Rumors are swirling. There was a thread posted a month ago giving a heads up about June 24th layoffs, which was a “rumor” that did happen, rumor now is more to come in July, any truth to that one? No transparency for any of us and they could care less about our mental health and how this is affecting us and our families every single day! Does anyone feel secure?
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Reading these comments I say that some are spot on. I was at WF for 29+ years and got laid off in May. It’s sad when you are a good employee and because of your title you get laid off. I think this will come back and bite them in the bu-t when all the good dedicated employees are gone.
It's every month!
Chase is 70% offshore now and shooting for 80. That is where it is going.
The ones that are seed will be in India. Chase playbook. Just wait. They’ll do it after the layoff talk dies down because they’ll see they cut too many to operate efficiently and there is no way in he-l they’ll hire Americans again.
The goal is 70% of jobs in tech are to be engineering by eoy. Think it might be 80% by end of next year?? Not all tbsa positions will be eliminated, but if your lob is below 70% you can bet there will be some trimmed off to make that goal. Also some groups will be proactive and start moving towards the 80% now. Our teams rolled up to our snr exec are sitting at 75ish% engineering, but i would still expect a few of the tbsa slots to get let go, as i dont think we’ll be adding engineering slots to sway the needle. We have but maybe 1 or 2 qa titles hanging around.
@5vgs See, that's the thing. In your area, all QA/TBSA titles are gone - but in my area, except for a handful cut last week, the huge majority are still here. So back to guessing the dates: July 13, July 23, July 29, August 19? If those whose managers supposedly shared the actual dates and let them "get on the list" would share some more with the rest? :P
@5hfv. In my former tech area, everyone with QA in their title, associates, analysts, whatever we’re cut loose. My guess is the folks managing them are next if they have less than 10 now.
Post ID: @2vmk+1bwIsCfj - Your manager actually TOLD you the date of the next layoff AND the titles affected? I mean, for real - just shared this info? I like your manager... :)
Post ID: @3edi+1bwIsCfj - What do you mean - you were trying to get on the list? This is not something you can volunteer for (although so MANY here would have loved to...). Did your manager actually TELL you the date AND that you are on the list? Or they put you on the list 'cuz you asked nicely? How do you know your turn is on 8/19? I like your manager too... :)
If you guys/gals are for real, and 7/13 or 8/19 dates are real, what else do you know? What about Sys QA Associates - when is their turn? SVB has been promising to get rid of all QA for a long time, but plenty still kicking around! :)
Post ID: @2vmk+1bwIsCfj
Same here. I was trying to get on the list for July but I guess there is a limit on how many folks that can be processed at once so I got pushed to 8/19.
X marks the spot, it's everyday folks.
Unionize!
Will occur between 12-24 months, no way this chaos can last 3 years… most executive leadership will be recycled out and new goals strategies will take over. The reputation is going to be even worse if it takes 36 months.
Post ID: @1yup+1bwIsCfj
That's the date my manager gave me followed by August 19th. I guess we'll see what shakes out.
Been here little over 20 years. This is the worst I've seen in in a LONG time and I've been party to layoffs in the past. Only that time I chose to move versus being laid off. Won't do it again. The number I hear consistently is a 33% reduction in the US and ramp up in India & Philippines. Unless you live in a hub city, you are not safe. Period. Chainsaw Charlie is mandating everyone work in person in a hub location as according to him you cannot be "diverse & inclusive" unless you are in person. Also, watch what JPM does. His mentor is their CEO. Charlies will do what our biggest competitors do, especially JPM. And "centralization" is the current method. My advice. Get your resume updated and start looking elsewhere.
I was a consultant for a year. OMG! I'm still in shock! I can honestly say, I've never seen anything like it in my 3 decades of consulting. I feel for the FTE's. This weeks re-org threw longtime employees into groups that are going to layoff in July. FTE's who worked hard for decades were discarded like trash. I can truly say, seeing how this company treated its employees and consultants is going to stay with me. I hope to God, I never get into a situation like Wells Fargo again.
Expect layoffs on July 13. Tech Bus Systems Associates.
All roles could be impacted in all lines of business for the next 36 months.
Which roles will be impacted?
They want you to stress out so you can leave by yourself...
What an awful place... People having to fear when the next layoff is, not focused on the company's goals, walking on eggshells, etc. This is not a way to run a business or company.
Which group was displaced yesterday
It seems like every month on this forum the rumors start flying about the last Thursday of the month. Sometimes they’re correct, sometimes they’re duds. This month was no surprise because it was the end of Q2. Bottom line is - The layoffs will continue for quite a while. Likely we’ll into 2022. Why else would the company have posted for (and I assume hired) a “Displacement Wave Coordinator “?
I’ve been at WF for almost 20 yrs. I’ve always considered my job as secure as my last paycheck.
I heard mid July too
I have heard mid-July from a reliable source.
Isn't it supposed to be the last Thursday of the month?