I know layoffs are never completely done at WFC so please spare me such responses. I'm more worried about the immediate than some undefined possibility sometime in the future.
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Everyone needs to research Chainsaw Charlie's history. He will reduce staff without batting an eyelash. Rumor (yes, "rumor", so take with grain of salt) is there will be close to 30% reduction in the US and greater utilization of India & Philippines employees. If you have a job that can be automated or moved overseas, you are not safe. Even technology. They were the first group and did many layoffs 3 years ago. HR was next, about 2 years ago. Now they are doing more "standardization" and "centralization". Teams may be hiring people in to WFH roles outside of hubs but they won't last. CS has more or less directed the senior leadership team that all roles that can be performed at a hub or in I&P need to be realigned this way. Some LOBs have some ad-hoc exceptions (including tech), but for the majority of folks not living near a hub or who have been WFH for a long time, get your resumes ready as is probably just a matter of time. And CS will want to have good numbers/cost reduction to present to the board for the year 2021. His job and bonus depends on it. Therefore, expect layoffs to continue the remainder of the year.
Yes
You need to stop making generalizations, because I know for a fact this isn't company wide.
I hate to be the bearer of bad news, but layoffs will never end.
Just look at BNY Mellon. CS brought in a new culture of continuous layoffs. It isn't just an initial reduction in headcount that we are going through now. But instead it is a culture of continuous study of how to reduce expenses. If your job can be automated or mostly automated, it will be gone. Jobs that currently cannot be automated will be studied for ways to automated them in the future with tech. There will be headhunters constantly looking for ways to streamline and remove as many jobs as possible. This is the new culture at WFC.
So don't ever get comfortable.
@kmh+1bxqrSzD our department is still hiring full time people outside of hubs and they work from home. They are in tech though.
Get out asap, this place is tantamount to the Miami condo building that collapsed. Its unstable and circling the drain. Post for external roles and run.
To use the current lingo in the finance industry, it's 'transitory'....until things go belly up
We may have 4 more waves, but some are at higher risk than others. If you’re full time WFH and not near a hub, even if you had a prearranged telecom agreement when you accepted your role, it’s a question of WHEN not IF.
End of quarters is when big waves occur, but smaller scale displacements can happen any time. Big corporations typically don't like to conduct mass layoffs around Christmas time, and it seems likely that mass layoffs will continue through the end of 2022. If that theory holds up, we all have 4 more waves to survive before things begin to normalize.