Thread regarding Wells Fargo & Co. layoffs

This is a good thread!
My situation: 6 years of service, not in a core location, was informally asked if I would relocate...did not (yet) get the official call. IF relo is offered:
My Scenario 1: Choose relo. Continue to get pay and benefits for a year. Don't move, then stand tall when they terminate my brazen butt.
My Scenario 2: Choose severance. 60 days plus 12 weeks [6 years × 2 weeks severance per year] = about 5 months of pay and benefits.
From a purely financial standpoint, Scenario 1 is the winner.
Any downside???

@1fv+1jmmfsmg7 my CSBB experience was as you describe; dollars slightly different $8K lump sum/up to $15K in 2nd category. (situation is remote non-core location 30+ years)
@1dk+1jmmfsmg7 other friends in CSBB similar to yours, with no relo offered; last day ranged from 2/28 to 3/4 depending on when their notice letter was generated; so got 30 days working/30 days non-working.
My manager hadn't heard it being because of performance, but only told some groups decided to handle it differently, ours did the same as wave 1 & 2, so as usual no rhyme or reason to decisions.
I didn't accept relo so waiting to hear how the last 60 days will play out. Friends in wave 1 & 2 got 60 day working notices and said those days were even more painful then all the waiting to find out what group you were in. Everything so awkward - no one on their teams even wanting to talk with them, no work to do, so just nothing.

I was part of CSBB's wave 3 and was given 30 days to make my decision. The letter included an offer of $15,000 in relocation assistance. It was split out into 2 categories - $5,000 that would go directly to me to use however I wanted in regards to relocation expenses. The other $10,000 was to help with things like hiring a moving company or paying for realtor fees/closing costs if selling a house. To get the $5,000 all you have to do is submit a request and it would be grossed up for tax purposes and direct deposited into whatever account your paycheck is deposited into. To get the $10,000 you have to provide documentation, such as an invoice or settlement statement, of what you were charged. If I had opted to relocate I would've had 1 year from the date I received my notice, not from the date I made my decision, to start working from my new site. And yes, if you opt to relocate you can still look for other job opportunities either in your current region or elsewhere within the company. Someone on my team was part of wave 2 and they selected relocation and they are actively looking for something else with WF closer to where they currently live.

While those in CSBB who were part of wave 3 will get their formal displacement notice (if they opted not to relocate) sometime in March, nothing has been communicated yet regarding whether it will be March 4th or March 18th. Senior leaders in my department think it'll be March 18th but that's just a guess on their part. And nothing has been communicated yet regarding whether it will be a 60 day non-working notice, a 60 day working notice, a 30 day working/30 day non-working notice, or some other combination. If an employee is in CSBB and they were in wave 3 and their notice did not include a relocation offer, then they are on some kind of formal performance notice.

I am in CSBB and impacted by wave 3. Last working day is March 4. SVB and company sc--wed this group by not offering relo, unlike waves 1 and 2. We were essentially displaced. Even management was blind sided. If you can find a job, bail. This place is he-l.

I'm in consumer tech, was told last year no relocation but i may be able to relocate to some TBD hub. I was also originally scheduled to be 'noticed' in Oct 2024 but that never happened. I am still remote at this time, and have received not a bit of new info. I assume I will just be offered severance.

I just want to say this is a great thread and I hope people keep it updated. I'm a remote person who will some day get a relo or sev package and am thinking through all these options.

when it comes to how much they are willing to give us top performers to relocate it does matter. in terms of there decision to lay someone off it doesn't .

To @qr+1jmmfsmg7,

WF doesn't give a hoot about your situation or whether or not you own a house, lease, or live in a cave. They only offer relocation to those with critical skills and/or top-tier performers in lieu of displacement with severance. I just wish that they would leave me the heck alone and let me keep WFH.

I think the relo package is based on many factors, such as where you currently reside, if you have a house, how far your moving, etc. Also, not sure if they do it this way anymore, but in the past they would give you an option to go through a company who would handle all the logistics and payments, or you could take a lump sum and do everything yourself, the lump sum being lower.

Could you share how much they are offering for relocation packages. I heard that some have gotten 10-25k

At @ky+1jmmfsmg7

Commuting to an offered location wouldn't work for me as two of the three locations are two states away and one of them is five states away. And yes, your health benefits are tied to the state that you live in, not the state that you work in.

@cv+1jmmfsmg7

No they won't. Relo won't be an option.

has anyone relocated but stayed in their current state and commute to a different state to meet the days in office average? Safe to assume ones health benefits are tied to their mailing address and not their work address?

I'm expecting something in the next couple months. if I get a year to redo then I'd get my bonus next year and be able to cash out one last year worth of RSRs. but I also need to consider the total value of all my RSRs that I would give up by effectively quitting. If I'm severed then at least I keep those and they'll continue to vest each of the next 4 years. decisions decisions.

If only we'd get in writing that relocating ensures you keep employment for two full years, that would be something. Most folks I've heard are not considering relocation. Way more are looking forward to severance - this is not the company I started with 8 years ago. Chainsaw and Co. have made a wreck.

A lot of folks at WEC will be making these decisions this year.

Lmao. I got let go in a core market (Charlotte) that I relocated to for that cr-ppy bank. so Wells Fargo is full of sh-t
If you get offered displacement w/severance take it! I got a better job and less stress and way more transparency than “not sure what we’ll be doing” BS or “hey now we’re moving to this team or helping these people” and then there were the fake leader calls who said hey there’s opportunity here! No there’s not.
Live where you are happy don’t relocate for this bank. They’re not loyal to you so you gotta be loyal to yourself first.

The "core" locations are pretty much all garbage. That said, the vast majority didn't get any option to relo and the few that formally requested to move before they could be laid off were denied, so things could be worse OP.

@av+1jmmfsmg7

I would add that relocating to be in a better job market is also something to consider. If the job market you are in has limited opportunities, and the target city has much greater opportunities, it can be worth the paid move even if WF lays you off anyway within a year or two.

Accept the terms of whichever will give you the most time with pay unless you actually plan to relocate. If you have an approximately 1 year severance, then take that and look for a new job.

My agreement has a 1 year requirement in order not to pay back the funds.

Don't change your entire life for this, unless you don't have a spouse or kids. My coworker moved and 6 months later was laidoff anyway.

I recently received a relo offer. 30 days to decide. If I accept, 1 year from the offer letter date to move. If I decline severed within 30-60 days. If I accept and then don't move I will be basically fired with no severance. if I accept I commit to the new location for 2 years else have to pay back any relo funds.

I was given relocation offer Nov 2024, had 30 days to decide. I chose not to relocate and was given my 60 day non working notice Feb 2025. The relocation package I received said if I chose to relocate, it had to be done very soon. I don't recall the exact timeframe but it was a short time. I knew I wasn't going to leave the beautiful place I live to move to a core location that would not make my quality of life better. Better for me to take the time and the severance to find a new job and not uproot my family when they may displace me again when they send my job offshore.

Notified of relo offer in July 2024. Given 1 month to decide to choose from the 3 locations offered. Had I chosen displacement with severance, then bench time would have started mid-August and ended sometime in October. Will need to be boots on the ground at new office location with hybrid working arrangement July 2025.