My area of Commercial Banking has been told that we can’t backfill positions for those that have left. Has anyone else heard similar and what part of the bank do you work in?
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Yes, there is hiring freeze, there is RTO 2/3 days, there is everything on paper.
at the same time, there are no rules if they like your a..h...
I work with a competitor of Wells. We're in a hiring freeze, also. When people leave, they just pile them up on others who remain.
I understand that they were ready to make an offer to someone, but had to pull in the reign, as they were told we're not doing hiring the remaining of the year.
I thought everyone knew this. WTF do you think is happening when people leave and are not replaced? Duh.
The way people on this website make it sound, chuckles would love nothing more than to hire people just to lay them off 6 months later
I have worked in Correspodent Home Lending for 23 years and we have a hiring freeze right now for the first time since I began with the company.
Marketing is still hiring.
HR here. Of course it makes sense. Why hire when odds are that they might get displaced some time after?
It's LOB specific
Yes I heard in from a wealth group. Very common occurrence at this time of year though, like it happens every year. The geniuses want to show reduced labor costs for the year. The positions will most likely be filled after the first of the year.
WF always has hiring freezes in 3Q and 4Q while working on next year’s budget.
Heard that about 3-4 years ago in my realm of tech.
We recently hired 1 person to replace the 6+ we lost since that announcement.
Perhaps it’s because of all the uncertainty in the market. If the Fed keeps increasing interest rates. All H E L L will break loose. I suspect that WF will be with a skeleton crew for sometime.
I've read elsewhere on this board that lateral backfills are being avoided by HR, recruiters, etc. Not sure why though. Maybe the idea is that promoting someone to that role will cost less?
If a junior person makes 20% less than the senior opening midpoint, then giving that junior person a 10% raise is still a 10% savings. This doesn't take into account the junior person's reduced capacity/skillset, but oh well. The name of the game at Wells is for executives to have a hit n run existence here. Do whatever you can to maximize profits for 5 minutes, and then get out before you get in trouble.