I have heard 7/13 and 7/23. Can anyone in the know confirm?
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We recently lost a snr manager in SORM, so wouldn’t surprise me.
7/13 and 7/23 confirmed. Major cuts in SORM and also for the first time, even Corporate Comms.
Don’t believe that there are any layoff dates in July. Probably August 19th and about the same time each month after that for notices.
Probably by end of August in time for the stock price to go up before quarter end. Then probably more in November before the execs start checking out before it all implodes.
My money is on 2nd week of August for massive layoff.
We're at 256k+ employees. The goal is around 200k employees
RIP Guy has not opined, therefore it’s not likely. I’m sticking with his august prediction.
I prefer to be laid off in the cooler weather.
@ygs. Straight out of the Chase playbook so I believe it, considering where these people are from. Look for it to get worse over time as it did there, especially in technology, which explains a lot of their tech issues.
Like here though, not like customer service matters as long as they can cash in those stock options.
@wji I keep hearing 30-33% reduction in US staff with a ramp up of staff in India & Philippines. So, the total net for WFC isn't really known other than they will be heavily using I&P resources and ramping US to the bare bones. PLEASE take this with a grain of salt though as I've only seen it in print once and has been sheer rumor otherwise. Just been a consistent rumor.
Those who have been full time WFH and live hours away from a hub should expect their role will most likely be let go. Depends on the LOB though. Technology, HR, Corporate Risk and many of the LOBs (i.e. CB, CIB, WIM, etc.) will be reducing WFH significantly (some fully) and will only have employees at their designated hubs.When you start to consistently hear words like "location strategy", "centralization" and "standardization" you will know it's happening in your LOB. They will do this through natural attrition and layoffs. I work for one of these groups (not going to say which) and our layoffs will begin late 2021 and in to 2022. I work over 5 hours from the closest hub, have over 25 years with the firm but am being proactive in applying externally. I'm not going to wait around for a severance. Is a matter of taking control of your career path. I've "been there, done that" too many times with WF to do it again. If I'm still here when it happens I'll be grateful I get a decent package. Hoping I'm not though.
For the person who is on FMLA....As long as you are within your protected timeframe they cannot fire you while you're on leave. But, they can lay you off the day you return. I would see if you can connect with any of your co-workers to see what's going on with your specific team/LOB. They also only have to hold a "comparable" position while you're on FMLA. There is no guarantee you get the same job when you return. But, you don't see this happening often where you do not return to the same manager/role.
In regards to severance, it is my understanding the board has to vote on changing it. I know they changed it a few years back to put the cap of no more than one year of salary no matter your years of service. WF isn't likely to change it. Would be a PR nightmare. Of course, they've surprised us plenty before.
“Desired headcount”: A number more classified than Area 51.
Wfc needs to get regulatory approval to change the Sev package. Last week, folks were let go in all lob's. Layoffs will keep happening until we are at the desired headcount.
Fake News
Heard 7/13 as well.
@gbt what LOB and what location?
7/13 is a Tuesday. That would be a break from the Thursday norm.
@pgv I’m 100% WFH and 3 hours from a hub. Based on discussions in my LOB (emphasis on MY specific LOB), I’m expecting to be laid off due to location strategy, so I’m preparing for it. I’m hoping they’ll just rip the bandaid off and do it soon.
Re @ige
Supposedly Chase cut they’re severance a while back. Does anyone know how they did it? Was the new package applicable to new hires and existing employees grandfathered to the prior package?
I’m really curious about my position. I’m on STD/FMLA and will be for several more weeks. I’m also a full time WFH/telecommute and 4 hours from the closest hub. All of this could and should be so much simpler and transparent.
I’m a little dubious on the end of September now. If they do that, notice periods would end in November. If they wait until early November for the layoff wave, they might save some money if they adjust the severance policy for 2022. Just speculating, but would anyone really be surprised?
Just let me know how to put my name in the hat.
The big one will be end of September. So all of you fighting to go back to the office, you may not fight for long. Enjoy yourselves now or start looking for wfh opportunities.