I remember back in 2020 (seems like a hundred years ago)there was a post saying if you made it through 2023 your job was pretty much safe from layoffs. Although that seems a little naive now, is there some truth to that? I remember when one of our senior executives said at a conference that wanted to decrease headcount by 40k. That hasn't happened due to shipping jobs to India. But will these constant 1k monthly cuts ever slow?
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After all of this...
- Enough layoffs occur to satisfy management
- The asset cap is lifted
- The market improves
- We're past the inevitable drama of the 2024 election
Some rough numbers for those who have completed 4th Grade Math
Target Headcount based on other GSFIs: 210K
Target WFIP Employee Count: 63K (based on published 30% of Target Total)
Target US Employee Count: 147K
Current Total Headcount: 240.4K
Current WFIP Headcount: 40K
Current US Headcount: 200K
Projected US Headcount Reductions: 53K
At a max rate of 2K per month due to Offboarding capacity AND IGNORING NEW HIRES THAT ARE STILL OCCURRING, there are another 26 months of layoffs, going through Sept 2025. Maybe then, you might be safe-ish.
They keep sending jobs to India and don’t have the decency to give us some good curry on fridays.
Never have felt safe here. Or any corporation. Safety is an illusion as long as you are an employee.
Don't worry, Charlie will still get a golden parachute.
Once Titanic hits the iceberg, the ship only keeps sinking towards the bottom of the ocean.
It’s like the Hunger Games lately
Never
Actually @xqt+1o6N6gEx has got a point. Wells Fargo is focusing more and more on the DE&I stuff and neglecting to take care of the core business. We are gradually becoming like Bud Light.
This last round of layoffs was pretty widespread. I got nailed on the 8th. There will be more to come nearly every month at a minimum.
No location, no LOB, and no person is safe until CS and SP are gone. That's the bottom line. Everything they are saying about efficiency etc is a pack of lies. They are simply evil. They hate you and they hate WF. Their job is to do as much damage to the company as possible for as long as possible
It is high time for the H1B guy to be outsourced.
As long as Wells Fargo continues to commit violations and getting penalized almost every year, CS needs to keep cutting costs somewhere. CS knows how to cut the costs, but does not know how to fix the problem. Based on the history of this bank, this trend will never stop, so you will never be safe at Wells Fargo.
It will never be safe here period. Charlie is a POS
For the H1B guy. Find a new ho-n to toot. 85,000 is a little high. Here are the exact numbers for 2020-2022. In 2023 we had 250 approved and 5 denied.
Wells Fargo Bank, N.A. has filed 1410 labor condition applications for H1B visa and 214 labor certifications for green card from fiscal year 2020 to 2022. Wells Fargo Bank was ranked 103 among all visa sponsors. Please note that 16 LCA for H1B Visa and 6 LC for green card have been denied or withdrawn during the same period.
Normal safety will return towards Q4 2024 into Q1 2025 assuming head counts and realignments remain on track.
Anyone here prior to the Location Strategy of 2019 knows that this environment was so safe it was hard to cut poorly performing contractors, never-mind FTE’s. But even since then, it has still been relatively safe. The cuts occurring aren’t even necessarily performance related so all this dead wood gets to keep on kicking.
no one is safe.....
but what I don't understand is....why are all the middle mgrs still here? I was laid off last week and my entire queue which was at capacity from taking on the work from the last cut of 7 pm's .
No one will provide the criteria used for selecting those being displaced.
He probably has "business reasons" aka excuses for not holding a town hall, and I'd be curious to know how many actually attended past events; probably a very low percentage. To the original poster, have you been around for long? Many of us have decided not to attend these town halls for various reasons. Those who choose to attend should be aware that many feel they aren't productive. The general sentiment is that the issues of the bank are redirected back onto the attendees and that there are calls for further measures to "improve" WF but no clear details. The remaining agenda is then usually DEI and outsourcing topics. I'd recommend thinking twice before attending these sessions with any of your Executive team.
This was probably before all these woke clowns elected Biden.
Don’t think they’ve gotten the attrition that was expected.
Offshoring will not stop in 2023....
In addition, we sponsor 85,000 jobs for H1-B visa each year, and the government is trying to increase the H1-B visa quota. They are not "new" jobs, they never are.
Why do people here want to be safe? They all want to get laid off. Safe is not good
It's not safe anywhere anymore. They can lay you off at any point at any time without any warning. The C suite is pushing to offload 30-40% of the US jobs to India (and some to Philippines). Until that is done, there will continue to be the slow bleed of layoffs.