The results were far from good (as much as they try to spin it otherwise) and that's going to put the leadership (if you can call them that) in a damage-control mode. That means cost cuts across the board which, as we all know, means layoffs across the board. Nobody will be safe in the coming months.
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They never will until they believe harassing people until they quit voluntarily won't work. If they think they can avoid severance, they will, and "volunteering" won't be on the table.
So you are saying you are deadwood or a troubled employee? Interesting.
Our department, the best people left. Deadwood and trouble employees remain. Someone has to be earning those inconsistently meets!
LOL, you have the 70/30 model backwards. It is 70% onshore/30% offshore
@1swy+, doesn't look like there is much diversity in that video. Is anyone there over 30 years old besides the managers? And it sure looks like they spend a lot of time sitting around and playing games.
FACTS ON LAYOFFS
The writing is on the wall everyone. This is part of the GDE initiative. They hired H1B workers to ensure their friends and family in India can get a job.
This is all part of that broader offshoring effort 70/30 (target 70% offshored to India & Philipeans, 30% will remain in USA)
They are hiring(embedding an I&P employee on your team to observe, and look to automate your process, and take your job. This has already been happening and is ramping up right now and will continue through 2022, 2023.
They are doing this in all LOB’s as we speak(except where regulatory work is happening). 70/30 is the target operating model.
I don’t agree with this operating model, but these are the facts. This is the cost cutting solution put in place by your Leader but was delayed due to the pandemic. The GDET(global delivery engagement team) is leading the mass layoffs no matter what the stock market is doing. This is happening, whether you believe it or not. Highly unethical, and not sustainable long term either.
"They seriously need to ask for volunteers at this point. Those of you that want to continue can and the rest of us can get on with our lives. Wells Fargo can’t really afford to cut employees that are productive assets (even though they probably will and will pay for it later). There’s enough of us that will take a severance/divorce settlement and happily be on our way."
Our department has been fortunate. Those that got the ax were no good. Those who left on their own about half and half.
Watched this YouTube clip. I’m so discussed! 👇🏻
youtube.com/watch?v=6zmqUsaLoGw
We also hired 240 H1b visa workers in 2022, 417 visa workers in 2021, and another 430 in 2020.
steadily we are replacing American workers with foreign powers
This is corp news guys. If you’re in branch, you good
But, hey, we hired 90 new executives!
Pretty much everyone at the bank is over 20. Might be a few bankers who are not, but pretty rare.
Offer packages for those over 20, do what they want with the positions. Ready to go!
Google the 1M+ square foot office tower WF just “inaugurated” in Hyderabad this week. Offshoring is about to quicken - bigly.
I agree that WF should have been investing in these things, but now they are likely to minimize business investment while results are lower. They should be buying back stock now, and invest in the business when times are good. Instead, they buyback stock at the highs instead of reinvesting more in the business, and then when times are bad there’s a freeze on capital expenses and need for more layoffs, etc… it’s a tale as old as time.
If our leadership had half a brain they would not layoff now
Instead they would use this temporary downturn and invest
Invest in people, retain and recruit
Invest in product development
Invest in systems and platform upgrades
They seriously need to ask for volunteers at this point. Those of you that want to continue can and the rest of us can get on with our lives. Wells Fargo can’t really afford to cut employees that are productive assets (even though they probably will and will pay for it later). There’s enough of us that will take a severance/divorce settlement and happily be on our way.
thanks for an actual layoff post