Anyone here financially preparing for the layoff?

Senior leaders have been talking layoffs for years now, and it's been suspected since we grew our India base, but since this is Wells Fargo and also due to COVID they've been super slow about actually doing anything. Now we're finally about to see it happen.

I have been preparing financially this whole time. Not being just frugal, but downright cheap. I've been paying all my debt and hugely dumping all extra in to my emergency fund. For this reason if I get laid off I'll be alot better up front than I would have been if I haven't been living like this.

Why have I not found a job on my own yet and just left? Because I want the severance. I wouldn't turn down free money like that. This company has been so stressful I'd like a little sabbatical of time off if they let me go anyway, not jump into a new job during COVID if I can help it. I'm planning ahead for this and it's possible I won't even get laid off. I've won a few awards this year. I'm no slouch. I've been doing this all just in case the company sends my whole team packing. Also, if 20% get laid off it still means most of us are staying put and we worried for nothing.

The reason I ask if anyone else is preparing financially is because my coworkers on my team are spending, even in the last few months, like it's business as usual. It flabbergasts me. They've bought new cars they didn't need and did significant home improvements and the like. They talk about huge purchases, or even regular purchases, that aren't really smart right now like this quite a bit, but no saving. Unbelievable. They all keep saying if they get laid off they don't know what they will do with their bills, it will be so awful, blah blah blah, and I am speechless.

This post isn't meant for the tellers and the like that WF severely underpays. I feel you and understand you don't make enough to save extra most of the time. I don't get paid a huge amount, but I get a living wage and so there is no excuse for me not to prepare.

I'd be interested in hearing others stories about this topic and I welcome opposing options on the matter too. I'm just curious overall.

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When COVID hit, stopped putting into 401K, stopped all unnecessary costs. No eating out, no Prime, no Apple Music, no Netflix. Canceled travel. Eliminated any remaining credit card debt. Basic necessities only in this household.

It’s been a season for saving since Chainsaw Charlie showed up. His reputation for hacking and slashing is finally being realized at WF.

To prior poster, 11 mos. salary continuation is not typical. That means you've been with WF 22 years.

Ugh...I couldn't have stomached that tenure despite the jackpot severance.

"Being nice to my rich husband."

Catfish humor.

I have a few Wells Fargo credit cards with close to 100k capacity for when it goes down. House, truck, and waverunner paid in full. I wouldn’t feel guilty at all if I decided to charge off

Being nice to my rich husband.

Like, really nice. I won’t include details, since they’d run afoul of this site’s rules.

Buy Gold! You will be thankful later. Inflation will destroy long term cash savings

This is the best post and comments section on the whole site.

It doesn't give me any information about layoffs, but everyone replied in a thoughtful, useful manner.

I give this thread Five Stars, would give more.

I'm spending my former gas money on therapy and Lexapro

Cautiously optimistic.
Refinanced from a 15 to a 30 (definitely not with WF) back in the spring just to improve cash flow. No other debt. Cars are paid in full. Money set aside for kid's senior year in college. 6 months of an emergency fund in place.
I'm looking for work outside of WF, though. In a perfect scenario, I'd get a better job or at least similar pay a week or two after getting severance. Then get the lump sum payout. A little time away from corporate American and a nice fat "thank you" check from the Stagecoach.
I'm not waiting around though.

Don't be distracted by others and what they are spending their money on. Focus on what's right for you and your family. You're on the right track. Don't count their money, or their debt. It's not yours to worry about.

Learned this lesson when things got crazy in 2008 and stayed prepared. Two paid for cars, zero credit card debt, mortgage that can be supported on 30% of current income. Three years living expenses in cash.

A lot of times it seems the people who are prepared, and think it could happen to them are the ones who aren’t laid off. But you’ll never be sorry you were prepared. Management has been signaling for quite some time that layoffs are coming, anyone who didn’t use all of 2020 to prepare has no one but themselves to blame.

Better hope severance policy doesn’t change. I can see that happening. Maybe not this year but effective 2021.

Been saving for years. Little debt, healthy savings. Vehicles paid for. If I get cut, I will work at Cabelas for 6 months, drink a lot of beer, and move on. May rent an RV and go see some country, act like Cousin Eddie and drink more beer. Sh–ters Full! I am burned out on this Circus.

Sounds like you work with people who think it can’t happen to them.

Denial is not just a river in Egypt.

I'm also staying for the severance package. I have my resume prepared and have been talking to recruiters. Day 1 after notice, I think my preparation will pay off.
As for preparing, I don't really spend a ton of money. With that said, I don't go without things I need. I'll get about 11 months salary continuation, that's more than enough to float me for a couple months.

Been saving what I would be spending on vacations, dinners out, and commuter costs - nice not to pay 250 a month for parking! Not being frugal but we have saved a nice emergency fund over the last 5 months in the event I get cut.

Thread regarding Wells Fargo & Co. layoffs

Anyone here financially preparing for the layoff?

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