During a group meeting this week, one of our leaders said that the company direction they have been told is that current remote workers not near a hub office would be displaced and those that live near a hub location will be required to work in the office at least 3 days per week. They also stated that division leadership may allow certain exceptions on a limited basis. No timeline was offered, but they suspected it could start after Labor Day when offices begin reopening normally. Apparently this is a bankwide directive, not limited to certain groups. Has anyone else heard the same? Certainly not surprising but seems rather short-sighted.
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What group are you in @8hnw
It does depend on the group you are in. Technology and HR have mostly finished their layoffs as they started 2-3 years ago, pre-COVID. Corporate Risk has begun their "centralization", "standardization" and "location strategy". Those are keywords to listen for. Anyone not in an approved hub location for Corp Risk should have their resume ready and probably already applying externally. And those who perform operational type support roles for their team should expect to have that role moved to one of the Admin, Planning or COO central teams under Mandy Norton then that person laid off.
As far as Enterprise-wide, I keep hearing the number of 33%. That's the percent of staff they want to ramp down in the US and will then increase by a smaller percentage in India and the Philippines. They will ramp down through branch closures (~1,400 in US) and non-branch staff layoffs.
Those in a WFH status who live near a hub should expect to have to go to said hub at least 3 days, if not all 5 per week after Labor Day. Those in a WFH not near a hub will just be let go no matter their role or even if they have an HR Accommodation unless they relocate at their own expense. The sheer fact they do not live near a hub overrides the Accommodation (yes, some on my team have asked).
Like Home Lending this week, expect the official notice to come from some manager you've never met or heard of. Will be a large Skype/Zoom/Teams call to notify everyone at once. But, sadly this is the most efficient way to get the same message delivered to those impacted so take solace in you will receive same message as your peers getting laid off.
Remember, Charlie's nickname is "Chainsaw Charlie". He's living up to it. And, go read about JPM and BOAs stance on WFH, hubs, returning to the office and you'll realize Charlie is just doing what they do. Is his MO. Best thing people who are not near a hub or are in a supporting type role can do is update their resume and begin posting externally. This includes myself who has over 20 years with this firm. But, I don't live in a hub location so my notice will be coming at any point now. I apply for 2-3 external jobs a day to ensure I can continue to take care of my family.
People need to stop talking about LOB directives as if they apply to all. I appreciate that some people don't want to go to the office, but I know for a fact that not all remote workers are being required to return, so please stop spreading false information.
@6nun+1bobxE6M Which Lob are you in? I have not that from Lending.
I’ve decided to start posting here after getting di-k to my stomach about the lack of transparency and loyalty from WF.
In a group meeting last week, it was mentioned that employees who were working remote before the pandemic will now have to report into the office starting after Labor Day and I’m not in a hub location. Yes that is correct.
Doesn't matter if your admin building is a hub or not. If you live within 20 miles, expect to come in. There hasn't been any talk of a hybrid approach.
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When we are all supposed to report back to the office in sept, WF is hoping that 2% or more of the company will flat out quit. That's roughly 5k that they will not have to give a package to, and they already think this number will be higher. At around October we should see head count down to around 248k, give or take. Next up, and remember this is only so they can save money, relocation. That should get them down to around 235, no packages, high fives all around the big wig table. That still leaves us with 15k that will be need to be laid off off at 2k a month. Soooooo, one year from now we will be at the golden number of 220k. More high fives, more bonuses for the upper echelon, stock prices are up, board is happy. But wait, if the bank is still running well (head count wise) and we still have the consent orders, I see no reason why they will not try to decrease the number even more. It's Chucks job to get us efficient, i see the real golden number as 200K.
I'm not sure if anyone notices, but while over all head count is decreasing almost every week, IT head count is increasing. Get ready for the people that are being hired now to take over what the long time IT people have been doing for years that make tons. The new minions that are being hired outside of the US will take over, per-se.
I’m getting so tired of all the speculation. I’ve been 100% WFH for 3 years and 11 years with the bank. I live 20 miles from a non-hub admin building and about 160 from a hub. If they told me I had to go into the local admin site a few days a week, I’d do it to keep my job. But I’m getting to the point where all the uncertainty and anxiety is overwhelming. If it wasn’t for being over 50, I think I’d welcome a layoff. To be honest, I don’t understand why I keep coming back to this site. I think I maybe I’m addicted to fear po-n.
Good luck to everyone hoping for the mini golden parachute.
They’ve been threatening this for a few years, let’s see if it pans out finally. At the end of the day, when the rubber meets the road, and chickens come home to roost, [more platitudes here], it’s a strategy to inspire additional attrition, and justify purging certain leeches from the company.
I for one welcome a layoff.
The Delta variant might pose the biggest threat yet to vaccinated people
Aria Bendix
Thu, June 17, 2021, 12:22 PM
variant lab
Researchers sequenced coronavirus samples at the microbiology laboratory of the University Hospital of Badajoz in Spain on April 15. Javier Pulpo/Europa Press/Getty Images
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The Delta variant appears to be more transmissible than any other coronavirus strain.
Some experts worry the variant could result in more breakthrough cases in vaccinated people.
Others are concerned that Delta could evolve into even more dangerous mutations.
See more stories on Insider's business page.
Scientists have long worried about a coronavirus variant that's more dangerous than the original virus in three key ways: It would be more transmissible, result in more serious illness, and evade protection from existing vaccines.
"The nightmare here is a variant that checks off all three boxes," said Bob Wachter, the chair of the Department of Medicine at the University of California, San Francisco.
No prior variant, he said, has checked more than one or two. But the Delta variant, first identified in India in February, has come closest to checking all three.
"The data today says that this variant gets a full checked box for more infectious, probably gets a checked box for more serious, and at least gets a partial checked box for immune evasion. And that's scary," Wachter said.
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The Centers for Disease Control and Prevention labeled Delta a "variant of concern" on Tuesday.
"Delta is a superspreader variant, the worst version of the virus we've seen," Eric Topol, the director of the Scripps Research Translational Institute, tweeted on Tuesday.
While Delta undoubtedly poses the biggest threat to unvaccinated people, some experts worry that it may result in more breakthrough infections - cases of COVID-19 diagnosed at least two weeks after someone is fully vaccinated.
"That's the concern - that you're more likely to get COVID from the same exposure than you would have been before," Wachter said. "And you're more likely, if you have COVID, to have a more serious case."
Other experts are also afraid the strain may further evolve into something more dangerous, since Delta's high transmissibility enables it to spread easily among unvaccinated people, and therefore to keep replicating and mutating.
"The worst-case scenario is if Delta mutates into something completely different, a completely different animal, and then our current vaccines are even less effective or ineffective," said Vivek Cherian, an internal-medicine physician in Baltimore.
Delta is the most transmissible strain yet
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Agree with eel+1bobxE6M, that I think location strategy will be back in place after in September. I knew of fully remote FT dev and tech bus associate folks who were offered to relocate or take severance before covid hit but were on hold for now.
There maybe some tweaks to the original plan comes September? Who knows... On top of this, WF is also supposed to cut 5 - 10% of the total employee counts during Sloan's era and we are nowhere near that yet.
My take is, nothing is guaranteed, it's employment at will. Enjoy it while it last, if you like working here. If you don't, your wish may come true too. Just make sure to update your skillset as you can (pluralsight is great).
I'm 38 miles from the nearest hub dang it. Lol
Honestly, the pressure this company is putting on people is ridiculous.
I think Technology will revive their 2020 "Phase One" strategy that was cancelled once the pandemic took hold. Targeted in Phase 1 were remote workers not close to a hub; i.e., to keep current job - must relocate to the specified hub - or take a package. You could sorta argue the hub/location strategy made sense before the pandemic; post-pandemic ignores the effectiveness and popularity of remote work.
Eventually it’s going to be relo or package. They are hoping at least in Corp Risk people will slowly leave so no severance and then replace them at a hub.
So far, if you were remote before and are more than 40 miles from an admin building, you are still okay. If you were remote and are inside 40 miles, you'll need to come in. Nothing has been definitive on how many days per week. Nothing has been revealed on those outside 49 miles losing their jobs either
Hadn’t heard this large scale but in some areas it’s clear there’s a location strategy. It would be helpful if people said what area you work in to confirm this info from others who may have insoghts. I’m in HR and we (as a biz) are requiring hub locations for new hr jobs and not allowing new ft remote. No relocation being provided.
And what about those of us who are not remote with a NON-HUB office ? Are we all fired come Labor Day? This is a 'process' and will take years.
And when will all of this be announced?!