I heard a good number of those let go yesterday were heavily mid-level manager types as they are attempting to flatten the organization and reduce the overhead. Sounds like if you work in a department that is production based, like in mortgage, as long as volume is high, you'll have a job.
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Auto operations is happening 11/17.
The Wells Fargo way. Take something simple and make it as complicated as you can. Then apply as much bureaucracy as possible so nothing can ever be accomplished. It make any simple change to any impossible.
Does any one know which group in Autos got laid off.
Agreed. The fact that mid level managers were a big part of early rounds is not a surprise, since that's really what "(wider) spans and (fewer) layers" is all about. I wish there was some kind of crystal ball we could peer into, or tea leaves we could read. Unfortunately past performance is not a predictor of future results...
For sure, more to come, next time it’ll hit more of the rank and file employees I’m sure.
They still have another 50,000 people to layoff. There is no telling who will be affected. This is just the beginning.