Thread regarding Wells Fargo & Co. layoffs

@zjk+1o0OE32w. Charlotte is not cheap either. Real Estate doubled in the past few years. Super crowded. If you like sprawl & a soulless city, it's your oyster.

The bank sees people are disposable & replaceable. Why would they support, in a meaningful way, anyone relocating?

Do Not Move for this company!!! They will ax you regardless!!!!!

@jtn+1o0OE32w

Faulty presumption that the financial industry isn't in prime position for disruption, and it is. These companies are literally flushing billions of dollars down the toilet for no reason. As soon as someone figures out that they can steal all the real talent and not waste that money, they will, and big finance will never be the same.

Displaced/laid-off in Talent Acquisition due to being located in non-HUB location, and the only Recruiter job postings are located in the Philippines.

One of my colleagues moved to keep her job and was then laid off after 18 months. I would absolutely not move for this company unless you were already wanting to move to the new city anyway.

SSO is laying people off. If offered I wouldn’t move (at least without a package) . I was a 15 year vet in a non-hub city, with 4 and 5s on my annual and mid year reviews and got canned. No offer for me to relocate was mentioned

he'll leave, and the bank will return to operating as normal.

No it won’t. WF was operating outside of industry standards. Like it or not, Chase is the driver of them. This is unfortunately our new normal.

My team member in non hub location was asked to relocate after covid. But , he never did due to affordability issues for housing in hub location. He is safe till now.

Those of us who've been around long enough know Charlie won't be around forever. When the asset cap is lifted -- when he's made his profits -- he'll leave, and the bank will return to operating as normal. Also, when the job market returns, workers will have more options than RTO.

I have been asked multiple times. Even in my reviews it’s asked. I agree with the others, why on earth would I move for Wells to just lay me off from a different location? That’s not fair to my family and Wells doesn’t pay me enough to risk it.

@alj+1o0OE32w
"why are the "hubs" different for different groups/orgs? Why aren't they consistent?"

Because it's just a ploy to cause people to leave on their own and not get a severance package. Hub & RTO have nothing to do with making the company more efficient. They are all about reducing the cost of slashing the 2019 employee headcount in half by 2027.

If my employer wants me to move for a job, they will cover all relocation costs.

Otherwise, they're just being id--ts.

@alj,

Not publicizing Hub locations is all part of the WF "transparency" model. It's similar to the RTO model where everything is vague guidelines and varies from group to group. It's set up that way so that they can claim, "we never said that" or change it on a dime.

In my LOB if you're remote and being displaced and they give you an option to relocate (at your expense of course), you don't even get to choose the Hub location you want to move to from the ones that your LOB uses. They "assign" you to one of their choosing.

I can't imagine moving for WF. All I'd be doing is changing the location of where I worry about whether or not am going to be displaced.

I know of one person that was offered a relocation package but they had to commit immediately; the alternative was displacement starting in three months. What I don't understand is, why are the "hubs" different for different groups/orgs? Why aren't they consistent? And can't they put out a list? What if someone were interested in moving to a different location (even on their own dime) - would be nice to know if the desired location is a "hub".

It is only a matter of time. The position of this leadership team has been well known and i think people have been in denial that they won’t follow thru.

Not yet

Never relocate because of some directive in a company. Relocating is a new gig. Job may be the same but cost of living, schools if applicable and quality of life need do be considered. If there is no considerable bump in pay, then what makes relocating viable?

This was happening before COVID. I know a few people that were given the relocate or leave package. Then COVID hit and things got put on hold. Problem is, many people had already started the process only to have it interrupted.

Can you imagine being given an ultimatum that you have to disrupt your life just b/c some exec thought you need to be in a hub city. Charlie didn't move. In fact didn't they greatly expand in some of the most expensive real estate in the country.

Frankly, it's total bullsh*t. You get hired with the agreement that you're in a non-hub city/remote etc. Then they expect you to uproot your life and just move to some almost arbitrary hub location. Several cities ARE pretty expensive to live in as well-- San Fran, NYC, even Phoenix is not cheap (unless you're coming from CA or something).

Multiple in my department laid off from non-hub locations pre-July. None were approached or offered to move and one told me they wanted to move to a hub location but were told that it was too late, they were already marked for layoff at a high level in the company.

They're letting go of non hub headcount that didn't have a prior remote agreement. But will people with remote agreements last long, not likely.