"The next round is 10/27. I heard there will be another in November, none in December and then it starts again in January."
How credible is this info?
30 replies (most recent on top)
I've seen 11/8 tossed around a few times. Does anyone really believe that there will be a wave of displacement notifications on a Sunday???
10/27 is the date they need to let people go in order to come into 2021 clean.
10/27 layoff notice & 60 day WARN, wraps everything up by 12/31.
i wish they would just send the package, they can do my work, most people i work with are lazy
@OP I like the question. You should know how credible the information is since you are the one who received it and are spreading it in this site!
Our technical department has lost 4 experienced team members over the past around 1.5 years, with 3 out of 4 of them leaving Wells Fargo to get a better job. The other one took a job in a different Wells Fargo department. It is now getting difficult for our Manager to find the resources, with actual experience to be able to do so, to work on the newly assigned project requests. Why did they leave?
Maybe they did not get a great performance review, did not get a bonus, did not get a promotion, or even get a raise? Maybe they were in fear of being laid off? They were rather young, maybe in their 30's or 40's, and no reason to stay in our department anymore with nothing to look forward to there in terms of career advancement. Wells Fargo should keep the older employees, as they will probably still stick around, if given the opportunity to do so. While the younger people are now leaving for a much better career opportunity.
Its interesting that people think there is a big day coming. In reality, the cuts have been occuring each week with yet another group of people beginning their 60 day notice. The Q3 earnings reported a $718 million charge for restructuring and most of that is severance.
Keep in mind that is only the charge for people impacted in Q3 and there will be another charge taken in Q4. If you want to guess on the math, that Q3 charge was most likely for 4,000 to 6,000 people which means it is a long road ahead until they reach a goal of cutting 25%.
Will they cut in December? YES, they have done it before. Years ago, I had to cut people the week before Christmas.
As I conclude my working notice with the future unknown, I can tell you I am relieved after years of dysfunction, never ending bureaucracy and lip service about caring about people. Life goes on and many clients have already expressed their support to follow me to where my next opportunity takes me.
When you do leave, be sure to end your personal financial relationship with Wells Fargo. Given the current goals of massive reductions, it is smart to be working on that well before the notice arrives. Open bank accounts with another bank, have an IRA established elsewhere and obtain credit cards from other banks.
10-27, 11-8, 12-9. Those are scheduled.
Is risk compliance and controls?
Risk. 11/17. FIRST wave.
wow, i was hoping to switch roles in January. I am not sure i would make it seeing there are 3 dates coming up. Only reason is to enjoy holidays. Anyways I have started interviews, really even if i did make it, there is not growth potentional and no real reason to stay on here.
10/27 will be smaller like the others, 11/17 will be huge and affect all groups.
@ltc+17wVT0h1
Shorten the search term to "displacement"
Are they 10/26?
Anyone have insight on what business lines are likely to be affected?
It would help a lot if all of the would be Nostradamus impersonators in these threads would simply read and offer feedback when they actually know something. In excess of 90% of “firm layoff dates” have been wrong. It’s good to feel important with your predictions but much better to be accurate with real information.
I went to the Wells Fargo teamworks site and typed in displacement policy and none of the 10 links I opened had the dates listed or FAQs on the right side of the page. What are you talking about?
25% reduction over 2 - 3 years. 60 to 70k jobs. They just can't sack them all at once.
My guess is a steady stream of 1 to 3k a month from here on out until desired number is achieved.
Work hard until you get the call or find another job before the call.
Any more info on the numbers for headcount here?
Consistently hearing 10/27, 11/17, 12/3
I can confirm the three dates posted
Any true WF employees should type "displacement policy" in the teamworks/employee search site. It will take you to a landing page on when calls occur. Interesting is the FAQ pdf on the right side and explanation of PTO payout.
A month ago, today was one of the "Big Days." Whatever.
Be good out there...
10/27, 11/17, 12/3 Those dates are real. then a break until mid jan and it resumes
Today was also supposed to be a big day for layoffs. We'll see.
The 10/27 is certainly credible. Not sure on the others.
Mid November and early December
I heard something similar
Considering you just read it on this board and regurgitated it? I’d say about the same chances as all the other proclamations on here.
"How credible is this info?" - ask me again on the 28th.