Thread regarding Wells Fargo & Co. layoffs

There is no rhyme or reason to WFC layoffs

I see people trying to make sense of layoffs here, speculating it's always the first or last week of the month, or a certain group gets hit on this or that date, or major layoffs happen once each quarter...

I understand a need to try and predict something that can affect employees so profoundly but the simple fact is that there is no predicting it. There has been no common thread to layoffs. They happen all the time. Sometimes it's just a small group of people and just a few know it's happened, sometimes it's branches, sometimes it's a major round everybody hears about...basically, they lay off who they want when they want if it fits the numbers.

Sadly, we're at the point when every day might be a layoffs day and people really need to be prepared for that, rather than guessing and then potentially being caught unawares.

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| 2337 views | | 9 replies (last March 18, 2021) | Reply
Post ID: @OP+19R1hsm8

9 replies (most recent on top)

There do seem to be groups of them happening on the same day like on the 20something of each month, but who gets cut does seem somewhat random. In my group, there were some everyone could see coming and others that were shocking. Some who wanted to retire got a package and others didnt and watched as capable peers were let go. You never know. Have a backup plan!

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Post ID: @4obv+19R1hsm8

As I have said before, the people making these decisions are MBA graduates so far from how things actually work that it is no wonder they make ill informed decisions on layoffs.

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Post ID: @1njy+19R1hsm8

What’s the point of this post ?

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Post ID: @ezr+19R1hsm8

People come here to talk about impending layoffs with people in the same boat. What else should they be posting about, Russian literature?

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Post ID: @pov+19R1hsm8

What the OP is saying is that you don't know who and when specifically. Not that they shouldn't happen. I would agree. I've seen great people get laid off, poor performing people. Young, old. The only thing that will probably keep you safe is if you are a minority. Then that trump's everything.

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Post ID: @gel+19R1hsm8

There is a rhyme and reason, it just seems that way when your out of the loop. Job's today are "at will", there's a mutual understanding of sorts between an employee and the business but there are no guarantees. You have a responsibly to yourself to take ownership of your life.

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Post ID: @xbv+19R1hsm8

Oh, yes there is! This place was MISMANAGED for years, from both a risk, headcount, efficiency, and financial perspective. They paid close to $18 BILLION in fines (this was quoted in congressional hearings with two CEOs) for outrageous risk and control failures. Meanwhile, former executives made off with millions in stock options and are enjoying a nice retirement while many of us work our asses off to improve risk and control programs. Now after all those billions in fines and penalties and years of unfettered hiring, they're coming after headcount and any expense they can find to cut, including company paid cell phones, annual holiday parties, recognition events, etc, etc. It always comes full circle to impact the rank and file and many of the employees who spent years trying to do the right thing. Now, they need to cut costs so profits can rise. Do you see how this works now?! Welcome to Wall Street!

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Post ID: @viw+19R1hsm8

Agree, OP.

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Post ID: @juk+19R1hsm8

And in other breaking news, the sun rises in the east. Why bother stating the bleeding obvious? Geez.

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Post ID: @fae+19R1hsm8

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