Thread regarding Wells Fargo & Co. layoffs

Mid-year raises for the deadwood! That will teach them!

For those out there who are "on the fence" about bouncing out the door at WF. Trust me, the grass (and the money) is greener elsewhere. If you are waiting to be laid off in hopes of a year or six month severance window, you are probably not one of the people who will get laid off. Why wait? You have more money to be made working for companies and people who will appreciate you way more than the lemmings at WF middle management institute of typewriter maintenance and sometimes lending.

@ozc

So i’m sticking it to the bank by taking a job to “make 50 percent the money that you make here.”?

I’m pretty sure that is sticking it to myself.

In our metrics RTO has not been the reason.

I left, got a $10k raise, better benefits and a company that puts its money where it’s mouth is in regard to “work life balance”. Primarily in office but absolutely a hybrid schedule.
I was at WF for almost 14yrs. So happy I left.
They don’t care about you.

I don't think I have ever seen Attrition reversed. It's usually caused by things that can't be reversed. Good people gone = company gone or sold off in pieces.

Senior mgnt now using scare tactics, advising via conf calls and town halls that its not greener on the other side and employees are returning. Some are, yes, for much higher salary. Shame on senior mgmt to use scare tactics. This was this week, addressing staff mostly in the under $75k salary range. Yes, you, KL.

Even if it is in the executive's interest to drive attrition; don't be silly and "stick with WF" to just prove a point. The best way to stick it to them is using your time in WF to prep for an interview and make 50 percent to 2X the money that you make here.

Wells Fargo is the best employer for prepping for interviews..

@nxj+1hobasJQ

This is it right here. To everyone complaining about one thing or another and threatening to quit, that's exactly what they want you to do! You aren't sticking it to anyone, you are falling right into their plan. If you leave, they win. If you stay, they are going to put the work on you from those that left.

There is no happy ending here where they remove RTO (at least not for a long time) or 'listen' to your concerns. Short of a union, your voice means nothing...even if you get the person to your left and right shouting with you.

Attrition (voluntary departures) is around 18% enterprise wide, but ranges from 13-25% by BG/EF. Reasons for leaving are just high-level and broad --- other career opportunity, personal/family reasons, or retirement. As many of you have speculated, there is an 'attrition strategy'.....they are tracking it, but as long as it's controlled and doesn't create some massive risk (too many leaving too quick), it fits into the agenda of re-hiring off-shore a greater percentage of non-customer facing roles (200k of 278l are non-customer facing) and/or re-hiring folks into the core locations of the location strategy.
Obviously, before any consideration of re-hire, they'd first rather just dump the work on existing staff to absorb.

I didn't leave because of the RTO situation either. However, most of the companies and organizations that I interviewed with had telework or remote work on the agenda to discuss and most had policies that were much more flexible. I took a job for more money and am 100% remote. They also don't have a quota to force managers to give out poor reviews just to save bonus money and run off tenured employees.
I highly encourage WF employees to look - you have so many opportunities out there.

I am leaving and it has nothing to do with RTO. incompetent management, endless turnover, disparate income, no upward mobility, etc.

'Work best', it has been said numerous times in townhalls over the past couple of years that WFH productivity was UP! So let's change that and force RTO, lmao.

If the executive suite was competent and did their job correctly, there wouldn't be a panic. Good investors losing faith in WF.

I've heard this claim a few times. What is actual attrition and where?

Is RTO really a huge factor? I'd wager that RTO is minor compared to the dysfunction, BS bureaucracy and what seems like layoffs or reorgs every few minutes.

India is double digits. We just trained some automation engineers (3 months) and they left immediately after completing the training. Let's start all over again. Go OFFSHORE!

Can anyone on this board provide what the current attrition rate is? If possible, include the % of voluntary so we can see if more are leaving fed up or more are being shown the door. The big ask, can the numbers be for only domestic positions.

GOOD! F Charlie Scharft

I am one of them! I received 4 100% remote jobs that also pay more than Wells. Byeeee!