that, if revealed, could be used to identify you but we're all ignorant for not having similar info. You're a prime example of the argument the OP made.

Hey @1akn, you really think they've done a good job?

Wow, the threat of layoffs has been overhead for what, three years, along with moving people to new locations and threatening to fire them if they don't move, and telling people hired as telecommuters that they're going into an office, like it or not?

The disruption management has caused to employee's lives is unforgivable.

You must be HR, some hired PR flack, or new to this board.

There is not good way to go about a RIF, but there are bad ones.

Glad that one group is getting info. The only Town halls we get are about D & I. Questions regarding layoffs are deflected like Stumpf dodging questions before the House Finance Committee.

I think they have done #1 just fine.

I've heard it from 3 different execs(COO, CAO and CFO) and my manager and 1 up that layoffs are going to happen. All since July early August. We've talked about it in team meetings.

Spans and layers were mentioned to us at least 2-3 months ago and they were targeting September for that. I assumed that meant layoffs in the management ranks or at the very least reorgs.

I've asked for more details and got some info but will not divulge here as to remain anonymous.

I don't know who you guys work for but they certainly aren't communicating to you. Maybe if you'd start attending town halls you'd hear the info or even get to ask questions and hear the answers.

Corporate boards and management teams that show ethical, compassionate and forward-thinking leadership during layoffs are likely to have a dedicated and motivated workforce for years to come.

Given the CEO’s greater level of power and expertise, they should be expected to consider alternatives and to share in the sacrifice. Unfortunately, the onus is falling on us. The employees will have to pay the price for our previous and current leadership’s self-motivated decisions. You didn’t do the crime, but you get to do the time.

Charlie Scharf and his posse are laughing all the way to the bank. Simple math: your loss=their gain.

There is no pain-free way to handle layoffs, but there are ways to make them less miserable. Rather than focusing only on revenue and balance sheets, the emotionally intelligent leader will focus on people. Thoughtfully approaching staff reductions not only serves those who may be losing their jobs, but it also sends a strong signal to those employees who remain in the organization.

Executives should step up with both the business and the employees in mind. How the CEO acts now will leave an impression on the brand. When the CEO communicates honestly and consistently, employees will be able to trust you and remain loyal and engaged. if there is an element you can’t address, be upfront and tell them that. People understand logic. Charlie Scharf’s score = 👎.

Saul announced technology would see the cuts and layoffs in October. At least the guy is letting us know we don’t have to worry this month, but strap down for October!

Didn’t one of the new Jp Morgan leaders recently talk about being candid and cutting through the BS in an article on teamwork’s About a month ago? How is he doing in that space?

Everything’s being handled secretively and ruthlessly. There’s no good way to go about layoffs, but you really don’t have to be this creepy about it.

Should there come a time when leadership decides to actually communicate with their employees, as they already have with investors and the press, #s 3, 4 and 5 are perfectly reasonable/educated questions to ask upper leadership:

• What is the methodology behind the decisions as to who stays and who goes?

*Is the C-Suite and Board of Directors considering pay cuts, to reduce layoffs, like many other companies have this year?

*what are the plans, other than just job cuts, to increase efficiencies and grow profitability?

I would advocate that employees show they know what decisions are being made at other companies managed by intuitive proven leaders. That we understand the difference between Wells Fargo’s leadership and true authentic leadership that is committed to all the stakeholders: employees, shareholders, customers and the community. Make them be accountable, not just silently hide in the shadows while they prepare to do their dirty work.

“Embrace Candor” = give ourselves permission to be a–holes without the pesky feelings of guilt

Excellent article and post.

Dilver spoon WF execs were clearly the cruddy students who didnt care if their grades were failing, because mommy and daddy (or later "godfathers/mothers") always took care of things and made sure they advanced.

The rules never seem to apply to top "leadership".

Case in point: How many go to prison?
Yet, if you or I stole $100 from branch till, we'd be arrested. Things are definitely backwards in corrupt Corporate America.

On her pointless risk update meetings the past few months, MN has pledged # 1 and # 2. I sincerely doubt she'll follow through on that.

You raise a great point on # 3. They'll screw that up royally too like they have most other things. The lucky ones who get to keep their jobs for now are still going to be fearful of future cuts as this is a multi-year effort.

Bottom line, this OC really s—s and is lacking in almost all areas. Instead of going out to grandpa Loughlin's ranch in Napa like the old SF OC did, they now go to chainsaw's palatial Hamptons estate for off site discussions to play God with people's livelihoods.