So much for the massive layoffs.
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@dpl Is correct. That’s how BofA got away without WARN notices in NC (some states require them regardless of #). Over the years I saw many folks called into an early morning meeting with 5eir manager, escorted back to their desk and watched while they packed up their desks and equipment returned. You were given and hour. It was degrading. Luckily, when it happened to me, my manager was super laid back about it and said to take my time but I knew what was happening because I saw the meeting invite pop up the night before on my calendar. She was out of town so the writing was on the wall. Their was no WARN notice because the number of employees being laid off in NC didn’t meet the minimum. I’m guessing WF gives the 60 days just to be extra careful given their past record with wrong doings. So, brace yourself, they are coming and they won’t care if it’s the holidays or how long you’ve worked there, or if someone in your family is sick or just passed away. We are a number to them and you can rest assured they are looking at who makes the highest salary when it comes to these cuts. They are trying to cut expenses and if they can cut someone making $100,000 vs. someone who makes $80,000, that’s who they’ll choose. BofA was the same way. Saw superstar performers laid off and those that barely knew how to log into their laptops stay on.
Organizing who remains and who goes where takes time because, surprise, surprise, we still have a business to run and that takes headcount. And doubling up workload on those that remain takes organizing as well. And that’s the kicker. Get laid off, your life is in upheaval. Stay and you get overloaded with work with the same ol same ol processes in place and you burn out faster and your life is in upheaval. Either way, your life is in upheaval.
TL;DR Layoffs at Wells will happen over two to three years and it s—s for everyone. If it hasn’t happened in your group yet, brace yourself because it eventually will.
Layoff inaugural fireworks started. Many ZZs in IT. Q4 reduction will be 10times more than Q3.update your resume.
The massive layoffs of 50,000 employees will happen over the span of two to three years.
The bank has consistently done 60 day notices with various combinations of working and non working days. It seems like lately, they may have some reasons for 60 day non working.
It’s much easier to just always notify than try to risk an error and get in more trouble. Banks have done it this way a very long time.
@dpl+17qg4bjV the number of layoffs are based on a rolling 90 day period. SVB's wonderful location strategy has tied WF's hands. WARN notices are required. On top of that, mist larger organizations are providing notice as good will. Ask Verizon.
My 2 cents worth:
Post ID: @gxr+17qg4bjV: The 1100 employee reduction # comes from the news reports today: 1100 since this summer, 2200 since this time last year.
According to the Charlotte Observer today, Shrewsberry said that “the $10 billion in cuts will be mostly made up of layoffs and will take several years.”
According to the WSJ today, Scharf said “ the bank is beginning a process that is expected to last well in to next year and result in tens of thousands of layoffs.“ (Vague, because that could mean 20,000 or 99,000. Could ya narrow that spread a little, Charlie?)
OP and Post ID: @rwh+17qg4bjV and Post ID: @ukz+17qg4bjV are probably all the same troll, one guy trying to build up his self esteem on an anonymous board.
I listened to the tail end of the earnings call today. Plenty of questions from analysts about the “timing” of getting the asset cap lifted and when shareholder can expect to start seeing the benefits of cost-cutting. Answers were, not surprisingly, unclear and they kicked the can down the road. But I was left with the impression that Charlie is going to be under increasing pressure to show real results in 2021.
I do like the concept that he is taking the time to do it thoughtfully and carefully. On the other hand, I sincerely hope we are not being taken for yet another ride, and then we’re going to have to start all over again in another year. It has been a rough 4 to 5 years. My hat is off to those who say they are breezing through it.
In some ways, I think people just want the pain to be over. It’s human nature to want to survive, live and thrive. I am thankful to have my job for as long as I have it during the pandemic, but I would like to get back to thriving.
There were at least 11 senior and junior IT managers 'displaced' immediately in WIM yesterday
Stop with the nonsense. I'm hearing 60 day notice period plus severance. It's right in the handbooks.
@pjs is right on. However, there are exceptions to when WARN notices are not required to be activated. Such as-
If 50 to 499 workers lose their jobs and that number is less than 33% of the employer's total, active workforce at a single employment site;
Or
Unforeseeable business circumstances: When the closing or mass layoff is caused by business circumstances that were not reasonably foreseeable at the time that the 60-day notice would have been required (i.e., a business circumstance caused by some sudden, dramatic, and unexpected action or condition beyond the employer's control, such as unexpected cancellation of a major contract)...
By spreading out layoffs they can avoid having to follow the WARN Act.
The layoffs can't and will not happen all at once.
Based on my experiences, and since the news first came out that it would be end of year, I'm guessing around Thanksgiving and Christmas holidays for more to come. It will also continue after that and much throughout the years.
BNY Mellon said when Chainsaw was there, it went on for years and how unbearable it was.
Um they are just beginning genius.
Don't understand this recurring argument that since layoffs are happening piecemeal, they won't be as significant as advertised. First, don't think Charlie etc used the word "massive" so I suppose it depends on your definition. But laying off double digit %, in the "tens of thousands", is big.
Cuts are still happening, probably more this month. Today it was reiterated that they will stretch into next year. No one ever said that 10s of thousands would be laid off ALL AT ONCE.
Not even sure where the 1,100 number came from. Please tell me it's not from stalking the size of Charlie's "team" on teamworks. Can't think of a less precise or reliable way to monitor layoffs.
Um, you do realize that WARN requires 60 days notice right?
Layoffs that occurred in the second half of Q3 would not be shown until Q4 reporting. Q3 headcount reductions would be Mostly people notified a July or earlier.
The first reporting on resumption of major layoffs was August 21st.
I mean, like I said before, just because you don’t get a detailed report of every job that was cut, doesn’t mean a lot of people haven’t lost their job.
Are all the layoffs done? The answer is no. So much for your false conclusion.
But some folks here are yearning to be laid off.
People need a boogey man, and its name is 'mass layoffs' (which will hopefully never happen because then a new boogey man will need to be identified).