Honestly it is a package which is by far the most lucrative package in all of banking. It could be cut to 1/3 and still be far more generous than any major bank.
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They fired me, and two other people I know after we all returned from medical leave. Oh and they had their sorry third party Lincoln financial to deny my medical leave. Fired me three days after I got back my manager had the nerve to cry while his boss sat in silence knowing they were doing me dirty. So on top of still dealing with medical concerns no job no leave pay all this to cheat me out if 5 months of pay…
I work at Wells Fargo and the severance package for 2021 is still 2 weeks for each year of service with a minimum of 8 weeks severance. Not sure where others are getting their information but as a manager my source is the HR site.
This thread is back from the dead...still no change to the SCP, so it looks like this one might be 'busted'?
It's true..1 week of severance for each yr of service...however 60 paid days are given after the last day worked to allow you to look for internal positions ONLY.
After the 60 days then you are free to accept external offers. Severance begins at that point...AND...you can't apply for unemployment until severance ends..
Thanks for your honesty ! It's to bad there not offering early retirment packages. I'm sure that could be very effective in reducing the headcount.
2lxz:
My source is the meetings I'm in and material provided. Certain levels received draft talking points this week to help prepare our leadership (DRs) for what is coming.
Don't shoot the messenger for caring enough to provide a heads up to employees. A lot of us stick our necks out on this site to try to help inform. Many have already been let go or replaced by JPMs/others and it had nothing to do with posting on this site.
I would like to know where you got this information. Are you so high up on the chain that you are in this loop of information.. and if you are, your risking your own job by leaking it.
WF is making the change because not enough employees quit on their own yet. It's always the carrot (positive incentive) vs. the stick (negative disincentive) in business.
Due to high operational expenses and poor shareholder returns, we're in the stick phase. (Yes, unfortunately WF wants you to feel that hard stick in a particular place so you'll finally get moving, find another job, and voluntarily quit.)
Employees holding out for big severance payout (for many, a long vacation), will now realize they need to start job hunting. Financial buffer being cut in half is significant and not worth gambling possible loss of income before new role comes along.
There will be NO grandfathering of the prior two weeks per year severance. So for example, if you have 10 years with WF and were expecting 20 weeks of pay (5 months), as of 2021 you'll only be getting half of that... 10 weeks (2 1/2 months).
Again, this makes a big difference when job hunting. WF is counting on employees no longer staying for big severance paydays.
Did they delay layoffs because some groups wanted the new cheaper severance option?
Seems harsh at a time like this when other job options are limited.
successful in granting 5mm stock packages to new execs including diversity and inclusion. Pay based on performance. Layoffs looming although DG may not be around much longer to see.
It’s pretty bad when cutting expenses gets expensive.
Wow.
@mqk+181xczW1 They had already changed the 2020 severance package...I had made it to the 20 year mark in 2018 and was eligible for 52 weeks severance and the 2020 handbook shows after 22 years I would only get 44 weeks with the max at 26+ years of service receiving 52 weeks/1 year. I have a feeling they knew what they were doing...that's why no massive layoffs yet.
I don’t know if it will motivate people to quit but it will save WF some money, and that’s all that matters.
So, if there reducing from 2 weeks to 1... why would that make you quit ? If you quit, you get 0.
Given the socialist values of shart, the only reduction would be to those making over 150/250k .....if it did happen. I doubt it will.
Our mgt team was notified of the same this week – in 2021, WF is reducing severance to 1 week (vs. 2) per year of service. It's simple. They need people to quit. Eliminating WFH was Phase I to achieve desired natural attrition, but was temporarily foiled by COVID. So they had to implement Phase II sooner – reduce severance.
Scharf is on a mission (assigned to him by BOD) and he gets addtl. bonus for achieving it.
This company is plummeting.
Yes I've been told the 2021 severance pay will be reduced from 2 weeks per year of tenure to 1 week per year. This is across the board. And remember, this is a benefit-not a guarantee, so WF can change the plan at any time.
Did you not mean to announce....
Wells Fargo Considering Extending Severance Package by half in 2021...
??
Reducing and/or extending the severance ... both are fake news. :(
It doesn't matter for me. Currently I will qualify for 40 weeks. If I am laid off before the change then great. If I am not, anytime after 2/5/21 that the severance package is cut in half I stop working. I will have used my 2 personal days and 2 floating holidays in January and any acquire PTO as soon as the severance change is announced.
It will be interesting to see how long I can go collecting paychecks before i get put on a PIP. I bet I can go at least three months before any consequences. Once PiP'd, I 'retire'.
: @bhk
They're sitting on their source.
No stupid, they're not.
And you sound like a dead weight lifer, despite your immature 'FNG' label and other childish musings in your post.
The bizarre anger in your tone is misplaced. You arrived at illogical conclusions. What's really bothering you?
When (not if) you lose your job, no one around you will be surprised or disappointed. It'll just be another redundant chapter of failure in your miserable life.
Have a nice day though.
Lol @mqk+181xczW1 . So cutting some FNG's severance from 8 glorious weeks to 4 is some how worse that finger jamming some long termer from 52 weeks down to 26? You sound like one of those NIMBY shytebirds who wants all the great things for anyone who needs it but it better not come at any cost to yourself. As long as the rich and entitled pay for it. FYI I would be classified as an FNG.
Half across the whole plan or for the longer term? I would also agree 1 year is way too generous and could see what being cut but I’m the middle of a global pandemic cutting the 8 week would be pretty awful
dunno if it is 1/2 but wouldn't be surprised if it should shrink. yah, kinda c-appy.
at the same time, i wonder if this is true. if wells is shrinking through out next year, then it would not look good optically, and legally, to layoff one month with one package and then cut the package massively the next month. how would you defend? what you COULD do is to grandfather such that the people coming in, would not get the package, or place caps on. either way, i don't think that this will be this dramatic in the current environment...
What is your source?
This seems like something HR would post to get people to quit now.
Same for the two comments so far.
Is that for everyone? Or only people that have been with the bank longer than x years?
What I mean is someone who's been with WF for 2 years will currently get 8 weeks severance after the 60 day notice ends. But someone who's been around 20 years gets a full year of severance.
I can see cutting severance in half for the long-timers but for short-timers, cutting 8 weeks to 4 is a special kind of lousy.
Lots of internal chatter on the subject, it is not yet definite as of today, but indications are that it will go in that direction - severance will be cut by half in 2021.
If you think you are going to be 'released' in the next wave (12/1; maybe another one 12/8, HR is too overwhelmed to handle 12/8 at this point), hope that you are gone this year... For the rest of us suspended in limbo and wondering when we will be slaughtered, bad news if they decide to do it!!!