The plan is already in motion (Look Around)

I know that this site is monitored by WF Insider Threat. So you guys can kiss my behind because these things have already been communicated at certain levels.

I was given information through various Directors that we will see a consolidation of our footprint/hubs. Packages will be offered to those in undesirable locations (ATL, for example, is not a hub), which will transpire over a few different waves since it impacts essential employees. Also, these phases will see further displacements of nonessential resources. Forget about the mortgage groups for now; that is a different activity.

Changes will probably be formally announced/kicked off during Powell's bank-wide meeting on the 21st. Look at your calendar and see if your organization has already moved up its quarterly calls to correspond with the news within 24 hours of the announcement.

Changes will not be a big bang but the start of a phased, drawn-out reshaping of where and how we work.

To further prove my point, a few weeks ago, select managers were required to attend a seminar regarding employment law to handle questions and displacements. Some managers have also been asked to justify why they do not have seven or more staff members, so expect changes to our spans and layers AGAIN. These managers are just as surprised/worried because they report to an OC +1 and don't know if their job is jeopardized. They were not allowed to hire to capacity.

You might have been a member of a recent reorganization announcement hitting close to home just last week. Things are already starting to move. Future change waves will take place as the staff is thinned out. We will not get into the later change waves until essential projects and top-of-house organization initiatives resolve. Only then can leaders proceed with the complete reorganization plans that division leads have drafted for months.

Last week, the first phase plans began to be set into motion. You probably sat on a few calls describing upcoming changes effective next week. Most announcements were to team managers from their directors.

I have heard too many stories over the past few weeks. Eye-raising stories that prove leadership thinks we are the enemy who must have power taken back from. These new egotistical NY-type people are nasty and think they are here to save the bank, and the rest of us are the problem.

I hate to concern anyone, but these leaders do not see a future for legacy employees and have no respect for the employment agreements we had in place regarding remote work, location assignment, and TVC.

If we do not take control of our careers, someone else will do it for us.

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No idea if anything the OP says are true or not, but FNYC anyway.

and per the comment in the OP re spans and layers - there is a monthly report on that, and there has been since 7:1 was implemented. Every manager that doesn't meet 7-1 has to explain why not, when it will be resolved OR obtain an exception, which is approved by OC+1 and OC. So it never went away and came back.

@hrh+1lBbOlZ5 All of it is so vague and untransparent, but a lot of that is because realistically it’s going to be hard to implement all of this without immediate adverse impact in many business lines.

So it’s taking a very long time to figure out how fast and hard to apply these changes, and in the meantime Charlie and his people are getting closer to their departure every day. That may not happen soon, but here’s hoping that there will be enough further delays and challenges to implementing these changes that management will move on before too much damage is done and cooler heads prevail.

Any news on the sale of mortgage servicing portfolio?

I will never get back the precious seconds I spent reading this

the location strategy has been in motion since prior to covid, it just got slowed down a bit by the pandemic, and now is resuming.

"hubs" is a vague term. The enterprise has chosen markets in which it will continue to have real estate. Then, LOBs (OC level) can choose among those to be their "core" and "specialty" markets. "Core" are favored, but "specialty" are allowed for hiring if there's a specific talent need. An OC leader can choose as many or few from the enterprise list, but they cannot choose a market to stay in longer term that's not on the enterprise list.

Within an OC, an OC+1 leader can choose within their OC's core and specialty markets - any, all, or a subset. So even within an OC, if you are in a core location, you may or may not be able to apply for a job in a different area if they have chosen a specific subset that doesn't include where you are.

There has also been a goal to have completely remote work (I.e. not within 40 miles of a WF office) to be phased out since prior to covid. For obvious reasons got tabled during the pandemic and you can see that it's moving that way again

It is evident Wells knows there is labor surplus on our jobs, too many h1 workers for hire from abroad for finance, tech, etc.

I know bloomberg is still crying about labor shortage every week for the gov to open up more visa, but I feel it is the same in every corporation today.

That was a whole lot of no new info.

All this is non sense, reads like 4 pages of angry man

“ We will not get into the later change waves until essential projects and top-of-house organization initiatives resolve.”

Ok, so that means it’s probably never going to happen.

Troll

Thread regarding Wells Fargo & Co. layoffs

The plan is already in motion (Look Around)

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