I got laid off this morning and I’m a pb1. Heard it was company wide. Get ready folks, cause Wells Fargo is heading downhill and fast. Managers, and entire branches for that matter, are furious because now there are basically no bankers due to PTO, COVID, and company wide licensed banker training. I expect many more to start jumping ship but that’s exactly what Wells Fargo wants.
36 replies (most recent on top)
Information Security here: I got the big red axe yesterday morning. 3 other team members as well. Looks like all lines of business are getting hit again. WF will look investors and government regulators in the eye next month and without batting an eye, say, "look at how much money we made/saved in 2020!"
Corporate IT, layoffs today, 12/10/20. Merry Christmas you filthy animal...
Customer traffic has dropped tremendously since COVID. Rotating schedules proved you can do as much with less team members. Plus there was a lot of bankers who had very few customer interactions and didn’t want to make proactive outbound phone calls and set appointments. I have seen a branch Managers be the last to arrive in the morning and the first to leave in the afternoon. My word of advice would be to if you are still in a branch now, step up and be a leader and do things that will set you apart from others as most likely there will be more staff reductions!
Position eliminated is the easiest way for them to let people go!!! Spans n layers are a massive part of the future layoffs!
From my understanding, all CSSR’s and PB1’s have been laid off? I had a feeling it was coming, however I did not expect positions as a whole to be eliminated. I’ve been with the company for 7 years and was given the news the other day. I feel for those with families. This is a blessing in disguise though. Work for a company who actually does care about their employees.
Love it. Live it. Love it.
After 13 years..im still in shock when other PB1 go in hung over or call in bit yet i get laid off...thank you wells fargo will take my money and mortgage elsewhere
@3cpy+18f7w3P6 It is you who have not been paying attention. Those asking “why not the executives?” actually are the ones that HAVE been paying attention. When before have you ever seen such rapid growth in both spans and layers in the C Suite? It’s growing faster than a malignant cancer.
I am terrified I am next. I am a service manager and my branch was permanently closed the end of september... Now I am just sitting at another branch waiting to see where they can put me but honestly its not going to happen...
I am a recent retiree. After over 30 years of working in the retail branches, I can honestly say that Wells Fargo is trying to rebuild. Most of the staff that were hired by some of the District Managers were not qualified to Manage a bank branch. When the President mentioned no qualified candidates for certain leadership roles, they were not only talking about African Americans, but across the board. Most have little financial back grounds or the ability to grow business for the company. Furthermore, Wells Fargo has been working hard to listen to their customers and community to understand their needs. They have implemented strategies to help the community, but some managers and district managers are still self-serving and in stead of doing what is right and expected, want to keep control and branch funds to continue to get their bonuses and raises. The tellers and bankers do the work, but Management get the most and give nothing back in return. Most Managers and a District Managers and some employees do need to be let go as most worked from home since the beginning of the pandemic. Wells Fargo has been paying out money for people that have not been present for awhile. Management also like those employees that they pay right above the $15.00 an hour. Managers also don’t like team members with a lot of vacation time or years of service. They also liked”yes” staffers. So, in lieu of experience and knowledge, some managers feel they can train their teams. Knowledge of finance is a balance of education and experience. Most managers don’t even have that. Wells Fargo does have an extensive process that most don’t even utilize. They take the training because it’s required. Managers and District Managers do a good job “checking off” their to do list, but don’t really care about truly training their team as they themselves have either no knowledge or less knowledge. So yes, they must and should let most of the branch and district teams go and hire and pay for skilled, knowledgeable staff members that are interested in making a difference in people, community and business.
Wells would probably need MORE people if we actually had as many real accounts as fake accounts.
@mnm+18f7w3P6 you do realize the most expensive line item for almost any business is labor and benefits, right? We can agree WF is a cesspool, unethical, and underhanded, but labor is a huge expense.
For those asking 'why not the executives?', have you been paying attention? Every level of the company has been hit over the last few years. Almost none of the executives are the same as they were 4 years ago. A lot of mid-level managers have been cut as a result of span of control policies, and a lot of entry level folks have as well. No level of the company is escaping the axe, there's cuts all up and down the chain. No one likes layoffs, but it remains a necessary process. Our employee-related costs are simply too high, and have been for many many years. Whatever you do for the company, the recent layoffs are a good reminder to brush up the resume, develop yourself, and always keep tabs on the pulse of the job market in your industry. It's just a smart thing to do to prepare. People only work for employers for an avg of 3 years these days, none of us can assume we'll be in the same place 'forever'.
We don’t need the massive staff we have I. The branches. Our main competitors definitely don’t staff like WF has for years. It’s painful, but it’s just business. The timing was horrible for sure. I think they should have waited, but I guess there really isn’t a good time for these things.
@Velafarts91 Same, no reason given when asked to come in early but I figured. Word gets around quick and its no surprise they want eliminate roles. This forum helps too. Congrats on the new job.
WF wants to instill fear. Loves this site, because it shows that the "stick" is working and many will leave on their own and save the company money.
BOD's plan is working perfectly.
Be glad you'll receive severance under current amounts. 2021 severance is being gutted. Those who get cut early are the lucky ones, relatively speaking.
God bless everyone.
Screw Stump, Tolstedt and all the other corrupt arse holes!
I’m a PB1 and was just laid off on my day off:/ Got a call from my branch manger about 2hrs ago. 9 years... down the drain. RLA graduate, Golden Spoke Champion..means nothing now... just words.. feel bad for all my customers who waited hours (only come on my days working. Don’t know what to feel. You lost a great one WF. Looking at this as a Blessing!! Will go to a place where my intelligence matters. Together, we’ll go far..to the trash!
My manager pulls me aside yesterday telling me to come in at 8 am the next day. I’m like “sure what’s this about?” He replies, “I can’t say why”. Mmm okay.. go in the morning and he gives me the news. Luckily for me I had the foresight to see all the sh– that was about to hit the fan. I applied to another place a month or two ago and got accepted a few days ago and was actually going to give my two weeks on Monday. Thank god I saw this coming.
I can understand shutting branches, but reducing staff will not save a ton of money. Best of luck to you all and thank you for being front-line heros. You deserve better.
I’m a pb1 as well & got laid off this morning too
How do they decide who to let go if there are multiple Pb1s? Who makes the decisions?
Hey @abf+18f7w3P6, the exec's making millions are the reason they lay us off.
American corporations are run like ATM machines for execs, the BoD's, and shareholders.
Corporations are not our friends.
Wells Fargo Laid off a lot of people today. Gave them full salary till Feb 3rd and severance pay after that starting from Feb 3rd for at least 8 weeks to 52 weeks depending on years of service.
Been with the company 10 years and was let go along with 2 other bankers.
I also got laid off this morning. There are two Wells Fargo’s in my area within a mile from each other, I fully anticipate for one of the two branches to close, even though both are equally busy ALL the time. The fewer employees Wells Fargo has, the fewer customers eventually..
Being that it is the month of December, very inconvenient for the customer due to people out due to vacation and a pandemic. Yet they claim the customer is at the center of all we do. Riiiiiiight.
It’s like the mob. Follow the money.
Yes, eliminated all Assistant Branch Managers, CSSRs, and some Personal Banker 1’s. My banker staff went from 5 to 2 in one day. Another branch went from 8 bankers to 3.
I got laid off this morning as well with no real information I’m a personal banker 1 my branch manager called me today was my off day it’s all so crazy I’ve been with the company 5 years I would think they would want to keep the more seasoned employees but I guess that’s not the case
Especially since they were pushing for it so much. And submitting complaints.
Shouldn’t be shocking- digital banking has increased and will continue to do so which will lead to less branch positions and if you’ve ever gone into one of our big bank peers’ branches, like BOA, you’d know we staff our branches much higher than they do.
Multiple CSSR and PB1 have been laid off around the Charlotte market today. Talk of potential whole branch closures.
Just got played off. 4 bankers in our branch..... worst part is I'm on leave and no additional information could be provided to me. On hold waiting to get through to HR now....
How is it that the higher ups with their millions can’t get laid off? But our branches that only have maybe one or two bankers do?
Yup multiple banker have been laid of in the west coast
I'm not at a branch but a couple of assistant managers were laid off today. They are amazing people and I'm baffled at the decision to lay them off.