Wells Fargo newest tactic of getting rid of bodies is to demote people. HR demoted a significant amount of people with the rationale that the work is not important (anymore). The teams were very involved with the regulatory oversight and consent orders but apparently that's not important anymore. So beware guys. It is a bit wild considering their just taking peoples titles and officer titles away, demoting some people from salary to hourly. Even directors weren't safe from the wrath.
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This is so true and so demeaning, if I could find a job elsewhere I would. Last 2 outta 5 years exceeds but was told the lower role description suited my duties better. Got told that this won’t change bonus or raise next year even being on high end of pay range, but I don’t believe a word of it.
I heard of someone getting their salary reduced because they got an IM. I can’t even believe that’s legal.
I bet every one of Shart's copilot prompts is asking it to help him come up with new schemes to torment people into quiting.
@af Hadn't heard that about principal titles but an not surprised since they want people to quit (esp. higher paid people).
@af yes. They changed some managers to Lead BECs and they're expected to continue to lead their teams as manager. One has a manager reporting to them which I found ironic.
I have seen this happen quite often the past two years, mainly directors moving to senior leads. I guess it is going to accelerate? I also heard principal titles are going away, and if they were an individual contributor, they will become senior leads.
Demotions don’t encourage people to quit. TK is still here.
@ac yep and Risk is still extremely bloated. if Risk people are being demoted it's probably meant to encourage them to quit, like most thing senior leaders do.
correct -- consent orders actually aren't as important anymore now that we're getting past them.
“HR” isn’t demoting people in the LOBs, come on.