I expect a smallish cut on 10/13 to demonstrate ‘activity’ in reducing expenses. And the bloodbath will happen before the holidays, and after reviews are locked, so Nov 10.
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@1hln+17nhvE9g What planet are you on?
WF has a history of doing layoffs right before Christmas. Literally every other layoff year I've been here (over 20 years) was done right before Christmas.
This year is the exception with some prior to that.
@1wee+17nhvE9g, I agree. Have no idea what company would do a mass layoff during the holidays, seems like bad for a brand to do such a thing. THey had all year to do this and wait for the holiday.
If they do this they are guaranteeing all these employees will be on unemployment and they are paying them all for the next 6-8 months anyways. Hopefully someone there is using their brain!
I expect no layoffs at all, outside of little onesey-twosey stuff that happens all the time in huge companies.
Nothing to see here folks. The company's executives are too clueless to know how to even begin such a process, let alone execute it.
They'll just keep telling business reporters what the investor community wants to hear.
The Q3 Earnings Call will report the cuts made in the 3rd quarter and the one time charge being taken for severance / other benefits / branch closings. Finally, they will report reductions in expenses that will be realized in 2021 and 2022 from the actions taken.
Cuts made in Q4 will reported during the Q4 earnings call.
you said the layoffs are 10/13 and 10/27? Is this managers, it or which?
They are only able to process a certain number of displacements, it won't be a huge number in any single month. Instead of having your throat cut, it's more like 30,000 pokes.
Saw 10/13 and 10/27 mentioned on here and asked around in my wells network and a few people “in the know” confirmed that they had heard 10/27 being the date
There will not be one bloodbath or bloodbath month. It will happen one or two days per month from now through indefinitely. There are fixed dates per month where the actual notification occurs. This is not new, it has been done this way for some time, and pre-dates current management arrival. Posted elsewhere on this board have been actual dates - october has two dates, november and december each have one and then it picks right up again next year.
For those who ask "why can't they just get it all over with at once" - the way it works is this (and this is not unique to WF, this is how all large companies work) Displacement is a process. Business managers first have to put together their restructuring plans where they go through specific documentation and many levels and areas of approval, including a review of risk to operations . When approved by that process, the action then enters displacement operations where they do all the things necessary to prepare for the actual day.
There is only a certain amount of capacity in the "system" to process these. So think about it like anything where you have to stand in line, wait to enter or start, and go thru a process. What areas get impacted on what dates depends on who got in line first with all of the needed documentation. Just like going to the DMV.
The "when" this happens here has nothing to do with perf reviews or when they are locked. That's just conflating two processes that happen to be going on at the same time period.