Have you heard anything about potential Wells Fargo Layoffs 2021? Any news or rumors?
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Please explain how Senator Warren managed to monetize the Fed decision to cap the Wells balance sheet. I don’t believe that she was involved in that whatsoever.
I had posted a couple of years ago that Sen Elizabeth Warren's tirades demanding greater regulation of Wells Fargo would lead to branch closures and a loss of jobs. The Fed decision to cap the Wells balance sheet was the hand writing on the wall. Thanks Liz!
@7Hrtn+184uHg5W
Completely false. I’ve been here for nearly 30 years and have seen multiple waves of tech layoffs under whoever is running the tech silo at the time.
So many people got laid off from wf past 2 years specially in IT. Saul is horrible manager, cuz of him people getting laid off. Hope he gets laid off and doesnt find another job, so he feels pain of other people. He cares about saving over people jobs. Before him there was no lay off in IT.
I got laid off in may 2021. I was there 6 years. A bunch of people in IT were laid off. most were long tenured staff. I was an AVP SOEngineer too. They are moving IT to India. Morale at Wells is not good, everyone’s afraid for their job and the management is all over the place. They are doing reorg after reorg. Friends who still work there in IT are leaving because the atmosphere is so terrible and they could get laid off any day.
Just got displaced, in QA, exact title executive office case specialist, just had my 5 year anniversary on Monday. Many of my colleagues were very tenured TM’s.
Project managers and Test Coordinators are all aware their job will be gone by next year or maybe even sooner. All the dedicated knowledgeable team members either left because of overworked, underpaid or poor management. Unclear reorganization plan shuffling resources around is poorly planned and executed.
I’ve known so many friends left and even with new replacements with many years of outside experience can’t perform the same. It will take them a year or more to be on par with previous staff.
Senior management needs to learn from their mistakes from the past 6-9 months, relax the annual compensation rules and really reward the individuals who are providing value and backbone to the organization. Many are underpaid by 10-30% compared to other internal jobs and outside job offerings. If they realize it and make a change the next few years would be very challenging.
Charlie's headcount was down about 3K on Monday; this suggests there was a huge layoff 60 days prior, which would have been late August.
Heard big layoffs happening today. Any news?
Got laid off today. Heard few other people also. QA Roles
Chuck is going to force "back into the office" as a way to get us to quit. Just saying... the man has numbers he advertised and will need to meet.
Will be less employees but more profits for stockholders.
Yep, layoffs again today (6/24).
Dm.s. are lossing the jobs after 15 years
Compaines don't have to lay off and they would still be profitable and grow but when greed steps in everyone fails
Is there any word on when the service manager 1 position will be eliminated this year?
54 admins Nationwide were laid off in March.
77 Consultants from fraud were laid off early April and told their work is going to India...
Charlie says he wants to grow investment banking but yet that's where most of the layoffs came from
Lay offs
Financial advisors
Listed in PA
I got it along with 5 other folks on my team on Thursday
Why is it so quiet? Spans, layers, consolidated regions, coe's. Everything appears decided. When is the annou ncement going to be made including major layoffs?
Any word on layoffs in the Wells Fargo leasing group in Moberly Mo?
Post ID: @1Gzai+184uHg5W
We've cut a lot of consultants. We cut 30% of them before even looking at local FTE's.
New lay off at wells Fargo today!! I was just layed off after16 yrs of service..never did anything wrong.. all they said because the new alignment..maybe because I get paid more then some.. now they can pay someone alot less to do my job..
You are absolutely right, but that is actually the part that Charlie has never understood. You can’t cut the engineering costs before the work starts...
Layoffs are a new normal I was displaced a couple weeks ago it’s every dept everywhere except India
If you are going to rip off the band aid do it now.. before the pandemic ends and then it's to late
Wells has issues with morale. Middle managers are get the axe in the capital market sectors.
Wells does not work with efficiency. The training in the development programs is out of date and cut to the bone due to costs. Wells will survive, but it will not be the same. The CEO wants to grow investment banking.
Cut Concord Mortgage site leaders -they are incompetent -do nothing and collect a check
I'm a PB1 in southern California. When will I get laid off?
Heard QA titles are going to disappear??
Wells Fargo also plans to close another 250 branches in 2021, after closing 329 in 2020.
What wells is doing is sending all the Licensed bankers to more licensing because those are the one that are staying (Only if they pass) For now they are keeping the PB1 to have coverage while the others are in licensing.
Then they are also training the tellers to do minor PB1 work.
Once all the Licensed bankers are pass new licensing and all the tellers are knowledgeable in CRV/SVP they will be getting rid of all the PB1s regardless of your time with the company.
If you want to keep your banker job you have to get Licensed and become a PB2. If you dont want to go to licensing you will need to step down to a teller.
All PB1 are already doing teller training and are mandated to work in the teller line for XX amount of hrs each month..
Span and layers at Wells Fargo advisors?
I think what they are going to do is keep all the Licensed bankers and get rid of all the PB1. Train the tellers to do the PB1 job at less cost.
Last week we cut 2 bankers that were on leave.. and they told us we were safe! That there would be no more layoffs in Our branch. Needless to say we still have over 10 bankers. We are a busier branch but I'm almost sure we can perform with just half the bankers.
Wells Fargo personal bankers are being let go right now on east coast. It’s centered around tenure, cost of retention (salary), and efficiency regarding performance.
More layoffs coming on Dec. 1, leftovers from the last round that were planned but couldn't get done in time
It has been clearly stated that Wells has a goal to cut 20-25% of its total workforce. The pattern has been to inform displaced people on Tuesday.
So yes the layoffs will continue week after week through 2021 and possible into 2022.
Schart wants it all now but Wells needs to invest in automation before cutting costs. You cannot reap before you sow.
And ALL the BS the company talks about with regards to RISK. Might it be risky to let go of 25% of a workforce, with seasoned vets, and leave several LOB’s incredibly understaffed? With remaining folks overworked??? Yeah, I’m sure that mitigates risk. The logic (or lack thereof) never ceases to amaze me.