If today is the day...post anything you are hearing - what areas etc - in regards to layoffs to happen today.
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2 mid-level managers in home mortgage technology laid off today.
Any news about ECMO QA?
kcb+1746j3h7, so how many employees is that?
Does anyone have any info on when /if layoffs will start in the community bank branches?
Over 50% of the former CA Business Banking Group (aka "core" within Commercial Banking) personnel terminated today. A few redeployments, most were displacements with packages.
Post from TheLayoff.com
Enterprise Complaints Management office under COO customer excellence
What is ECMO?
Today in Merchant Services, two Marketing Managers were let go. Re-orgs to other parts of the broader team.
Cuts today inTreasury and coming in Student Loans
Per team email from leader of ECMO span and layers took effect - two senior leaders were laid off today, which was specifically said in the email. looks like one leader and the whole team were let go and teams under the other will be aligned to other leaders. Today is the day.
Bloodbath is in October. Best of luck to everyone! This is like AA for the Wall Street Good Ol' Boys' club collateral...or employees not team members anymore.
https://twitter.com/TheLayoff/status/1308511746999558144?s=20
We hit the #1 today
Core service team got hit pretty hard today in my division. IMHO, I think they’re leaving Middle Market service teams in place until consent order work is done or, at least, close to being done.
That's around the same date mentioned on the Schwab posting. Is this for real?
What areas of the bank are going to be concentrated on the dates?
There are two layoff dates in October: 10/13 & 10/27. The bloodbath in Oct will be significant. The other layoff dates for the rest of the year are 11/17 & 12/3. The reason October is big is because Charlie Scharf has to make an impression on the earnings call as having accomplished something – it's his one-year anniversary. And let's face it: so far all he's accomplished is hiring a bunch of white guys from NY while gutting what little diversity the company already had.
@dav+1746j3h7 my area of tech is hearing nothing, but I don't expect anything until next month.
Legacy BBG is getting hit hard today. I know of several RMs and RAs that are being notified. They are getting the 30 days working, 30 days not working, then standard severance.
Any news about legal?
CoRE = Commercial Real Estate
Big cuts in IT coming in October. I have heard 10/27 as the date.
Anyone here if IT will be axed today?
Wells Fargo Innovation R&D gives notice that all contractors will be terminated ASAP. Additional FT cuts to follow.
That's called the 60 day notice period. Severance begins after that.
i am hearing from those who have been laid off.. that everyone is getting 60day Paid package.. fyi
Looks like Credit Risk is in the clear, at least for the time being per the Consumer Credit All-Team call this morning
CA commercial banker, former BBG banker, here. Fifteen minute phone calls scheduled throughout today. Some group calls in different geographic areas.
Mandy Norton’s call was rescheduled. Today’s call is Mary Katherine’s and specifically for Credit Risk.
I thought the risk call was rescheduled to October 16 is this a new call?
Credit Risk all team call with Corp communications and HR leader. Email states to share thoughts on what the implementation of model means for credit risk specifically.
Core is the rebranded business banking group. They are responsible for commercial banking relationships in the $5MM - $50MM company revenue range. This is changing as Wells is shifting to a more centralized model. There are other threads on here that beat this horse to death.
The do have clients with large real estate portfolios so maybe that's where the confusion with CRE came from. To be honest, there's a lot of gray areas when it comes to Core/MMB customers and customers of partner groups
In Risk but no meeting with MN scheduled for today.. seems some of you do have
What are core's responsibilities. I thought they were something to do with commercial real estate. By the title below sounds like I'm wrong. Do you know how many total in core? Is that only group?
Same here, no meeting @ 1:30 pm. Just an email explaining new structure.
It’s the core group for sure, I just had my call along with my ra and we both got notices. Not a surprise however, we saw this coming for months and wish the remaining crew the best of luck
CORE (Common Opportunities, Results and Experience)
@osb+1746j3h7 is this just Compliance? I am in Control and have no meeting at that time.
The slaughter has begun after being d–g by the Stagecoach the rope has finally been cut. Just received 60 day Notice a few minutes ago. Will be receiving the layoff package in the next 5 days.
All Risk meeting today 1:30pm CST to go over Mandy’s email about new appointed leadership. MK is hosting however HR is also on the invite which is odd.
In Risk, no one on one, just a Team meeting soon. I am hoping we are given some information. We have been in the dark about this topic. Management seems to avoid or redirect when anything about layoff is brought up.