Layoffs in Enterprise Technology today (12/1). i heard of 8 managers - you know the day to day managers and some do have lots of knowledge - was not as you would expect. i lost 4 direct co workers, and all other teams seems did lose some i just don't know all those people. I have also heard decision is purely from HR no manager input - all based on salary, cost of severance and the number rating we all had in the summer. The package is 60 days paid paid plus 2 weeks severance per year of service. I don't know if all packages are the same. This is just what my coworker told me. These are just some facts to share, we dont expect more this year but who knows. If you get a 1-1 with mgmt on Monday for a meeting on Tues. Its a hard day to live through.
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I expect they are referring to the WARN act.
Hey @3ltu, where in federal law is it required?
I don't think it's in there, please show us.
So many people "know" things that aren't true, and for some reason never think to look them up.
Post ID: @1jxy+18dRpMu5. “ You would think the stock market and analyst sites would be drooling to get this data out for shareholders and possible investors.”
They actually don’t need to drool over getting the data and neither do any of us. Wells discloses the dollar amount set aside for costs of displacement in their quarterly reports. It’s actually a requirement of guidance to shareholders. But being in banking, of course you know this.
It’s relatively easy to determine the number of heads, but you do have to make some assumptions on average length of service, average displaced salary, etc.
It is astonishing how many think they're sharing special news here. The severance is a published benefit. So many managers seem to have no clue. 60 days pay is not "noble"either when federal law requires it.
We lost 6 people. All managers, one of whom I personally know and one other who I've met in the past.
Can confirm everything else the OP said. I'm also in Tech.
I don't know the full scope as far as how many people total got laid off. 8 there, 6 here, 4 over there. It all adds up.
When I was a contractor at Bank of America we had agreements that the contract would go at least through March of the next year. Then, suddenly, 2 weeks prior to the Christmas holiday it was announced by the Bank of America management that all contract employees in our Finance team would have their contracts ended two weeks before Christmas. What a sweet Christmas present from Bank of America! No job at Christmas though they had promised the job until March. Just posting this information to state that due to that experience I found most companies due not hire during the Christmas holiday period. In fact I did not get another job until February, a month where companies start hiring again.
Another bad part of this is the layoffs aren't always being done based on business need. We have people working and managing CO and other 'mandatory' work who are being laid off with no opportunity to transition the work. Those left behind already have a full load and now everyone is scrambling to figure out which fire to focus on and what falls to the side. I don't think current 'leadership' cares because they aren't planning to be around and have to deal with the fall out and rebuild.
Post ID: @1jxy+18dRpMu5
"Consider that we are a publicly traded company. You would think the stock market and analyst sites would be drooling to get this data out for shareholders and possible investors."
I was listening to CNBC a few minutes ago and they did mention it as well as Boeing (7000 layoffs) and others. It's viewed as a positive because we're controlling expenses and the stock is going up in value. It's in our 8-K filings for anyone to read.
Yes. I was a lucky IT Manager laid off a couple weeks ago. My boss confirmed they are laying off slowly to stay out of the news.
Does anyone else feel like these "scheduled" layoffs are being done in lower numbers for a longer period to stay off of the media radar? Not that media cares to report any of this. Finding good information on the layoffs on the web is a dark hole. Consider that we are a publicly traded company. You would think the stock market and analyst sites would be drooling to get this data out for shareholders and possible investors.
Lots of Corporate Finance and IT people were let go on 12/1. Severance package is 60 days paid + 2 weeks for each year of service. Layoff were determined based on "business need", in some cases entire groups of people were let go. Also in some cases people were asked to stick around for a few extra days.
Wells Fargo is truly pathetic to surprise people with this at year-end during the holidays. It's "noble" of them to continue to pay for another 60days but many of these people are due to recieve bonuses in March 2021 that they earned in 2020. Since they are no longer employed by Wells, they are now forfeiting their bonus.
I can’t believe you knew of 8 people that got let go on the same day! Hole schneikes dude, you must have a massive network or just a severely overloaded area. 8 is a c-ap ton of people to be let go, just insane!
Thanks OP for providing this update for us.
Boggles my mind that a person comes on a layoff site to post confirmation of a layoff they know about, and then some id–t on here implies the info was not worthy of posting because it only mentions a few people.
Talking through your hat bud.
I worked for a tech company with 300k employees in the dark days of 2009, they shed thousands in a couple of weeks.
Wells is slow because its a bank and a highly bureaucratized and inefficient one at that.
most I've ever seen laid off in one shot was just under a thousand in a single day, company wide for a company of, at that time, 40,000. has to be done in waves due to the amount of work involved.
To id–t Post ID: @wvv+18dRpMu5 "You heard of 8/270,000 people got laid off? Ohhh wow I'm blown away.. "
As the OP i will say i only posted for my area which lost 20% of people. It is 20% of a small team. This team is scrambling with no way to cover the work today. Hopefully they can achieve your displacement , probably wont be noticed though. Dumb a$$.
@tfw thank you for pointing out the obvious. WT? What other company on this planet has tellers running technology?
I worry about my great QA partners. It seems like they are hiring engineers to do their jobs. I wish that some were given the opportunity to transition into junior developer roles. They have so much knowledge and experience.
If Charlie wants JP Morgan so bad. Why doesn't he just go back to working there?
You have no idea what you are talking about.
- No company lays off 60k people at once. I've never seen it in my 30 years of working. Even 10k is done over months or a year or two.
- They are hiring for roles that are needed and getting rid of those that aren't.
I am guessing the managers I knew who were cut loose yesterday were expecting it after their fellow managers got cut loose a couple weeks ago.
Meanwhile engineering managers are trying to manage people from all groups and have way too many directs, most of which they have no clue what they do so how do they really manage them? Just a bunch of nonsense. This was not well thought out.
I only know of 3 people. One wasn't a big surprise as I heard it was likely to happen, the 2 managers I heard about were somewhat of a surprise. They also had a handful of directs, so were clearly targets.
For person asking about doing all at once... not possible. HR is having enough of a challenge doing each wave as it is. Every person has to have a package prepared and that takes time.
This will be disruptive for a while until the dust settles. Until then, if you're sticking around, just do your job and stay visible/valuable. You have zero control other than that so not worth dwelling on it.
And yet the teller pretending to be an Engineering Manager still exists.
Did they get rid of any of the tech secretary's? They should be gone, useless position.
We have one that tries to pretend he is a manager, he doesnt understand technology nor the business. Not really sure what he does all day but waste time. Manager is clueless as he blows hot air up their ear,
yea what is wrong with this guy, he cant even just do layoffs like every other company on earth? They just let everyone go in one sweep then done. No need for this drawn out over such a long period, The other issue is they are still hiring people! WTF, so really no cost was lost.
Can someone please explain basic math?
You heard of 8/270,000 people got laid off? Ohhh wow I'm blown away.. Charlie needs to toss the electric chainsaw and move to gas asap, preferably a milwaukee gas chainsaw, gas is always best...Charlie is going to be fired very soon if he doesn't start moving faster.. The next ceo will just use a wood chipper.
All I can respond with is that this news is very demotivating to all of the still remaining employees.