Thread regarding Wells Fargo & Co. layoffs

Frederick Software Engineer. Still hanging on.

Drove by Frederick location. Signage for Wells is gone and now it’s a Progressive Labs location with a big pharma manufacturing center attached to the third hub. Crazy!
Anyone from Frederick accounting or collections or credit risk out there?

who got the axe in Frederick

Did it close?

What is the latest status on Frederick Maryland hub location? Is it closed? The sign was still up last time I drove by.

This snafu is what happens when Corp Comms lays off most of internal communications. BR told us we had “too many internal communicators” and she gutted the entire function. Her brilliant “self serve” model is going well.

@1wln+1dx5VE3g
Yes, that was me you were referring to. Those jobs may stay. If the employees aren't in a hub location, there's a %99 chance they will not be staying. The jobs would then just be moved to a hub location or be added to a contractor pool.

RE:At no time did I say those jobs would continue to exist in Frederick. It's not a hub, and even if you're working remotely you are still required to live within a certain radius of a hub. If not - read the writing on the wall.

I was responding to the person who is under the belief that everyone is keeping their jobs remotely.

What you are saying makes more sense and is in-line with what we've heard from the current regime. Getting rid of everyone seems much more likely than keeping most.

@1zpv+1dx5VE3g
At no time did I say those jobs would continue to exist in Frederick. It's not a hub, and even if you're working remotely you are still required to live within a certain radius of a hub. If not - read the writing on the wall.

Hopefully that is the case, because I know a lot of people still in that building. While the job market in general is looking good, Frederick is no-mans land for similar jobs - have to travel to Northern Virginia/DC to find similar positions.

However that seems much unlike the Wells Fargo we all know. Why wouldn't they use this as a means to move on and transition these jobs to hubs? That's basically what they've been saying they were going to do for quite some time. Even without paying for the Frederick MD real estate, the Frederick MD salaries are large. Many of the employees there are very tenured, so beyond the salaries being larger due to area, there are a lot of people hovering at or above their midpoint.

Again, I hope the below poster knows something that others don't. Hopefully they are being a more forward thinking organization and are ready to move towards a more remote environment. It just doesn't align with anything we've seen from the current regime.

@1yop+1dx5VE3g
Many of the jobs you just listed are going to continue to work from home -servicing, lending teams, customer service. They have a nice little arrangement with contractors (US Based for now) that keeps the churn high and costs low for the remote type jobs. It's basically a new branch employee type of job, but for the digital age. It's easier and cheaper to wipe out 50 contractors and have their contracting company reclaim their hardware on their own time.

I'm not saying that all ORC's or BSC's will be allowed to continue working remotely either. They just are more likely to stick around vs. everyday operations jobs like Customer Service, the title and foreclosure teams, etc. that still have a footprint in the building. Those lines of business also have footprints elsewhere in actual hub locations. They aren't going to pay people from Frederick more money to work from home, while their counterparts have to come into the office for less money. You don't think their counterparts that are required to come into the office would bi--h and moan about that? It's easier to just cut ties and move the operations to hub locations.

@1rnb+1dx5VE3g
Buddy, I got news for you about those first two positions you list.

If you're not in a support role that regularly works remotely, ie: Business Support Consultant, Operational Risk Consultant, etc. - make no mistake about it, business line leaders are currently figuring out how they are going to transition your jobs elsewhere. Not a chance in the world they will maintain remote status for operational roles where your counterparts are in the office in other locations. Creates too much turmoil. Besides the fact that Frederick is a Tier 1 salary zone, they are always looking to move to Tier 2 or Tier 3 areas.

@rvc+1dx5VE3g
They did for us too when our building closed. They told us we would have weekly meetings, then canceled every single one until it was after the move date.

The mistake was that the email meant for managers only was sent to all employees. In the employee email, there was a announcement that Corp Properties have a meeting every Thursday at 1 to answer questions about pack up. No one from Corp Properties showed up

@jba+1dx5VE3g, I love how one can post a verifiable, demonstrable fact and certain randos on here will downvote it.

Let me guess, they're expanding their footprint in India at the same time they're doing this. Right?

My guess is that work-from-home is just a temporary stop on the way to Wells eliminating employees from this location altogether. This stuff is almost always about moving jobs into low cost areas.

I mean for anyone questioning if the 7 am email was a mistake this is from the FAQ attachment:

For verbal use by managers and other key stakeholders only if asked; do not distribute.

No mistakes here. Managers notified earlier and employees at 11am est. the manager notification should have come out a few more days ahead though.

@zjk - it's implied within the communication there there would be separate notifications of managers and employees.

There was indeed another communication sent at 11AM. Which was exactly the same as the first one, which was apparently mistakenly sent...

Who told OP that the email was mistakenly sent?

I remember being told about 15 years ago that WEC was being closed.

All part of the plan. RTO, close buildings, lay people off "because the building closed/sold/lease expired/whatever". Rinse and repeat. The good news is that it can't last forever. CPG brags about how much they save from closing buildings, but at some point they'll slow down or it'll just make CPG themselves disposable.

When I was hired back before Y2K they were talking about how Cassie Hill was being shut down any day.

Over a decade later they finally had an exit plan and shut it down.

Come on. This is just THEM being more transparent. NOT

Thank you for sharing, OP. Your point is understood: WFC can not execute even the most simple task correctly.

"Normally, you would have had more advance notice before impacted employees were informed; however, due to the heightened sensitivity of this change, we are notifying all internal and external stakeholders throughout today."

Why wasn't advance notice given? And why is there heightened sensitivity? Were they iffy on the closure up until the lease renewal deadline or something?

No news here.

@bds+1dx5VE3g
Longer, I would say. I remember an executive exclaiming ‘Frederick is still open??’ back in 2015.

This has been a known 'will close' site for at least 3 years.