Thread regarding Wells Fargo & Co. layoffs

@mt+1m2w8nzkz

It'll be consistent until it isn't. HY is the only safe hub under Shart. Charlotte will probably be the last stronghold, but it's already #1 in downsizing itself. Matter of time.

@hn stating the obvious 2019 is the year Charlie got here. So yes, it can change with management or with no change of management. However, since the list of enterprise markets was published about 5 years ago it hasn’t changed. Portland was off the list even before the “final” was published.

The Dead Moines Rat Digester posts the exact same sensationalized article every two weeks and just changes the numbers. Lazy click-bait on their part.

Is there a call center in Des Moines?

@fg+1m2w8nzkz

No, they are a lesson that nothing but HY is really core. Everything else is expendable and will close. Just a matter of time. CPG slide decks as recent as 2019 said Portland was core. All it takes to go from core to abandoned is the stroke of the CEOs pen.

so the overall workforce has shrunk from 270K to somewhere around 200K (i've lost track) over the past few years.

That makes these job reductions in DM look kind of puny by comparison of proportions. The real action is in all the cities that are being completely exited. DM is still considered a core enterprise market.

There will be continued shrinkage everywhere, core, specialty and offshore, as AI "takes out cost" (salary expense). Probably will accelerate - leaders are throwing around numbers like reducing the size of their teams by 2/3 or more over the next 4 years.

@fj that last scenario is hilarious in a manically way

@ff there are a few theories in circulation including she’s a real person in Charlotte making serious posts and also someone claimed it’s a former HR generalist who posts content similar to the cases that gave her a nervous breakdown. Nobody really knows for sure.

@e2 those are all non core markets for non customer facing roles and the company made it clear in 2024 that they'd be hollowed out. There's no element of surprise there.

Isn’t it the Des Moines call center where there’s a group of boomers who post the casheir/Fanta/satisfact post on here? Thought I saw a comment to that effect once.

@OP

I wouldn't put a lot of stock in the Locust Street Liar.

They have demonstrated time and time again, that they HATE business.

Cheers! And, unfortunately, I LIVE here.

@b4+1m2w8nzkz

No different than some cities, but others are a lot different. Ask the people in Portland, Billings, Macon, Boise etc. how things are going.

@bw
This really is what shocked me about the layoffs in Portland as well, not the fact that there were layoffs (there always have been and always will be in business), but that Wells Fargo dumped all of its best employees, the ones who kept the department running properly, leaving the ones who should have been fired for incompetence and misconduct ages ago. Location strategy…Wells Fargo really shot itself in the foot there. Do they really want their bank to be run by lazy id--ts and managers who make excuses and repeatedly cover up for the lazy id--ts?

@bp The issue isn't merely the number of people laid off. The issue is that the quality of individual who does not get laid off is much, much lower than the quality of individual that does get laid off (generally speaking). Literacy, abstract reasoning ability, integrity, etc. are detriments in the American workplace. The company fu--s up. They hire a shitload of people to fix the fu-kup. The fu-kup gets fixed (at least somewhat). Then the ones who fixed the fu-kup get laid off and the ones who created the fu-kup get to stay until sh-t inevitably gets fu---d up again, and the cycle continues. And on top of all that, they manufacture bullsh-t reasons to fire people without paying severance. This, I think, is what people are really complaining about, not the mere fact that 1,877 people lost their jobs.

Is this supposed to shock us? 1800 jobs lost in four years is nothing.

The best part of the article is where they quoted from the Layoff.com.

At this point the executives have quit caring about anything other than their next bonus.

I am really not shocked at all when Charlie said 9-11 didn't bother him at all on the CEO townhall. None of them have empathy for anything other than their bonus check

It's no different than any other city in terms of the drip over time. What is different is Iowa has a much lower threshold for filing WARN than North Carolina, Arizona, Texas, or Minnesota. So, it's way more visible but isn't any less common. All the core markets are seeing layoffs as overall headcount comes down over the last 6 years. We can stop being so dramatic about Jordan Creek headcount.

Truly hoping ECMO leadership is included in this round of layoffs.

Anyone seen AI create damage by doing work that humans did before? I hear a lot about it but I am not seeing anything that meaningfully reduces work. It may be just me.