I'm new, and it's pretty shocking to me that people are so used to layoffs every other week. Is it really happening so often?
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@OP Yes, the Tuesday following payday is what we call TT- Termination Tuesday. Every person I know (9 so far) who’s been displaced/replaced has been on that day.
Welcome to the nightmare that is Wells Fargo. Rey to get out before it impacts your health negatively
We have lost more than 75,000 employees since Charlie Scharf joined. The actual number is higher as this doesn't include positions displaced in the US and replaced with cheap India workers. This has happened without major headlines about mass layoffs, and without shocking the stock price, by the strategy of steady, small-scale layoffs every few weeks for the last 6 years. The working environment is really toxic, morale has been absolutely decimated and no one is bought into this place for the long haul anymore, but at least the stock price hasn't been affected 🤷
Sorry you didn't stumble onto this information before taking a job here. It's one thing to keep working at Wells through a bad job market when you've got years of PTO seniority and MAYBE if you're lucky a severance package, but another thing to start a job fresh here. I'd keep looking for something new, even though job hopping is dead these days. Things aren't going to get better as long as the current CEO is in place, and the board shows zero interest in changing things
Hire and Fire 🔥 is normal. U think ur are working for federal government.
It pretty much is the case, with 3 notable exceptions:.
- There's a bit of a pause in early January as HR makes process and system updates. Displacements tend to kick off in the new year on the first Tuesday in February, but it can also be possible that the last week of January is used.
- There are a few weeks during the year where Monday is a holiday. Often these are not available as enterprise-wide displacement dates but are offered up as line of business specific dates if they have cases that were delayed earlier in the year and they need to get them off the books. So the activity tends to be much less than on an Enterprise wide date.
- Displacements generally run through December 12th or so and then there's a pause due to the volume of holidays and other year-end activity.
It's not every single Tues after payday, but it is a large majority of them. Between mid December and mid February we have the quiet time of the year where it's actually pretty minimal. The rest of the year it's pretty consistent. Many employees don't notice, simply because the company is so large that you won't notice if a different LOB downsized 150 people in other states. Doesn't really impact you, so it's off your radar. It is happening though. We have about 115,000 less people in the US now than we did at the peak after the Wachovia merger. There's no signs that it's slowing down either. I think the medium term goal for HY is to get headcount under 100k domestic. It would take about 3 years to get there at the current pace.
It's also not necessarily limited to every other Tuesday; those are just when the biggest layoffs occur. It makes for a morose and degrading work environment. Welcome!
Yes. It’s a tradition at this point with different departments consistently getting hit.