The sale to the private equity firms should be announced any day now. The deal will close on June 30 2021. Those of you sitting around waiting around to see what happens should start looking for a job ASAP. The PE firms are planning on installing their own leadership and will lay off a huge amount of staff. PE firms cut to the bone, get performance up and then turn around and sell the company to someone else for profit - that is how they make their money. Also, for those of you who are being told you will be moved to another position because you are a high performer are being played by your manager.It is in your manager’s interest to string you along because of spans and layers. I can tell you from talking to HE executives - no one is being moved to another position. Once this deal is done, if you are support staff, you will be getting the lay-off package. If you are in the business, your fate will be determined by the PE firm. If your role is needed, they will keep you. Otherwise, be ready to be moved on. In any case, the job market is terrible now, do I wouldn’t wait to see what happens. It is always easier to find a job when you have a job. People I know who have been laid off by Wells recently can’t find a job and if they can, they are being seriously low balled on salary.
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Wow you called it on 1/25/21 and the news broke. Legit I would say. Good luck to all.
Ha, ha I think that I know this kid’s father. Time to have a chat about sonny boy who’s never worked a lick in his life until recently.
This is the really real world, my friends. There is no certainty. Not here, not elsewhere. Plan your financial lives accordingly. A wise person will ALWAYS have their resume ready, will always network and keep tabs on the job market, and they'll always have an emergency fund. Anything else is putting your fate entirely in the hands of others and luck. Not my idea of a good plan, but to each their own.
WF old timers can't compete with me skills and experience wise. so it's not a factor im my decision making.
with asset cap, the only way to grow is by eliminating non/low profitability areas of the business to let those core grow. there is no other way. that and cost reductions.
Been trying to get another job since December 2020. I’m trying to get job from other bank. Staying at Wells has been so stressful because of uncertainty. It’s been really hard to find another job either.
Looking every day and have sent off some resumes but no dice, yet. It's going to take a while because the market is horrible, right now but I am looking.
What about Fund Admin? Do you think they will be kept on?
Get out now because the market is going to be saturated with laid off Wells Fargo people with similar skill sets!
I wouldn't stay for any stay on bonus unless it approaches $500k; I suggest everyone get a job now while there are so many companies hiring desperately looking for good full time workers. Maybe you can start your new role part time until you know what will happen, but I would by no means hold on to a job here with it being very likely you will be cut.
I suggest same for people in Tech and ICS. This bank can easily be consumed by selling it off piece by piece. This will get rid of all these people that feel like they are the bank owners, when in fact they aren't.
Agree with OP. POLISH YOUR CV, reach out to your contacts at other asset managers, call wealth advisors and RIA's for PM positions.
Sounds like decent advice. The only reason I would consider hanging out at WFC would be if they are offering you a stay-on bonus. You should be looking right now.