Thread regarding Wells Fargo & Co. layoffs

Everyone should start building their pipelines, so they have something to go to if they get cut.

No need to leave until someone tells you Your Done Here. THing is they probably want to hire criminals here as Chase is one of the dirtiest companies in the world, so brining them all those criminals in here will be an organized crime network soon.

That is the new strategy!

Amen

To below: No. For that 60 days you are still considered a regular WF employee. If you want to leave you’ll have to quit - and get what you would get if you quit today.

I am happy to be cut, I got my package and will be at another bank within a week following notice period with more salary and benefits. Why? I produce revenue and profit.

This bank has become a bureaucratic mess during the past 4 years. Back office has become a hindrance to clients and since many people don’t talk to customers, the customers think Wells Fargo s—s. Without customers, people in risk or IT won’t have a job because you are an expense, not a revenue driver.

can you just get the 60 days pay and leave?

By what measure are you counting layoffs? Busy looking at teamwork’s at CEO’s numbers? Who gives a c—p? People who wonder what will happen today or next week.

Last week 1,400 revenue producing people got cut and by the way I will take that revenue to another bank and I know very well the profit it generated.

Risk people, wake up, you are an expense, you don’t generate revenue today or tomorrow.

The layoffs started a few months ago, so we are now starting see the numbers slowly dwindle every week. In 7 weeks there have been 3200 people let go, but that usually means they were let go two months before and are now out the door. Do the math, 3200 in 2 months, and supposedly we haven't even started letting people go. Hmmmm, okay. Who gives a c-ap what day you are laid off; that you get a FedEx package, blah, blah, blah. It's all cutting and pasting from other threads to get your BP up.
So here's the real pattern, TM's are getting let go every week and have been for months now. One year from now we will have roughly 260k employee's. That's still a hell of a lot. And guess what, the pattern will repeat itself over and over and over for a year after that.

‘ If they cut 1,000 per week, it would take 1.5 years to achieve the goal of 25% reduction.’

Death by a thousand people cuts

Agreed, they failed to create tools, processes, and governance in a strategic centralized way. They threw bodies at problems, and those bodies came up with separate and inferior solutions, or a one size fits all approach that checks a box for all, but doesn’t really have much meat behind it.

@vzv
Risk has too many people in my opinion. There’s too much overlap. You work on one thing, turns out two other people in different groups are doing the exact same thing. There’s no communication between management. I don’t want anyone to lose their jobs but Risk would get more done if it had fewer people.

October has also been indicated by SVB (Technology). Expect first cuts –maybe not massive – but relentless starting in mid/late October.

Out of curiosity, did risk get really over staffed in wake of the account scandal? On the surface it seems odd to be cutting the risk org while we still have so many scandal related issues, but I’m sure there’s more to it than that.

You can expect this to continue week after week, month after month. If they cut 1,000 per week, it would take 1.5 years to achieve the goal of 25% reduction. This will not be some singular event with tens of thousands cut in a single blow.

Of course, they should have let attrition take its toll over the past 2 years and not had groups keep hiring and hiring ignoring what has been known - Wells is overstaffed and inefficient.

10/27 is the date for Risk

We get layed off AND we still have to complete compliance training?

That's it, there's the proof, 2020 is the worst year ever.

On a risk call, it has been confirmed just now. Risk taking hit on October through late November.......tsunami of layoffs is around the corner.

Which Tuesday is notification day? next week or every week?

Thank you for a post that is helpful and has substance