What is your opinion/facts on this? Is it true?
18 replies (most recent on top)
Anecdotally, I've heard we have a fair bit of a attrition, but not the actual numbers.
Just in groups I used to work in several people have left for other companies and a few moved internally (although that's not attrition).
You must be talking bout the California ECMO mo--ns who were first to be let go because we all they disappeared for hours on end and didn’t work cases and sat at home taking a pay check. Other than that, you have no clue what you’re talking about.
It’s not a problem at all. The long term employees all have the best severance package in Financial Services. I know that I’m ready for it. Should be a sweet segue into retirement…
@1gae+1gnRlhKf sorry but ECMO employees are not highly skilled. They just process complaints through the motions to make it look like WF gives half AF just to do the bare minimum to show to the regulators.
That said, what the ivory tower is doing to them is underhanded. Just process the severance and be done with it. Turning the screws to get more self attrition is the little boy pulling the wings off the fky at this point.
Yep. It's this way all across the entire bank but especially in compliance. They're losing talent faster than they can replace and train up the newest duds they're scraping up from the bottom of whatever ungodly barrel they're pulling newhires from. It's not sustainable.
Yes. Meanwhile, in Orlando ECMO, instead of using those skilled case workers in other roles to help with attrition, wells has plopped them into temporary roles doing call center work only to lay them off in July. How demoralizing it is to see this company treat employees this way and also not care about doing anything to help them keep FTE. I hope they all quit or take severance and the case load explodes and then they have no one to work complaints. I smell more consent orders coming….
Yes, in my group and with our partners across the country people have been leaving faster than they can be replaced for over a year now. Even when backfills are approved it takes months to hire someone because they’re struggling to find qualified people.
it's so bad in my area and recruitment is so understaffed that we can only post a certain number of backfills at a time and have to get in line to do that. at this point, assuming we get approval to backfill, it takes 6 months from when someone leaves until we get someone else in the door.
They don't care about losing American jobs, as long as they can replace them with Indians they don't call that attrition, they call it BAU going forward.
Nah. We just replace the FTEs with contractors and save on benefits. No problem.
I’m sure that SVB’s claims were true. The hiring probably did outpace the resignations (because they hired so many people in INDIA.)
Hahahahahahaha!!!! 😂🤣😂🤣
Yes.
They wanted attrition to save on severance and now need to spend to recruit for critical positions. Guess that worked well.
By their own admission they only replaced 1/7th of the attrition in the past few months…..
SVB in his latest AMA claims that they are managing the attrition.
If you can believe it.
Normally the attrition wouldn’t be such a big deal, but when Wells also can’t replace the people and open positions they actually NEED filled, that’s when it becomes an issue. And that’s exactly the situation right now.
Yep. Most people with a brain can spot a sinking ship.
yes, in Lending tech, US and India. People I know in other areas like innovation and cloud and Wholesale have said the attrition rate is even higher.
IMO, a company this size can and will hide the impact. They can have thousands leave voluntarily each week and not appear dented. The ones I am disclosing are key people, not easily replaceable. The loss is unbelievable.
Think about this logically. Thousands are quitting across the globe. We reorg and disrupt the network we once had, we distract by admitting to a vague attrition number and how serious we are about recruiting. We even blame a lack of recruiters. They have enough padding to lie and lie. And there is the dooshe on this site who screams Troll every time something legit appears (aka HR - intionally misspelled).
I once had a network in place that could tell me exactly what was happening. The few that have not been laid off, retired or quit have been reorg'd multiple times and their connecrions lost. Same for me.