Thread regarding Wells Fargo & Co. layoffs

Post ID: @axm+1cQwWk1U

You obviously are a young one.

That’s not policy, it’s the attitude of this management. They retire you.

You’ll find out in a few years.

"There has never been a period of across the board zero bonuses in this century. I received one every single year until I left this year. That includes during the financial recession and Wachovia merger years."

Perhaps for you, but I can assure you that it happened in WFHE. The WFHE LOB didn't receive bonuses one year (2009?) because of the LOB's performance, while other LOBS received bonuses as usual. I remember it distinctly, because ironically I didn't get a bonus after the hardest year I'd ever worked (thanks to the market), while others did.

Here's my update to exit plan:

Keep working for the 2-3 more years it'll take before my job is automated away and I get a package to go back to school full time and finish a master's.

I kept working FT and had WF pay for my MBA. I graduated with no student loans last year.

There has never been a period of across the board zero bonuses in this century. I received one every single year until I left this year. That includes during the financial recession and Wachovia merger years.

I heard there’s no target bonus any more. You get what your boss decides to give you out of their budget. You get what you get and you don’t get upset.

“I'm hearing no bonuses to be paid out in 2021. Across the board.........from the board.”
@pcg+1cQwWk1U

The jokes on them, I already got paid a bonus in 2021. Suckas!!!

"I'm hearing no bonuses to be paid out in 2021. Across the board.........from the board."

Possibly trolling, but there's precedent -- back circa 2009(ish).

@fxi+1cQwWk1U

Try reading policies more, and spreading fake news less. Retirement age is either 55 w/ 10 years of service, age 65, or 80 pts (age plus YOS). Unless you were born working at WF, no one that is 40 qualifies.

Post from TheLayoff.com

You are full of BS!

I'm hearing no bonuses to be paid out in 2021. Across the board.........from the board.

Remember OP, some jobs are more secure than others.

Post ID: @lcj+1cQwWk1U

“Retirement age” according to the keystone cops in management is anyone over 40.

Why does anything think that it's even possible to formulate an "exit strategy" that makes sense for every person? One size fits none, and no one really cares about your particular strategy so this all seems like a waste of time that has little to do with layoffs.

I assume eventually I'll be let go, as I'm in a location that no longer has a local campus, and the hub city is more than 40 miles away. I waffle between hanging on and taking the eventual severance (which for me would last several months) and proactively jumping ship. The plus side of hanging on (besides the possibility that I actually won't be let go) is that I could use the severance time to significantly beef up my skillset.

For those who think it's shameful to hold out for a severance package, it's as much a part of our benefits package as PTO.

No one knows how to milk their employer better than Wells employees

@ump+1cQwWk1U. So you work 2 hours Monday - Thursday and maybe 8 - 10 hours on Friday? Total is 18 hours per week or less and get 40 hours paid. you get overtime for Fridays too? No wonder you are hanging on. Just lay low and don’t whine too much

Exit Strategy for a lot of us who are "Retirement Eligible" is to sit tight and keep collecting an easy paycheck while waiting for a severance.

@eae school (in this sense) typically takes a couple of years to complete, right?

;)

@wth here, what works for you works for you.

My WF job is comfortable and fits my lifestyle well. I actually really like what I do since it's basically 1-2 hours of work per day during the week, then a super busy Friday. It also used to be the best of the 8 teams I've worked on in this company (technically 12 when considering manager changes).

Of course, the current culture of the company has destroyed what made it better. I'm playing the long game, plus I'm completely over banking and aiming for a significant career shift. That and the fact I've survived every other round of layoffs since before the turn of the century.

Plus one or two other factors that suggest holding instead of folding at this point.

@wth+1cQwWk1U. Why wait? Just go back to school now and be more marketable and make more money much sooner. Why dragging on for a few bucks?

There will be bonuses but I think they are trying to figure out whats the lowest amount they can pay without more attrition. Do not forget a lot of people have guarantees. There is a disconnect with top leadership and the leaders on the ground.

But we shall see

@uga+1cQwWk1U

I agree. I stayed on initially because I liked my managers and my team (well, after we were able to oust a horrible developer). The 401k match would be great. I despise WF for making that an annual match that occurs at the very end of the year but it's "what's good for the goose" - trying to get us all to quit is also "what's good for the goose" lol

Anyway, my hiring manager left earlier this year (feels like it's been an eternity). In the midst of that I had been applying here and there and got an offer but it would have been much too significant of a pay-cut (working for the state, which would have also made it harder to go back to private if I ever changed my mind), so I opted to pass on it and thought I'd just ride it out at WF.
Just over a month ago, my direct manager left for something better - after that happened, I started aggressively ramping up my job search again. I now have something in the works and hopefully will be out sooner than later. Scharf can send me a personal thank you note if it all pans out.... lol

Drink more Mountain Dew.

Live the dream

I agree with comment below to not stick around for 401K match, bonus, or package. I understand the thinking behind it, as I have done it myself, but I now realize it was the wrong way to go. I’ve stayed because I like my team and my direct boss, but the changes in our department’s procedures are not customer- friendly. I want to be proud of where I’m spending 8 hours per day of my life and I no longer believe in the decisions in my LOB.

Staying here is a losing bet and is just dragging out the inevitable. WFC is not going to get it right for a long long time. Past behavior is a good prediction for future behavior. We all deserve to work at a company who values their employees and customers and most importantly: a company who obeys the law!

Back to what the prior comment said - I have a friend who left 2 years ago for a local brokerage firm. She took a small pay cut, initially, but they love her and have rewarded her handsomely with multiple raises, bonuses and promotions. She is happy and thriving.

@dby+1cQwWk1U

Waiting for package = can’t get a job anywhere else

They know it that is why they hang around in the lobby until they got escorted out crying and screaming

My exit plan? Retire young and live the dream.

I have been in program management and team manager roles in banking since 2008. I have been looking for work since January, with no problem finding a lousy project manager role (no team leads options), but the management roles, program manager roles (that are remote) are not calling me back. I do not suggest waiting for a package, I suggest looking right away. If you get a promotion in your new role then it covers the loss of the 401K. Yes, the bonus will be compromised this year and blame will be put on the employees, who will have a compromised bonus this year. Sticking around is futile.

Here's my update to exit plan:

Keep working for the 2-3 more years it'll take before my job is automated away and I get a package to go back to school full time and finish a master's.

This. All the feels.

Thanks for sharing, I guess?