After that, layoffs become part of regularly scheduled broadcasting.
14 replies (most recent on top)
@gdf+16ZkSMIU I am in a "staff"-type function (no customer facing employees), and I am not privvy to overall company displacement plans/#s across the firm. I just know about those dates because of work in my own function. Different dates will impact different groups, depending when they queued up their changes for approval. The practice of having fixed dates each month firm-wide has been in place since at least the first half of 2019. There are just more of them now and more people being impacted due to the current unfortunate financial circumstances.
if WFC intends to cut 10bill at 150,000 salary + benefits per employee it comes down to about 65,000 cut assuming there are about 230-240k employees now that comes down to about 1 in 4. So going with that logic one of the 4 people you know will not be with you by middle 2021
@ect+16ZkSMIU, what group are you in? Which groups are being cut primarliy?
Looks like this may run over 4 years:
https://www.charlotteobserver.com/news/business/banking/article245718985.html
There are standard dates through the company for the rest of the year. 9/22 is a "for sure". This used to be a monthly event ("the day") and because of the volume that is being processed they are moving to two dates in october and two in november. There will also be a date in the beginning of december, and then they resume again in 2021. I heard the dates rattled off in a meeting but I didn't write them down since I was only focused on a specific date that impacted my team.
First it was an August date. Then it was 9/16 and nothing happened.
Now Armageddon is supposedly 9/22.
Sure.
10/27 is my date already told 30 day working 30 day not, lots of folks will be impacted with spans and layers. Hope it works out for everyone!
I hate these lazy, cryptic, one-line posts. Stop wasting everybody’s time.
@zyg I agree, based on past large layoffs the 22nd would not be surprising. However, I don't think open enrollment would be a factor. When I was let go a few years ago, I chose to keep my WF benefits via COBRA for more than a year. No change in what I was eligible for, or my elections – just in what I had to pay. Open enrollment occurred part-way through my COBRA, and it worked just like it did when I was fully employed. Got my stuff in the mail, could keep or change elections etc.
So you may be right, but not seeing what WF has to gain by organizing layoffs based on open enrollment. But.... who the heck knows.
The date may have merit. I have NO knowledge but think I am on the list. Am in tech and have less than 7 directs. Assuming the 30 day thing- not sure if you get to keep working or not. Benefits enrollment starts 10/26 so.... if they are going to take action, it will be soon. Seems pointless to have people sign up for benefits then unwind it due to a layoff. I do know of someone in tech who was notified end of Aug, their last day is next week. So next week for notifications makes sense. I can also support other threads that all hands calls are suddenly being scheduled the week of 9/28. Within Gushue’s org.
He use to the Third Tuesday of the month in September and October and then pick up again in 2021. Who ever said this is fake news has no insight at all. If you work in IT, Saul has been very candor that layoffs for IT is in October and that cost cutting and layoffs will continue until we are right sized.
Similar information is even out in the news by Johns Shrewsbury.
Another fake news posting. EVERYTHING is pure fabrication and/or rumour.
No idea but It does look like WF is looking at balancing the books. How they balance, unsure but certainly does cause unrest. If layoffs happen, they’re required by law to submit layoff counts to the state do that is what I’m looking for. Also, another thing I learned was IT teams also know if a lay-off is coming. This bus usually for laptop terrible and timing to cut off access to impacted employees. So if we know an IT person then they can act as a our canary in the coal mine
Does anyone know something real here or just all speculation? If you can say 9/22 with such certainty then give details.