For months, this board has been full of people with supposed inside knowledge of layoffs but they never happen en masse. A few here, a few there, but that's normal life at a huge company at any given time.
The latest theory seems to be that execs thought more people would quit. Now that they know for sure people will not be leaving in droves, when will they have the courage to put forth a plan?
Are they waiting for Charlie Smirk to give permission??
Seriously doubt there will be “massive” layoffs at once; it will take 2-4 years to cut 25%, so likely 5% a year which is roughly 3-4K a quarter.
@Autstin, What type of information are you looking for. I would be glad to help.
Thanks Austin, post your contact info here every now and then I'm sure you'll get some good responses.
I'm not in the Charlotte area, I'm in IT, if something happens I'll shoot you an email.
Best way to be effective and anonymous: documents and recordings. Management can refute a single person's account as a "he said, she said" thing. Documents and recordings, after verfied, are much harder to refute. Reach out and I can help with some tips on how to protect you while also helping you get out what's actually happening at Wells Fargo.
And you are right: I do have two emails, precisely to help people stay anonymous and to protect my email system. Twitter is sc-aped by bots/others, so I use the protonmail on it so that all the lazy phishing attempts go there. Additionally, protonmail offers end-to-end encryption, as well as other security features which can help protect sources.
Here's the full list of ways to contact me, and the advantages of each of them
Regular email on a google server: aweinstein@charlotteobserver.com
Encrypted, more-secure, email: aweinstein@protonmail.com
Twitter DM (relies on you for security): @austwein
Reach out to me on any of those platforms and we can connect on Signal or just by regular phone, too.
Austin, you seem to have another email address I can see online, austinweinstein@protonmail.com.
So which is it?
I suspect you're real, but, you know how it is.
Maybe you could give some folks some tips on staying anon when the contact you, at least until they confirm you're really Austin from the paper.
Austin, I will reach out to you after I am laid off in October. I can tell you that our CEO stated on the analyst call, that they were not going to make cuts in the regulatory space, but they are. My team alone in compliance is down 25% staff, is getting no backfills and can’t perform work that is required by regulations. The CEO doesn’t care. He is not here to do the right thing. He is here to make a quick buck while the ship continues to go down. Unfortunately, Main Street will end up doing another bailout to preserve the integrity of the banking system. Shame on the regulators for not holding him accountable.
Hey all, this is Austin Weinstein from the Charlotte Observer, I cover Wells for the paper. I'd love to be able to help confirm some of the layoffs and give you all some peace of mind, as much as I can. Reach out to me at my email, aweinstein@charlotteobserver.com, and we can chat on background about what's going on at the bank.
google this:
Report: Wells Fargo layoffs could be in tens of thousands
i am in core and i was let go on 9/18.
for me, that's all that matters.
i do not care about rumors and fake news, i know what my reality is. i paid the price and that's it.
good luck all
BBG layoff was 1,400 employees not 1,000
Might not come in big waves — could just be a relentless draw-down that does not let up.
I work in the Paoli office and over heard that our branch is closing. My management are such stupid b***hes.
About 1000 layoffs last week in Middle Market Banking ( falls under Commercial Banking)
It’s not all performance based. I would know as it just happened to me. Keep in mind the consolidation of offices too. Which are hubs, which ones are no longer hubs. I hear Philadelphia, Denver and San Francisco will be removed from the hubs lists and already have been for some LOBs. Sounds like New York is the new big hub so Charlie can stay there too. Does anyone see this reminiscent of what he did at Chase too?
hr is working with the 4/5 downs (director level) on the span and layers, depending on those directors they may engage their directs to come up with various plans to make the 7 under each manager work which may and may not include some managers becoming ICs, some being laid off, and some people moving to consolidated functions.
I think the managers not being turned into ICs is going to be group specific because on my end what I have seen and heard indicates otherwise. Will some be let go, sure, but will all, I highly doubt it especially those that even as manager do the work of ICs and some cases double the work.
I am hearing 10/27 for Saul's group. I have no info aside from that.
Saul said there will be layoffs, there is over 20,000 of us - so even a few percent will be massive (read 1,000 or more).
Layoff.com is hit or miss, something it's correct sometimes it's off, anyone can post and nobody has to read or discuss this.
I personally like to keep an eye on threads here as they are directionally accurate.
I heard from a “In the know” senior executive that managers are NOT being turned into individual contributors. So if you are a manager with less than 7 direct reports, you ARE NOT going to be turned into an individual contributor. They have purposely have not backfilled, so managers have less than 7 direct reports. All managers with less than 7 direct reports are being laid off starting in October. The SVPs will absorb your direct reports and will be expected to have between 12 and 15 direct reports. In 2021, they are moving the 7 direct reports to 9-10 direct reports. This is one way they are going to save $10 billion.
@omk+17aNaED8, a real low performer? Or one that is not in the org for years where they get saved?
is this 2 and lower?
what is it exactly hr is doing? I have never heard from them not even once
HR said in an all hands call that cuts would be continual and not in massive waves. and that the stack rankings would be used to identify the low performers who would likely be cut. Technology sounded slated for these cuts would START in October.
Does anyone know if levels 6 or 7 Down from Chuckled know which managers with less than 7 direct reports who report to them are being laid off in October, or does only HR and the operating committee know this information at this point?
Anyone actually think WF has a clue what they're doing? Just another cluster f–kd Dumpster Fire of "let see happens". If you're waiting for "grand strategy" or even competently executed plans, you got the wrong company, buddy. Chainsaw Charlie is a hack, not some wizard surgeon. He's a toddler with a blunt object.
Benefit enrollment doesn't start until the last week in October. Just in time for people to know if they will have a job come Jan 1 or not.
Put 2 and 2 together people...
Why do you think they are ramming through the year end performance reviews now in the month of Oct...
All the other dates were confirmed too;
Maybe it is and maybe it isnt; your right companies dont usually annouce a layoff prior
Yeah, the OP is unaware that senior management has confirmed layoffs.
But the OP is also correct, there's a lot of the sky is falling on this site.
I supsect that COVID has thrown a monkey wrench into management's plans.
And keep in mind you can't have a "massive" all at one time layoff, it would be too disruptive, so we're probably going to get nickle and dimed for the next year or two.
Good luck everyone and stay safe.
Do senior managers who are not on the operating committee, let’s say 3 or 4 down from the ceo know who is being laid off? Or is it only HR and the Operating Committee at this point?
Saul announced to his 25k employees that layoffs for his group and specifically spans and layers will be in October. No one knows the numbers except the operating committee. They don’t announce how many they have laid off. Only way to watch is by looking at Charlie’s overall numbers in team works from now until January to watch the numbers go down.
Hearing mid to late October. Many teams are being restructured/moved. I’ve been told announcements on who will be doing what will occur in October. Not to mention the spans and layers changes will be happening then as well.
The layoffs were always going to be in the 4th quarter.
We have heard confirmed (unofficially - no formal communication from wells) from high up sources that 10/27 is going to be BIG
I would guess that is why they are rushing through end of year performance reviews now
10/27 is the date we have heard in our group
"Put forth a plan"? Why, so we can all vote on it?
"Normal life at a huge company" means layoff are rarely announced in advance, except in the vaguest term for Wall Street. Did some folks think there would be 10s of thousands of layoffs in the course of just 2 months? The CFO at a minimum has already said it'll take several years.
We may not be anywhere near our target layoff number, but eliminating whole teams and entire layers isn't exactly chump change – especially when it impacts you. To some, the layoffs to date probably seem pretty significant. It'll be interesting to see how big October turns out to be.
legacy BBG (CORE?) was slashed recently. Other than that, I haven't much either