Thread regarding Wells Fargo & Co. layoffs

We had 4-5 managers get noticed (60 days, non-working). They were 3s and 4s (job titles).

I hope Wells Fargo goes broke

Layoffs most certainly year end review related.

How about SORM?

@xjs is correct. very small amount of legal impacted by Spans & Layers. I know of one in MN, DM and CLT. I’m sure there are more but those are the ones I know of personally. EP sent out an email at 6pm EST confirming. (LOB) also had one LAM let go. Again, this is small but only the ones I work with directly. I am currently working on transitioning wk to Manila for a part of customer service.

No mention of layoffs in the bloated risk organization. Wonder if they have somehow been spared in all this.

spans and layers layoff and demotions in legal today. I don't have names, numbers or locations. Some of the DGCs didn't even meet with their divisions to tell them it happened today.

Sheesh So much for transparency and candor.

Lol get rid of 50% of employees, because of your expertise as a shareholder? pfft, good one. Chuck was brought in to clean up the bank and that does mean cutting back in a lot of areas. Only those who have been complacent for years really need to worry. Always be looking for what the next opportunity is, even outside the company you're currently in.

Probably the same guy that says people on unemployment don’t want to work. You know where they come from.

Please explain the claim of folks getting months off with pay. First I’ve heard of it.

As a WF shareholder I have seen Wells become bloated in terms of pay rates and people over the past decade. Why do so many employees treat the stay at home COVID time as a vacation. Thousands have applies for and gotten moths off with full pay. Much of the time this policy is abused.

I think WF should jettison 50% of its employees. And cut pay. This will be painful but it will keep the bank viable.

Massive must be taken in context and with a grain of salt. To me if 1000 are let go today that is massive. Full stop. In the grand scheme of 260k+ employees at less than half a percentage it is not “a lot” of people. But any coordinated culling involving multiple groups occurring on specified dates is indeed massive. We’re not talking a handful of performance based layoffs. As has been mentioned this will be spread out but quite impactful on the whole.

Advice -
Get your resume out ASAP - it's always wise to leave a sinking ship. I left a failing high-tech company [ I resigned ] long ago when the "writing was on the wall" - it was the best career move of my life. I never looked back, but I did pity those poor souls who stuck around for a year or two or three, before they got the ax.
It's too painful to watch an organization flounder like a harpooned whale. Move on, move out, get on with a productive life and a thriving company. You'll be much happier !
Best wishes to you in these difficult times.

Confirmed project manager commercial lending. No details. Was around 9AM

IT'S NOT FIRED. IT'S LAID OFF. There is a difference!

Just a handful

Everyone in Centralized or just a handful? I didn’t see that coming. I’m on the distributed side.

What is 'COO'? Corporate Office ? Operations?

Centralized sales group

What mortgage department and where? Sales? Fulfillment? Centralized? Distributed? What positions?

Austin. You can ask them yourself. No need to have employees involved.

COO world, my boss was let go, effective today. Rest of the team safe for now.

Mortgage is getting invites to meetings

WE lost 4 from our group of 40ish in COO world. 60 days non-working, effective immediately.

Hey again – this is Austin Weinstein, the banking reporter at the Charlotte Observer. If you're hearing stuff about layoffs that's not confirmed, I can maybe help out. In my experience, banks are far more likely to respond if it's a reporter asking them about layoffs than an individual employee. Back when COVID first started and folks were testing positive at the CIC, many people first heard about positive tests near them from the media, not the company. Feel free to shoot me an email at aweinstein@charlotteobserver.com or DM me on Twitter at @austwein.