Did they get moved? Are they happening next week? Did they happen already?
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Good God, they started in September. It's going to continue for another 2-4 years. Not sure why it will take that long or cost so many FTE jobs. 30% of the target was hit by eliminating reliance on external agreements already. They could get creative, like byod (in process I know, just an example), forcing telecommuting or at least optional, reducing their real estate footprint. Hate to say this, but stop giving so much to charities and put it back into saving jobs or into a fund for displaced workers. Some of us still love this company because of our teammates. Some teams are very tight. We are a family and look out for each other. Personally and professionally.
I had a director at another company who told me not to worry about getting layed off, because me and my team were doing all the work.
He said if the ax fell it would be on him, because at his level he's not actually needed day to day.
So the rumors about managers getting cut makes sense.
I have no inside information and am only speculating on what I've read here.
I heard October is a big month but there are still people who will be noticed in Mid November and December- no break for the holidays.
The cuts aren't like a axe, they are more like being poked to death. They can only process a certain amount of displacements a month. This will go on through October and then a break through the holidays. It will really pick up after the first of the year. If you hate the HR person that gives you the displacement package, it's ok. They are being outsourced and will be displaced too.
Spans and layers layoffs have been happening. I know of them in several parts of the company. A manager isn’t going to tell their subordinate, “you are being laid off as part of the spans and layers project” so keeping a count of the number of layoffs due to spans and layers is hard unless you know from being involved in the planning.
There is not a brand unified spans and layers lay-off plan with a single notice date when hundreds or thousands or people will be dropped. Each line of business/enterprise function has to figure out how to reach the required numbers and engage with HR to decide who gets cut. That process moves at different speeds depending on the size and complexity of each unit’s layoff and the talent and availability of the people working on it.
I also heard from my manager that technology layoffs were happening in October. It is also unclear what will happen to teams that have 5 or 6 staff members since the go forward target for each manager to have at least 7 people was announced. Possibly merging teams and laying off the other managers.
66 Good God pay attention.
Technology team layoffs in October?
think it depends; anyone being cut based on "spans and layers" I think is fair game regardless of timing. That's the biggest one they've been transparent about. It's been a project in the works for quite some time. Now the other layoffs due to needing to reduce overall headcount, they will likely be more strategic on those. I would imagine they'd do something like 1-2% a quarter over the next few years. Agree with optics that likely there will not be any mass layoffs after October, but buckle up come Jan. They'll likely come in swinging to have a stronger efficiency ratio for 1st quarter and say "see!".
@1vps this is true. between moving the evaluations and submitting the report to the fed by 9/30, maybe they figured they would need to finish those items first to determine who to cut. I would think they’d want to avoid December layoffs. it looks bad.
Is anyone on here surprised that leadership keeps missing these dates that are posted? I believe that when someone sticks a date on here, they heard it from (what they believes is) a reliable source. But to layoff anyone, takes a Wells Fargo manager to MAKE A DECISION. And when I use the term manager in this context, I do not mean job title. These people needing to make these decisions are 2-4 down from Chuckles.
They have proven incapable time and time again how inept they are. Hell, they can't make submissions to regulators on time. Why should this be any different? They will eventually get around to it.
October 13th
Just stick around dont leave! they are trying to scare people to go so they dont have to pay money to anyone!
Yeah we all thought that because someone keeps posting bs dates that a virtual Armageddon is happening... Yet it never happens.
Think they want to get through year end evaluations