Got the package today. I was in the technology group. I'm now retired with a sweet retirement package. Wells Fargo did me right after more than 20 years of service. I'm feeling great.
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Congrats on your paid retirement. LOL! Same happened to me at the end of 2019 but had a working 60days. I now consider it as hitting the LOTTO with 52 weeks of pay leading to my retirement and then the whole COVID thing and as a manager I would have been responsible for the COVID tracing so my replacement tells me.
Displaced yesterday from IAM after 32 years with WF and predecessor firms. 14 months pay including non working period of 2 months. I've been displaced before but this time feels like I'm getting paid to prep for retirement. I feel sorry for those still treading water in this org. Oh well got to go, golf today.
Probably good considering you can’t even spell “laid” correctly.
anyone who thinks these big financial institutions care ANYTHING about you are sorely mistaken, you are just a number and working extra or actually caring about doing a good job is only going to make you not first on the layoff list - until eventually you make too much and you rise up said list. sad? yes, but it's reality
We have other people for the check box for compliance.... multi decade issue where people's real work fell off a cliff and everyone covering for one another...
It's glaringly obvious to anyone new here.
@kjf+1aWltMp6 it could be that the person was doing that to check a box for compliance. That's probably 56.5% of all busy work is. Now that it is not being done, WF will look for someone to blame when they get hit with a regulatory finding.
"You seem to think anyone with experience is useless"
No.. What I have an issue with is the significant amount of people who do nothing but make up work that no one asks for. when our former boss "retired" everything the person worked on (all the meetings, status powerpoints that no one read or cared about, constant barrage of emails to everyone about security "concerns" (no issues), etc., etc.) went up in smoke and no one asked "hey, what about these meetings... what about these powerpoints..." The email volume went to zero and there was not so much as a peep from anyone about anything.
it was all self-perpetuating entrepreneurial work product that was of no value to the firm.
Its gotta be a relief?! Like winning Powerball, except you're out of the carnival.
@kwi. I hate to break it to you, eager beaver, but not everyone wants to be a manager. I personally have been there and never want to go back to babysitting, which is essentially what it is, whether you are talking about your staff or the higher ups.
You seem to think anyone with experience is useless which tells me you have been put in your place when you are told you don’t know everything. That’s the way the working world is. A lot of times experienced people can do more as ICs anyway.
"Congrats! Sounds like your able to retire in your 40's/50's?"
The person in my group in ICS who got laid off was 62.. SIXTY TWO... and had been here 30 years.
"Just got out of meeting with manager: roughly 32 people from IAM got the axe according to them."
Good.. anyone here 20, 30, 35 years and who has not promoted needs to go. People like this are the reason this place is so jacked up. They spend all their time making up work trying to look important and busy when in fact, they do nothing.
I feel for the people impacted. That’s why I got out of tech when I did. Used to work at Chase and saw it coming, it’s a bad rerun of what happened there several years ago. Now they are 70-80% offshore.
Congrats! Sounds like your able to retire in your 40's/50's? That is great for you!
Just got out of meeting with manager: roughly 32 people from IAM got the axe according to them.
If you are that 30 year leech from ICS then good riddance. They need to fire all of you.
Enjoy the retirement! I have 2 questions, assuming you still read this board :)
- Which technology group... there are many
- Same question as @goq+1aWltMp6 - did you officially retire from the bank - and if so, what are the mechanics of doing it along with the displacement - OR - are you calling the displacement package the "sweet retirement package"?
Congratulations!
Good luck to you, and glad it worked out. I'm in a similar position, longevity-wise, and hoping the package will be nice when the ax comes for me. Curious - are you able to get severance AND designate as 'retired' and receive whatever benefits are associated with that status?
Glad the cuts today worked out for you. My sphincter is puckered since I still have a pretty good ways to go until retirement.