WF has been doing this so looooooong time that they have covered all the bases. If anyone thinks their mgr has anything to do with this, nope. Why because that 'might' bring up favoritism, and that means that a certain percentage will take them to court. Yes, the mgr can start writing you up because he's been told to so they can make it easier on themselves to fire you, but we are talking layoffs here. I'm guessing they use a third party group, like ey did/does. That saves their butt big time. Do not forget, the ceo and his minions are doing this as a short term strategy. Decrease cost at fast as possible. Leave the bank a few years later, have another group deal with any mess. Since August almost 16k have been let go, guessing over 20k in the past year. So we probably have 1 more year at 2k per month. Not sure if anyone is watching, but Saul's group loses people, then gains them back. Yep, get rid of US employees, hire them back in india. IT is so far behind, it's comical. Now, who is say they will stop there. Add another year, that brings us to 60k displaced. Stock is back up, costs are way down, some of the consent orders are lifted, board is thrilled, etc.. and chuck is looking golden. Off to the next venture where he and his minions will start it all over again.
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Oh I think there is a formula.
If I were to guess its based on -
state (gov mostly red or blue? labor laws good for biz, bad for biz?) .25 multiplier (+ if red, - if not)
Your risk score. In a protected class (black? disabled? over 40?) 0.1 multiplier each (+ if protected class, - if not)
your cost/market. cali? ny? hi cost markets. tx, az, sc? low cost markets. -.10 multiplier for hi cost +.10 for low cost
Your importance. Doing critically important transition stuff for bank? Architect with a lotta creds? .75 multiplier (+ if true, - if not)
Your tenure. Been here long time? .30 multiplier (- if short, + if long)
Add it up.
If you negative score then you are on the soon to be laid off list i reckon.
So, if 39, hired last year, white, in TN, doing loan doc checks you have a score of
(+.25 -.1 -.1 -.75 -.3) = -0.55 This fella is gonna get ax soon.
as opposed to
45 year old disabled Black Iraq vet, Senior Architect of Payment integrations, working in tempe, and been with the bank 15 years.
(+.25 +.3 + .10 +.75 +.3)=+1.7
Second example is gonna be here for a while, first will be in wave 1 or wave 2 layoff.
This is my guess but i think they must distribute and shuffle peers by race and age so there is no litigation risk of just laying off a single protected class (like lets fire african americans or lets fire just old people)....
Then they shuffle again based on geography so not to trigger a WARN notice.
My personal belief is as much as i dont like any of this, they worked hard to cover all the bases based on established court case law.
And they do layoffs DAILY - sometimes a lot of people sometimes just a few.
It just seems random because of the sample size and lack of info about the specific situation. Sometimes it's just a site closure, with 100% displacement. Other times spans/layers picks off a manager. There is a rhyme/reason, it's just more nuanced based on info people outside if that LOB probably don't have access too. Maybe there's na LOB out there pulling names out of a hat, but that's certainly not the case in my LOB.
Management did have to specify their "saves" last year, so while the selection process may indeed be "random", not everyone is in the pool of "selectees".
Your manager decides your rear kissing skills are not up to par.
then if they dont want you, they make your life miserable and break all labor laws, looknig to be sued. Honestly the company has a bad rep already
Just don't raise your hand... That's all I can tell you!
it's random, that way they avoid lawsuits for targeting older people, women, minorities, etc.
In my group, the two that were kicked to the curb were the same two that had opened cases with employee relations.
Honestly and in all seriousness, we dont see any pattern to it. It truly is irrespective of age, skill, specialization, performance or value.
One day we will just see a bunch of people at all levels gone.
There’s no rhyme or reason. They just want to get rid of the old timers making more than Indians or kids right out of school who know nothing about the real business world.
Someone flips a coin