Could it be this place is doing a whole lot better than we all think? Could it be Charlie is holding onto expenses to show steady improvement qtr after qtr? If you look at the accounting he has a mountain of stuff in his back pocket.
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Adding to @kwe, severance expense is accrued in its entirety when the decision is made or at notification, regardless of when the employee receives it.
If you peanut butter around 700 million across low and high salaries and short and long years of service for a median total severance cost of $75,000 per terminated person, you get to about 9000 employees. So that’s about what’s been decided and paid for from an accounting perspective.
I know of five managers within WIMT. There might be more. Two of them had more than 7 directs.
@sth+17tjohir, which tech groups were the people let go from?
Let's be sensitive and compassionate rather than being heartless. Some very kind and hardworking folks were let go on 10/13 within the Technology group. They were VPs with less than 7 directs.
These people have families and I'm sure they'll move on. Trust me, no job is save in this environment.
Best if luck to those affected by these layoffs.
kwe+17tjohir, thanks for that info; how many people is this total?
I have another position so am sending in notice on Monday
They just took a ~$700MM charge related to severance in Q3 so obviously they’ve identified at least 700mm worth of people to terminate thus far. It’s coming in mass in due time
I have decided to start a side hustle, where i dont have to rely on incompetence for a payraise or promotion. Putting it all in my own hands and control of how far i can go.
THis way i no longer have to spend nights and weekends figuring out the issues and doing other research for my job. Really if you go apply for another job no one really will know the difference between a L6 Engineer or a L3 Engineer or what even that means. Really they only look at the title, company and technologies you are using today.
Imagine if i take all this time from this job and put it in my side hustle, i could probably build 2-3 more businesses right there.
Also the other issue working here, i find it almost impossible to find the next project having the right impact to take me to the next promotion level. The thing is this place is not expanding into anything new, they really only are adding little feature or buttons to what is here today to save money.
Also i have found the more i move up the bigger target i am. So people take shots at me to make themself look better. I also have found that i have to be the bigger person speaking on behalf of my team as no one else was going to do that.
Is anyone else running into these workplace issues too?
To sum up my analysis for myself, there is definitely value to working in a company but you dont necessarily have to climb that career level all the way up. Simply by being there you can get the benefits the company offers.
Here are some more:
https://www.thinkadvisor.com/2020/10/14/wells-fargo-makes-sizable-cuts-to-advisor-force/
Who is ‘we’? ‘I’ have seen a few the last two weeks
OP, did your parents ever tell you not to move from that spot as a kid and you slowly inched away hoping they wouldn’t notice the subtle movements?
That’s what Charlie is doing with the layoffs. He’s doing them as slowly and sneakily as possible. Small layoffs here and there then opening up jobs in India hoping nobody will notice. It’s meant to maintain an imagine of stability with the public and more importantly investors.
The sad part is just like our parents knew we were moving away from the spot...investors see what’s going on with wells.
Just because you're not paying attention doesn't mean it's not happening, troll.
June 30th 276,000, Sept 30th 274,900 = -1,100, i.e. that's not a cut. This guy has booked -3B in fines the qtr before, a couple over the top ops accruals, the -9.5B in provision last qtr, this qtr this guy has booked close to -2B in unusuals. He's padding himself for a victory run. If he didn't book those this qtr, NI it would have been 4B. This includes massive bloated headcount, consultant expenses, which he is well aware of and did nothing about. He has about 100 accounting knobs to turn to look like a hero, its like a NY stage production. He doesn't say much because he's planned this all out before he even took the job. He'll cut i would guess 80-90K jobs maybe more if he sells off parts, but the stock will be up close to 3-8x in 5 years, watch.
No.
Huh? Since aug 7th 4200 have been cut, and those are the the people who have were cut 60 days before. WF used to fluctuate numbers wise, but in that past 3 weeks there has been none of that as every day numbers have decreased. And this is just the beginning