"BMO Financial Group, Wells Fargo and USAA have reported hundreds of layoffs to state officials in recent weeks as the U.S. banking industry continues to downsize."
Are these hundreds as a whole, or for each institution? Because while it's clear from HR data there were massive layoffs two weeks ago, state WARN notices are not reflecting these.
https://finance.yahoo.com/news/bmo-wells-fargo-usaa-latest-022605261.html
What gives?
Wells has been keeping the layoffs small (usually under 500) and during certain timeframes. In mortgages the first round started in April 2022 & proceeded every 60 to 90 days into 2023…..there have been 7 rounds of layoffs since Spring of last year. So if you’re looking at 500 displacements every 60 days you’re talking about thousands & thousands of layoffs since last year. But they’ve been in small increments In different divisions across the entire country as to not draw a lot of attention as a 5,000 person layoff in one area on the same day would draw.
It's in the 100s just for my specific division. From the OWBPA report, I received with my displacement, 550 employees just in my department to be exact. A-s that to all across the footprint in the latest around and I'm sure it's in the thousands.
Banking is not a good industry to be in anymore.
WF is staying under the radar in each state by having multiple small layoffs on different dates instead of large, reportable layoffs.
Wells Fargo has been desperately trying to keep all the layoffs under the radar. They are worried about getting the media attention, which could negatively impact the WF stock value, draw government attention, lose more customers, etc.