Thread regarding Wells Fargo & Co. layoffs

@9Aopd+1jUAdbDZ

Nice necropost. In any event, if you're being offered the opportunity to relocate to a hub, you're in the minority. The vast majority are not offered that, and if they ask to do it the request is denied. Every single "strategy" (location, efficiency, RTO, whatever) are nothing more than PR. There's just one strategy, the extermination of the domestic work force via outsourcing, contacting, automation, AI, whatever. They will keep twisting the sc--ws until we're all gone. The only thing that might change that is Shart deploying the golden parachute. Company performance and the economy are irrelevant. Shart is heading full speed ahead. All of us are in the block. Every location not called HY.

Basically if you are in a non customer facing role you have to be located in certain "core" locations... they are closing all Las Vegas non customer facing roles by end of the year.

I work in retail underwriting currently... we are told we either need to move to a "core location" or face a layoff.

Mar 27, 2024 — “location strategy” is another term for “employee replacement”. They prefer Ind1ans, I guess. The decision makers way on top have no idea about those workers. 4 of them against me will do only 20% of my job, and they will do it for 6 weeks instead of 1 week. The decision makers fail to look at the country of origin of the people they want to hire. There is a reason why they are 3rd world. Only 10% of them are qualified and do work hard.

Has anyone heard about the next round of layoffs?

Layoffs won’t solve the revenue problem. Charlie going for short term fix to grab some compensation before he “retires” about $100m richer. Great for him, su-ks for employees and shareholders.

I'm still with Wells and I'm afraid to go and afraid to leave for fear I go somewhere to start over only to get let go. I can't afford to retire but I'm old enough to worry I will have trouble finding another position. I feel used and devalued and disposable as I watch jobs go over seas by the dozens.

As others have said, just google any story about "bank headcount reduction" and you'll see Wells' layoffs are higher than anyone else's, and recently Chainsaw Charlie said they're no where near done. Last quarterly report showed the employee count down to something like 228k from the pre-pandemic high around 280k and the implication is WF wants to keep cutting for several more years to get down to 150k.

But it's not secret. They're literally making it public in those quarterly reports and calls with analysts. Every bank is still doing layoffs, with WF leading the charge harder than any others. It will continue for years and probably another 70k US-based headcount reduction.

Getting out of WF operations after 22 years was the best decision I ever made. The last few years the company (I once loved working for) had stopped being the community and employee supportive company I loved, and turned into something quite different. incompetent good ol boys being hired above knowledgeable competent people based on their perceived politics, or just because they were buddies with a higher up. It had become so gross. I’m thankful for the good years but relieved to be away from the currently toxic climate of that company.

lay-offs in wellsfargo

Wells Fargo layoffs are not exactly driven by the economic environment, but driven by Charlie's personal goal/agenda. As Charlie announced it in the Q3 earnings call, there will be more layoffs in 2024. In addition, there will be more India offshoring, RTO enforcement, location strategy, and share buybacks. As a result, there will be increased tech glitches, system outages, toxic hunger games, executive corruptions, scandals in the news headlines, and of course, more regulator sanctions.

Has anyone asked to be or know someone that has asked for volunteer layoff. Is this even possible.

Wells Fargo is outsourcing alot of jobs to India. Unfortunately, they don't see the value of American Jobs. They claimed initially it was due to time zone difference. Have they ever heard of a night shift. And the manner in which they conduct the layoffs is ridiculous. A recording? Really? That just shows how much they care about their employees - THEY DON'T!

Yes, HR is laying off anyone not in a hub. Other lines of business will follow over the next few years. Not rcsa, location strategy.

Massive Layoffs are being reported. They are getting rid of HR personnel so what does that imply ? RCSA cuts ?

Replying to Post ID: @4Njoe+1jUAdbDZ

This sounds accurate. One of the ones who didn't get rehired is known to me and this fits what he told a mutual friend.

Hoping to nail down the termination date for an employee on the commercial side of Wells Fargo--credit card services for business I'm thinking. I'm told many were told to reapply for their jobs, and a few didn't get rehired. Is this accurate? Happened sometime in May 2023.

Yes, tech was hit hard. Not seeing much activity in the news about it. I was one who received that fateful call on 8/22. Then I started receiving texts from long time employees who were also “displaced” I never thought after 7 years that I would get that call.

500. D

Sounds like executive office of complaint employees are next! Still tying to recover from their law suits

After so many years of working with Wells Fargo, so many years of mental abuse from customers yelling at our faces since the sales and unauthorized account opening, so many years of cleaning Wells Fargo's mess, and this is how they show their appreciation to their employees who stood by them and didn't leave during the rebuilding trust protocol?
I regret ever giving this company a chance.
It is disgusting with the lack of empathy received from the Senior director when he annouced we are all being displaced.
I am in shock.
They have all mentally exhausted us with their high expectation on case work production shutting customers up with their complaints. Mind you they didn't care about quality of work and too many inconsistencies between quality reviews that caused so many frustration amongst the employees. Blood, sweat and tears is what we gave for each case we've worked. Now Wells Fargo does not want to care about supporting nor retaining great talent. No wonder why they keep getting complaints with customer service and serious allegations. Your reputation as a bank will never improve when you discard high talened people from your company. Do the math if your focus is "budgeting". You are an untrustable company, you say you value your employees, then you deceive us by training all your outsourced employees and others in centralized areas, then you cut the cord for us. Very abusive and manipulative, taking advantage of us like we are nothing.
Moving on to a company that would treat and value their employees better than you. Oh and I am banking elsewhere too.

They are still doing layoffs as of 08/11/2023. When the question was asked how many were let go the response received was it was not your team so don't worry about it. That states the mentality of the senior management team at WF and why the employees are so miserable.

I heard tech was affected

I was laid off two years ago after 40 years with Wells Fargo. It was the best thing that ever happened to me. I would never ever suggest anyone work for Wells Fargo upper management sucks if you’re still there and you’re on the verge of being laid off count your blessings!!! Trust me the grass is greener on the other side!!!

Latest news - WF layoff starts in 2Q23 in IT and support. Jobs are transitioning to India. Many are retiring. No fte will be cut. This is long overdue to address inefficiency and over stacked middle management structure.

Is Wells Fargo laying off people in Auto Lending? I heard rumors from other lending companies they will be laying off due to drop in car buying.

They laid off another 9000 in March
Why isn't the news reporting it? Their customer service is going down hill

Too many silos, duplications driving inefficiencies across the board. Reality is setting in.

Only GOD knows what will happen in the future. He's the statistician we all need because man made stats are just abhorrently inaccurate anyway. If God wants you still seated at your desk (home or office), there's nothing Scharff or any other CEO, Upper Manager, etc., can do to you. God is the one in control, not man. So, let them all think they're in charge. They're not. It's all a big lie; a false sense of power given only by the Lord God anyway. In the end, God wins. He always has. If you're on the chopping block, thank God; he'll have something better for you than Wells.

The mandatory rto is to try to get people to leave without having to pay a severance or unemployment. They will shift the workload to those left who are already overburdened and the snowball will grow.

Corporate America is driving the recession by price gouging for record profits with no lawmakers who are busy counting their bribes, er…campaign contributions to hold them in check.

They deregulated during the past administration rather than leave what was in place after the fact when the last recession happened.

Those who do not know history are doomed to repeat it. That goes for voters as well as lawmakers.

@1vfw Consider the source of articles.

If you study the origins of the recession without bias, you will see the seeds were planted long before Biden got in the White House and the party of no has resisted most of the measures to fix it once he was.

Facts are wonderful things.

I predict executives will continue to do what they've always done. Cut staff wherever they can and precipitate an exodus of veteran talent. Just to selfishly improve their own line of business P/L bottom line and make themselves look better in the near term under the guise of economic environment and whatever other on trend tag lines they can throw in.

1ove+1jUAdbDZ

It is hard to get the ratio down when the company keeps paying out billions in fines.

The economy gets better? You do realize Biden is in the White House, don't you? When Democrats control both the White House and one of the houses of Congress, the economy generally gets worse. In fact, economists are predicting it's going to get worse than just your usual recession the next two years under Biden.

"That economist is Mohamed El-Erian, previously the chief executive officer of the massively influential bond-market player PIMCO. He also chaired former President Barack Obama’s Global Development Council and has written several economic best-sellers. Simply put, he’s one of the best Fed and markets watchers alive, and he hasn't liked what he's seen for some time now.

There’s a tendency to see economic challenges as “temporary and quickly reversible,” El-Erian wrote in a commentary for Foreign Affairs, citing the Federal Reserve’s initial thought that high inflation would be transitory or the consensus that a recession could be short.

“The world isn’t just teetering on the brink of another recession,” he continued. “It is in the midst of a profound economic and financial shift.”

He referenced economic theory that a recession occurs when a business cycle reaches its natural endpoint and before the next cycle really takes flight, but he said this time won’t be one more turn of the “economic wheel,” as he sees the world experiencing major changes that “will outlast the current business cycle.”

From https://www.msn.com/en-us/money/markets/top-economist-mohamed-el-erian-says-we-re-not-just-headed-for-another-recession-but-a-profound-economic-and-financial-shift/ar-AA14tDT3

More layoffs until all of tech is located in India. God Bless.

I’m transferring to India to work remote

where can I see the efficiency ratio for whole company? And for each LoB?

YES-- you can expect layoffs to start early in 2023. just what my mgmt team is saying.....

I've been told in mortgage that 1Q of 2023, focus is on transition. Moving more and more people from mortgage to loss mitigation to do modifications. We have been instructed to update our talents, goals and our career plan into Workday before end of month November. Manager is supposed to review with workers in December. I expect either layoff, transfer or stay in current limbo position.

So many risk people and we haven't mived the needle.