Thread regarding Wells Fargo & Co. layoffs

Totally agree with holding out. They owe you. I got it Feb 21.

They did yet another massive layoff in underwriting today. They like Tuesdays. It was Thursday when they did the first chop in November.

I’ll miss the vacation time but am glad I’m out of the sinking ship.

I also heard tech was affected.

if you work in Ny or ...(there's another state, can't remember) the notice period is 90 days instead of 60.

If you take employment elsewhere during the notice period you are considered to have resigned voluntarily and you will not receive severance.

If you accept another job with WF just b4 severance expires (grandfathered benefits/tenure) and then get laid off again at new job, the process starts all over again. In essence, you collect severance twice. Or more, depending on how many severance cycles you have. Pick roles likely to be on chopping block and perhaps get lucky.

1. The 60-day Notice period: You continue as an employee (even if non-working) for 60 days until Friday, June 16th, which corresponds with the end of a 2-week pay period, with the paycheck on the following Friday). Benefits appear unaffected, you can continue to make 401k contributions during that time as you're an employee.

2. The Severence Eligibility period: As long as you signed the packet and haven't done anything to jeopardize your eligibility (such as violate the non-disparagement clause) you are officially terminated and then begin being paid on a payroll-aligned schedule with a one-time payout of your unused PTO as of June 17th, plus ongoing pay periods of 2 weeks per year of service up to 26 years / 52 weeks of severance pay. So if you had 10 years, you get 10 more paychecks spaced out every 2 weeks in alignment with the regular pay days. If you want, you can apply for lump-sum payout instead, but if you had >13 years of service, there may be a tax advantage to letting it roll into next year if you're not working at that time, or have taken a lower paying job.

3. Benefits: They seem to continue totally unaffected during the 60-day notice period since you're still an employee. It appears you can then continue to receive medical benefits at the employee cost during the Severance Period, but not contribute to the 401(k). There's a Zoom call on Monday, April 24th you should have received an invite to if you were just displaced where they explain the benefits in plain language.

4. Taking other work: I can't find what doc it's in now but they say you must follow all Wells Fargo guidelines except for seeking outside work. In other words, you may take a new job even during the 60-day notice period when you're legally still a WF employee.

5. Accepting a position at Wells Fargo: If you take a Wells job during the 60-day notice period, you never receive any severance and your new paycheck is whatever pay rate you were hired at for your new Wells job. It's as if you simply took a new job at the company. If you take a Wells job during your Severance Period, the Severance pay stops (and any overage must be paid back) as of your start date at Wells Fargo. If you accept a Wells position within 6 months of your termination date (June 17th) then it does not count as a break of employment. If >6 months then even if you're still in the severance period it counts as a break in employment.

IMO the risk to taking another Wells job is that now you potentially gave up your severance package, might be taking a job for less pay anyway, and may still be laid off or encouraged to quit on your own and not eligible for severance pay equal to your previous package. Do what works for you, but for many people there is very real risk and downsides to taking a Wells job before the end of your severance period. If AFTER the severance period, I'd say there's little downside to returning to Wells since you've received all your severance by then.

6. State unemployment: You're eligible for unemployment (within your state's regulations) at the end of the 60-day Notice Period, and the FAQ says Wells will not contest/oppose you filing for unemployment.

Found it...
Up to 4 yrs = 8 wks (min)
++1 yr...++2 wks

=26 yrs = 52 wks (max)

Choice of lump sum or continued bi-weekly

Per the latest benefits release, typically you still get a 60 day non working or working (depending on your LOB.. pray for non working) in addition to two weeks severance for each year you’ve been employed. It’s been this way for at least the last five years or so. If anyone questions why a lot of us are holding out it’s because of massive burn out and because we feel like we’re owed. Thanks for coming to my Ted Talk.🤷🏻

Varies based on length of left thumb.

Okayyy...I guess I was just asking for snarky replies...the goat-reference was funny...

Call HR. They will explain it to you

I heard tech was affected.