For anyone who has posted before regarding 11/17 please share what you know for the benefit of the group
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They are not very transparent then. I was let go last week. They decimated my business unit. Not sure about my org as a whole because Wells only lists me on the notice. They claim this was a 'no selection ' process and thus they do not have to disclose. If only 10 in ICS were laid off, then 6 were way down in my area. Your numbers are probably incorrect.
Again?
the no raises over 150K base is in the comp guide that has been published for managers - it's in black and white, not just word of mouth. There is an exception process but exceptions will be very, very hard to come by. Managers are given a "budget" for merit increases based on the total salaries of their team, and the "budget" will be zero for any member of the team with base over 150. So if a manager wants to make the case for the exception, the increase still has to come out of the fixed pool of money, leaving less for the rest of the folks under 150. So there's a pretty strong incentive NOT to ask for exceptions, because it leaves you in a worse position as a manager trying to reward the rest of the team.
Forget about more restricted stock to compensate for the lack of merit $$. The restricted stock is an expense also, and the last four years as the bonus pool has gotten tighter so has the restricted stock pool. It will get smaller/tighter again this year.
I had a conversation with my manager and they confirmed next week will be the week, at least in Technology/ICS. Our larger area had to give up 10+ positions, but most of that was done by giving up open positions and attrition; only a few people are actually being laid off.
So, the head count reduction isn't just letting people go, it's also giving up open and newly open positions.
I think 11/17 will be the day and the 1.5 hour Technology townhall on 11/18 will be to address it. We'll see how it turns out.
Also had the no raises above $150k pretty much confirmed. I'm wondering if they'll end up offering more restricted shares for that salary range to compensate if you're eligible. I believe the compensation planning tool opens up next week with numbers in it, so we shall see.
All of this timing would work out - lay offs/cuts on Tuesday, townhall on Wednesday, managers now able to see numbers for the people left.
just look at previous threads, easy enough
Managers should not have secret meetings. All employees should know the conversations and topics of every meeting and phone call their manager is having. I’d say you are gone
More fake news.
11/17 is only 1 1/2 day away. We will know soon enough what will happen. Why bother with asking. Especially no one here can guarantee you your job nor can tell you for sure you will get laid off. Knowing now can’t change anything anyway. Can’t live in fear and worries all the times. If you can do something about it, do it. If not don’t let it torture you.
Who knows, but this I can pretty much say as a fact. Since aug. 8th head count has decreased by 6,600, so based on the fact that we are losing 2200 people/month, we will lose around that many in nov, dec , jan........ Looking at TW's, the only day numbers increase are on Mondays, then those numbers are wiped out the rest of the week. Once again, numbers don't lie, but when you see less people on say Tuesday then say Monday, that's because people leave on their own, get flat out fired, retire, but most, laid off. The laid off numbers, well most were given notice 60 days before they are out the door. The 17th means nothing really , if you get a meeting with your mgr, then good luck. If not, you may get one the next day, or..............
I would also like to know! They are doing cross training in the branch. And my branch manager takes a lot of PTO lately and she has a lot of secretive conference calls. That’s all I know