Approvals have been completed at the committee levels. All packages to be drafted and complete on 3/18 for 3/21 notice. Mix of working and non working 60 day notices to impacted employees. Can’t speak to to all LOBs but COO will be 4K.
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Wells Fargo home mortgage just laid off thousands of home mortgage consultants, aka Loan Officers yesterday 2/21 and it has not made the national news. Top producers regardless of what city/ town you live in were laid off. This is unheard of. Loan officers do not get laid off especially when you are 100% commission based. What direction is this bank headed in? The article is true, WF is getting out of the home lending mortgage business and directing their efforts to their existing customers. What does this say for the future of banking or where this recession is headed?
yep if you are on PTO the notifying manager's instructions literally are to hunt you down.
A manager in my group had to call someone on a diving vacation in Tahiti to notify them.
To the person saying they’re taking those days off, that approach doesn’t work. We had two people on our team displaced while on PTO. One even got a random call from their leader while at their kid’s soccer game informing them their job was eliminated. That was pretty low. The team is still mad about that and it has been 3 years.
@1mgi+1le8LOit Charlie, is that you trying to calm the commoners? The tyrannical Troll! I'm living proof, was "displaced" last week. I'm 62 years old, part of the termination packet was a statement OWBPA (Older Workers Benefit Protection Act) It shows, by job title, the age of those let go and those that weren't. Proof that it wasn't age discrimination, it was "job criticality", SMH.
Best of luck everyone
Something big has to happen. Chainsaw has quietly lowered the staff numbers and has built up offshore to support after the layoffs. He is running out of levers to pull that keep the analysts thinking we are moving forward. There was lots of chatter amongst the analysts after the last earnings call about whether his huge expense cuts would ever materialize. A big splashy cut would help him continue the fantasy for some time.
Fake news/fact checked: relax y’all. This is a troll post. 1) packages and OC approval happens at least 60 ahead of lay off date. 2) wells hr policy is 0 days working notice with only very rare exceptions. Everything in this post points to fake news like a compass pointing to true north. Gentle readers, sleep well this 3 day weekend. OP, slither back under the rock you came from!
Well, marketing is hiring. Still. Again.
COO = Chief Operating Office
It’s everyone who reports up through Scott P
At least now I know what days to use my personal holidays.
2/21 also.
You heard correctly
Well I am eternally glad the COO got rid if that Chris Kennedy lady, she screwed up a lot of things .
Absolutely they will. No one is safe from chainsaw unless you're former JPM and based in HY.
I heard tech is affected.
There has been a TON of hiring in India and Philippines for the Control org for months under the COO. And they have been spending a lot of 'buddy time getting to know you and align with you my US partner' so this should be interesting!
Genuinely feel bad for anyone in the US who doesn't want to or can't afford to be displaced. I do think the bank has already been staffing up offshore to support this 'efficiency' effort and business group % offshore goals.
Who really wants to work for this company? it sucks, the people, the work, the environment, the operating committee sucks, etc. Most people are not even qualified to do the job they are hired for. They have no experience in the real world. and just think it is these people who are leading the firm with no experience that are making the decisions on who goes and who stays. Only way to do this is favoritism.... If you follow those leaders you will be fine. If you drive toward alignment to the law...good luck... you will be cut. Probably the best decision of your life. What a cult like environment.
The date seems accurate. It was this time two years ago when they had massive cuts.
Fortunately, we’re hiring staff to assist with laying people off.
R-250858 Senior Operations Processor - Displacement Operations
Once layoffs are complete, will this person process his own layoff?
Hoping this includes collateral (REVS) support! BTW any status on the sell off of the Servicing portfolio?
risk may reignite spans and layers which could lead to some small layoffs but I don't see anything happening there on a large scale at least not until the bulk of our troubles are put behind us
@egp+1le8LOit Thanks. I was displaced last week and only have access to Teamworks at home and apparently the functionality is limited. There is no search function
Does anyone know if there will be layoffs in Corporate Risk or Tech? If there will be, how many?
Go to teamworks --> upper right corner eyeglass-->Search People-->Search SP-->See 69,584 total team
Some of those are Off shore.
where are you getting the number of employees reporting up to Scott P? Workday does not report total figures. It shows org charts and how many direct reports he has and how many direct reports his reports have and so on.
4K souls is a big number
what is COO?
https://www.fisherphillips.com/news-insights/2024-h1b-cap-initial-registration-period-almost-here.html
"the initial registration period for the upcoming 2024 H-1B cap will open at 12 pm EST on March 1, 2023, and close at 12 pm EST on March 17, 2023."
@fox you realize that 40K of them are in I&P - check your eyesight I said DOMESTIC. Hope you are not in an area where reading and math skills are needed.
@cxw...You're wrong. There are over 69k employees in COO (report up to Scott P). At 4k, that's almost 6% of the workforce.
I'm pretty sure it'll be spread to limit what needs to be reported.
TCOO and their risk teamS are super bloated. Wonder how many of the 4k are tech. Assuming the OP is correct.
I am in COO - pick me pick me!!!! But I doubt this is true since as I looks like all of domestic COO (if you include Ops) is around 25,000 per Employeeworks which would mean around 15% across the board elimination. If you take OPS out then it would be over 20% cut out. I do not even think in mortgage they went that deep.
Not saying you are wrong but I am saying that is a huge amount of layoffs.
Holy S, 4k from COO alone? That's a big number. Seriously, good luck everyone. If you want a severance, I hope you get it. If you don't, I hope you survive the cut and hopefully these will be the last round.
Fu-k yes. Let our freedom commence.
Eeek. I'm in COO.