Thread regarding Wells Fargo & Co. layoffs

To avoid oversubscription and save costs, they could use a silent auction format where employees are basically bidding each others’ package values down.

Wells Fargo really is special and unique. Workers mostly live in an area where banking pays 4 to 5 times higher than any other region except NYC. Rich entitled whining boys without a clue that they are winners in life’s lottery.

@ @vhs+17ptOjIz another eligible retirement scenario is 55 years old plus 10 years of service. Not many 55 year olds are in a position to retire.

To the OP, many of those people NEED their job too.

Regarding:

“Wells Fargo will never cede control over who stays and who goes to employees. And you can’t really blame them. All that would be left would be the people who are comfortable and just coasting.”

I blame them.

Many companies offer voluntary buyouts to encourage employees to leave the company. What makes Wells Fargo so different from these other companies? Surly it is not be that we are better managed. Or that our executive team is smarter. Or that those other companies need to cut expenses more than we do. Maybe we are the only firm who is concerned the employees who decline will be just those who are comfortable and coasting.

Wells Fargo must be really special. Or unique. Maybe it is because we are run by entitled pompous self- serving men who enjoy wielding the sword. Nothing makes a man feel more powerful than choosing who’s head goes on the chopping block.

Some of the companies who have offered voluntary buyout packages this year are: all the major airlines, Boeing, financial firm TIAA, Kickstarter, hospital system Lee Health, Fiat Chrysler, Occidental and Coca-Cola,

Some companies offering voluntary buyouts in recent years are Fidelity, Blue Cross Blue Shield, Philadelphia Media Network, Ford, GM, Ameren, Allstate, Verizon, etc.

Wells is slow on everything, even the layoffs! The leaders just kick the balls down the road and end with only those people had to stay as there no jobs other place! People with good skills are leaving anyway!

Wells Fargo will never cede control over who stays and who goes to employees. And you can’t really blame them. All that would be left would be the people who are comfortable and just coasting.

Obviously OP is not aware that someone who comes in and does the same job as me but was hired several years after me is actually coming in at higher rate. I inadvertently saw the salary offering to one of my newest colleagues and she definitely is making more money than me- same job.

@hiz I would say you ascribe a meaning to these words that is not stated overtly. You’re inferring. This is focused a on specific group of people, not everyone who is “old”. To the extent there is an opportunity to access a population of people who might be interested in retiring, but need a nudge, it is a good idea.

The world is full of examples of the older generation passing the torch voluntarily for lots of reasons, some people want to do that.

@tgv - saying that the words "older" and "old timer" aren't in the OP post so people are reading into it things that aren't there is disingenuous on your part.

The OP specifically said "younger" people who "need" their jobs more.... more than who? The opposite of younger is "older". So the word "older" wasn't in there but it sure was said VERY clearly.

And "working for wells fargo for many years" is not the same as "old timers"?

Gimme a break

Personally, I would like a package now before Charlie potentially runs the business in to the ground.

I have no idea why some people seem to have blind faith in this man. Why? I can give more reasons to NOT trust him than you could ever give to trust him. Or maybe you trust our Board of Directors? Please.

Not saying it will happen, just saying I’m not seeing any clear evidence that Charlie has good intentions towards Wells Fargo. I am pretty sure that Charlie has good intentions towards Charlie. Am being realistic here.

I think this is a smart idea if 100% Voluntary . Problem is: Wells Fargo is not known for being smart. And Charlie is pretty blatant about showing no interest in his employees of any age.

We’ve already been down that road too many times on this Board, but other large organizations have been doing it successfully for years, such as Boeing.

I can’t remember what the # is ( 85?), but Wells Fargo already has a # where it considers an employee “retirement eligible” if your years of service + age= that #. (65 years old + 20 years of service or
50 years old + 35 years of service)

Come on folks.

1. Voluntary acceptance of severance is widely used in the US. The OP is an id–t for limiting it to retirement aged folks.
2. Whoever said 40's in 2008 to 50's now is not near retirement.
3. The same guy said people are just getting even. Only people that have no understanding of investments are just getting even. 401k balances should have recovered 100% of losses by 2012 and at least doubled since then. Not to mention with contributions people should have been at least 4x-5x pre 2008 balances by now. Only a fool would have sold at the bottom and waited to get back in.

This is a great suggestion. We have many employees that would be happy to get a retirement package. If you were ready and able to retire, why would you leave in this environment. Stay on until you get a package. This is the mindset. Asking for a voluntary retirement/layoff would help everyone.

It can’t be offered and also be discrimination. Offered means voluntary.

Many responding posters read meaning into this and added words in their interpretation that were not there. The words old and old timers were not used.

And the OP specifically referenced people well prepared for retirement, some of whom tend to brag on this board.

All for this if 100% voluntary be I would even sweeten them and give them an extra year of salary and benefits. Any other method would be discrimination

OP has probably noticed multiple posts on this board from people waiting for a package.

This summer TIAA put out a voluntary severance program and got more people signing up than they wanted. There is a good article about how this strategy prevented layoffs for the next two years on Pensions & Investments

It’s not a terrible idea, these days people swing between being very offended and mocking safe spaces and political correctness, so no matter what, someone’s gonna have a complaint.

OP that is the stupidist thing on SO many levels.

Who the F are you to say who "needs" their paycheck more than someone else?

And do you even know what "retirement eligible" means? It's not just long timers or "old" people.

To: @OP+17ptOjIz

Have you ever heard of "ageism?"

Please do some research and not add those types of misinformed posts here.

If the retirement package is good. I'll use some money to get a facelift to look younger and apply for other jobs.

Sigh

I wish people had to pass a basic IQ test before they could create a post here.

Would be a lot less of these posts around

@wqj+17ptOjIz

I couldn't agree more. I wish OP (he or she) would just eff off and worry about their own career and leave me to worry about mine.

Seems the OP has insights into everyone's bank and 401k accounts, and watches their every move, rating them on productivity and style.

And the OP still finds the time to post here over and over with this same Logan's Run stuff.

He's keeping so busy!

Most of theM barely recovered from the last recession. After 2009 there was no pension even tho previous comp structure had reflected the fact you got a pension (ie lower comp). Go look up wells stock price 10 years ago when they were in their 40s. And while you may think everyone should have been so so smart and bought low, most of those near retirement folks were barely hanging on by their fingernails. Large banks and institutions were crashing right when most of those people had kids or college tuition to pay. The Wachovia bunch watched their entire stick hit the toilet in 2008/9. It’s taken most the last ten years to recover..back to where they were in their forties. Hope it doesn’t happen to you.

Not happening. Offering packages first typically happens at companies with union employees. Union contracts typically have this language to protect their workers.

I think your plan is an excellent way to destroy the company and therefore I support it