Many different LOBs (IT, etc) posting here about layoffs happening, but not one from Auto, nor is there any remote sign of it.
The company's very (intentionally) vague communications about layoffs imply that no stone will be left unturned, but that doesn't actually mean every LOB will get hit with significant layoffs.
Basically, the numerous Auto managers with fewer than 7 directs will go on unaffected.
CFO mentioned Auto in the townhall. Could be one of the bright spots.
There are signs of layoffs in Auto. Everyone is staying tight lipped. Don’t think they will sell Auto, one of the most profitable divisions and brings a large number of customers to the bank.
Re last post, that was the guess I had. It was part of an acquisition, Not doing that well from what I can tell and a couple threads made it sound like the hammer was going to fall any minute.
https://www.thelayoff.com/t/175QlX1p
I wouldn’t be surprised if they sold auto
OP - yes, EVERY business in the company will be subject to spans/layers and reduction of cost. If you read other threads on here and the answers on this one this is explained over and over... layoffs are a process and different areas are at different points in the process. they won't all happen by yearend. The cost savings are baked into 2021 and 2022 financial plans and business leaders are accountable to those projections in their P&Ls. There hasn't really been accountability for business leaders at WF... just an excuse culture. Some of those execs are gone now and you can expect more to be shown the door if they don't meet their financial goals, or resolve their open regulatory issues on time and as promised to the regulators.
Spans and layers will affect the whole company. Every business is NOT on the same timeline. It will happen over time. Most are not hearing anything but all leaders have submitted or are working on their plans to comply with it.
WF will not make all 50,000 cuts in one month. It will be over the span of two to three years. So, buckle up.
We still have an auto division?
There's what i think, what you think, and the truth. The truth doesn't care what you or i think.
Is this the same thread each week?
Wells Fargo auto already had massive layoffs 3 years ago. All fifty of the regional offices were closed in favor of three hubs in TX, AZ, and NC. Some employees relocated to the hubs but most took the severance.