Thread regarding Wells Fargo & Co. layoffs

Real Reason for WF Layoff Publicity Tour

WF went on a publicity tour about massive layoffs to:

1) Make shareholders (existing and prospects) hopeful about cost-cutting measures to help bolster the stock price.

2) Make employees scared, so they will quit in droves. WF is DESPERATE for natural attrition and has been for at least 2 years. Because WF can't afford all the severance payouts, unemployment benefit expenses, etc. that go along with massive layoffs.

If people don't start quitting, get ready for gutted severance, 401K match, and healthcare benefits (even worse than they are now), among other things.

In meeting recently with sr. execs, they made it clear that they'll now need to get drastic (Plan D, since Plans A through C have failed). One exec chuckled and called it the "nuclear plan" saying " if they [employees] think it's painful now...". I swear that some of these $%&! are enjoying all this.

They will keep tightening the screws to get the numbers they need. Those who get out now are the lucky ones.

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| 2424 views | | 10 replies (last September 30, 2020) | Reply
Post ID: @OP+17brIvyR

10 replies (most recent on top)

@1evj+17brIvyR - what you stated is true. The big difference is that those banks invested in tech. WF still uses ancient technology for risk. Some parts are still using Access databases.

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Post ID: @1ttq+17brIvyR

Here’s the reality of why we will eliminate 50k employees. Bank of America has twice the market cap as this sh– show and more than 50k fewer employees. JP Morgan has more than 3x market cap with about same employee number as we do. We want to make everyone feel good and can’t have honest conversation. Other places “be respectful but it’s ok to have the difficult conversation.

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Post ID: @1evj+17brIvyR

Unfortunately, I witnessed the nuclear plan remark and the smirk. OP summarized it correctly.

Say what you will, but many posters on this site are leaking important info and yet you still don't get it.

Denial is a powerful force.

Good luck to the masses.

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Post ID: @1ved+17brIvyR

I don't know if the OP is trolling, but I have been in a conference room with a billionaire who was cracking jokes about layoffs at a company we had just aquired.

People losing their jobs isn't funny to me, I guess that's why I'm not a billionaire.

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Post ID: @ovw+17brIvyR

In my past I have been on both sides of 2 different LOBs for Meeting & Events.

WF Securities, IBCM and CIB was a well oil, organized machine. Their in-house dedicated Events Team and all related meetings and events were solely based on M&A, actual financial deals between WFS and a Client/Company. Those were called Road Shows and Deals. Not a penny spared, and all recouped after an IPO or managed M&A between 2 entities. I worked in NYC in WFS and was directly involved with that team based on deals and book of future business for our group in Consumer, Healthcare and Gaming. No spouses unless the deal involved a spouse who was a C level executive or on the BOD for that deal from that company that was part of the M&A. NDA’s were signed by all parties. Even Vendors and Contractors behind the scenes were required to sign NDA’s. (Hotels, audiovisual, catering, etc.) Every penny spent was tracked by a deal code and an associated client code as well as a meeting ID. Costs could be tracked and broken down to a penny for audits and internal financial reviews at the push of a button. Everything was reviewed and approved by Legal and Risk.

Now let’s talk about the sh!t show WF Enterprise Marketing was for Meetings and Events. I posted and accepted a position to be transferred from NYC to Charlotte to be closer to family, parents retired in the South. I accepted a lateral role in Enterprise Marketing in 2012.

Enterprise Marketing under Moldafsky was bloated and spending like a drunken sailor. Unnecessary expenses, technology was always an afterthought and the Meetings and Events team was a mosh pit of caddy women who would be better off planning wedding receptions or baby showers. No value or substance to these Meeting and Events. All sizzle and no substance as one LOB Executive put it. A majority of these meeting and events, 90% were all internal meetings for other LOBs, managed by EM Meeting & Events.

Last minute and day of changes to speakers/presenters, paid speakers with astronomical fees and demands with VIP level demands of hotel suites and green room setups for them and their entourage as if they were Beyoncé or some famous Hollywood Star. They were not. Let’s just say the M&E team was more star struck to cater to these external presenters. Mind you, I witnessed the same treatment when Carrie Tolelstedt was a featured guest speaker, all the while she was running a crime syndicate of fake accounts. I was not star struck or impressed meeting her. She was cold and abrasive.

Last minute printing of meeting packets, agendas, pitch books, attendee and conference materials. Boxes and boxes of WF Branded Swag. Just junk. From expensive pens to cookie jars to whatever had a WF logo imprinted on it.

When one persons corporate card went over their max, expenses would be put on another employees card. Signing of contracts by employees without legal or risk review, because they had a “risk person” embedded on the team. There was no tracking of any of these costs or financials by project code or project/meeting name. You never had a full picture of what was spent and there was never a budget set to begin with.

By 2015 an opportunity and posting for a position came about and I went back to WFS/IBCM. I couldn’t take being in Enterprise Marketing any longer. Worst experience in my professional life.

I thoroughly understand why Enterprise Marketing is loathed and their Meeting and Events team is a waste of resources and salaries. I had first hand experience and witnessed the malfunction and dysfunction in the entire LOB and all Business Units in Enterprise Marketing.

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Post ID: @zza+17brIvyR

I’m nobody in the WF hierarchy but I just have to add,,, I’m not buying it when I hear “Wells Fargo can’t afford to pay all that severance” (or insert whatever expense). We have the hugest paid CEO. We can afford it. We made over 5 billion a quarter for over 20 quarters in a row. I get they might not want to but That sounds more like a priority issue than a “we can’t afford” issue.

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Post ID: @nwd+17brIvyR

I don’t know if any of this is true, but here’s why it is stupid.

By October, anyone making a big salary who is also likely to get a bonus, is going to stick around. Long time employees have loads of PTO and will be out for 3-4 weeks in Nov and Dec by bracketing PTO around 4 bank holidays. Bottom line, once you made it this far in the year, there is a lot of incentive to stay and lots of opportunities to be “out of the office”.

If they came out now now and said no one is getting a bonus at all, that might encourage more quitting. Let’s see if that happens.

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Post ID: @xog+17brIvyR

Unemployment benefits are paid on the first 6 or 8k of an employee's wages. There's no additional cost there.

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Post ID: @evd+17brIvyR

I think they are cutting managers first from what was said in Q3, way too many managers in this place and not really anything to manage

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Post ID: @dmb+17brIvyR

What meeting? Cite your sources or I call troll. They cannot afford the PR nightmare of laying off thousands and nuking their lives at the same time.

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Post ID: @vvk+17brIvyR

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