Thread regarding Wells Fargo & Co. layoffs

Very insightful. There have been some sudden retirements lately...

We will be returning to the office hubs starting in September. I think this will be the bigger factor for staying or leaving Wells Fargo. Especially for groups like mine that have been mostly remote workers prior to the pandemic. Based on the information from OP, any large scale implementation of this package program won't happen until 2022, and only if necessary.

Post ID: @2wrc+1b3LoEtt

I posted the comment that they were responding to and it seems to have been somewhat over analysed.

In my specific case, I came to WF through an acquisition a few years back and basically think working in tech, for WF, is close to being the worst job I've ever had. As part of moving to WF I got continuity of service so if I got laid off, I'd get 60 days plus 12 months of severance and I'm in a position to call the whole thing early retirement and get out of the way so the young folks can get on with the business of changing the world one microservice at a time or whatever it is that they seem to think they're so much better at than I am :)

My point was that, assuming the bennies were comparable, I'd take a package and save the bank from calling it a layoff. Six of one, half dozen of the other as it applies to me personally.

The thing about IT being cyclical usually refers to budgets. If you haven't used it up by November, it gets frozen and you don't have new money to spend until near the end of Q1 the following year so hiring usually stops late in the year and doesn't restart until around bonus time the following year when new budgets are approved and people start moving around. Not sure if that's still the case with outsourcing and all but that's how it used to be.

Post ID: @1qzv+1b3LoEtt

This is a nonsensical post in the extreme. People are not going to pick and choose to stay or accept a package based on time of year. People are going to make this decision based upon age, means, health and their love or hate relationship with Wells. Even more ridiculous is your assertion that tech jobs are cyclical throughout the year. Tech is 24 by 7 every day of the year. Tech hasn’t been cyclical since the first computers in the 50’s.

@1jns+1b3LoEtt

I absolutely would be. More work is the least of my concerns.

@2xhg. No you don’t. Well, if you met that rule, that is. Easier to find a job at 25 than 55.

Thanks for the heads up OP.

Darn I wish I met that 60 rule.

The E in DE&I is for equity, not equality. Also, why invoke MLK?

Who did the OP quote in his write-up?

What is the source of his/her statements if they are not merely madeup?

How soon will this be rolled out? Part of the big June layoff announcements hopefully?????

I'll take the retention bonus package. Thanks.

Could WF be any worse?

The next question to then be answered is, who will be willing to stay being short staffed and the inevitable workload increase? A strong back has a finite load amount it can carry.

Management better be planning on what to do once the headcount goes lower than what they are targeting.

@1qzv+1b3LoEtt

To each their own, timing doesn't matter to me when "later" = more $. The 6 mo would be used to find another gig and double dip on pay, not vacation time, but that depends on the person I suppose. For a lot of people now vs later wouldn't be a very tough decision. If OP is correct, I hope tons of people accept these offers. If we can really get to the headcount # the board wants with voluntary departures rather than involuntary ones, I'm all for it. It'd be the best outcome for everyone.

@1wun+1b3LoEtt another point to consider... I'm in the trenches doing productive work so if my first 2 levels of management have any input then I think they would steer a forced layoff toward a few others on the team rather than myself. Therefore, for me, waiting it out might be harder because I'm not likely to be in the first round using that approach. However, if they are making offers to the entire team thinking they know their metrics then I might see it as my one and only chance to get a package and move on. By skipping on the opportunity my path out would likely be resigning in the future to work for another company so why pass on a chance to double dip?

@1wun+1b3LoEtt you are not thinking this through.
Say you've got six months of severance coming to you. Wouldn't you rather choose -which- six?
In Minnesota you would - April-September is a lot different from October-March. If you could plan for it, you could cruise around the world if you wanted to or hike the Appalachian Trail or whatever thing that is season-dependent.

Or maybe you want to sign up for severance sooner than later because you're in the final stages of an interview process elsewhere. Wouldn't you rather also get six months worth of money for nothing? I would.

Or maybe, like in tech, your business operates cyclically and people really do not want to hire in December but the recruiters come out in force by March. Better if you can choose what quarter you get let go in.

DE & I is not about equality, it only exists to get woke cred... Equality of Opportunity should be desired, not Equality of Outcome... you cannot have both.

Equality of Outcome is based on skin color... does your skin color make you a better accountant or manager? We are practicing discrimination, something that MLK would not approve of.

The only worthwhile carrot, if you're under 65, is healthcare. Could be a game changer but we'll see I guess.

Yeah, it almost certainly has to be a better severance than a regular layoff or just about everyone would simply wait it out and get paid for a while longer before getting a similar severance later anyway. What's the scoop OP, what carrot is dangled to encourage people to take it rather than waiting it out?

This is pretty interesting to say the least. I'd jump on it unless the math didn't work. If the standard offering is 60 days plus two weeks per year of service, I'd have to assume they'd offer something similar otherwise folks would just wait them out.

Any thoughts on what a package might look like?

Do you have any kind of timeframe for when they might plan on expanding that? My gut is telling me to expect a big June layoff and maybe dangling this carrot in September, but I have no evidence to support that.

Ever notice that bigots that say things like "we have to move the needle" are white themselves and not lining up leave the company to move said needle? Funny how that works. Content of your character people, it's the only path to true justice in this world. You'll never solve bigotry with more bigotry. Violence begets violence.

He/she is talking about what is essentially a voluntary layoff. If you've got 5 managers, and you want to get the number to 4, you offer some severance packages to specific individuals in the group and see if one will leave voluntarily.

In a way, this is a good thing. Much better to have volunteers rather than some faceless bean counting upper manager just selecting people. On the other hand institutionalized bigotry and the weaponizing of back to office is the opposite of what a business should be doing. If there's good reasons for working in office for some roles, fine, but if the OP is accurate with their information this RTO plan goes much further than that.

What do you mean by, "Packages?" Is this something all together different then getting laid off, getting your 2 months plus X amount of weeks of pay based on amount of years worked?