Thread regarding Wells Fargo & Co. layoffs

Why not just lay us all off?

Doesn’t seem like there’s much interest in actually growing the business anyway. I’d rather have the certainty of severance than the mindf&$k of working here wondering if or when it’s my time.

I spoke with an old boss who is in a completely different LOB than me and he has been asked to track everything his team does and how long it takes so their work can be offshored. Pretty soon the only staff here will be those in the customer facing in person roles. It’s so sad such an iconic brand is going this route. Do our politicians who tout saving American jobs realize what’s going on?

I hate this place and don’t recognize it as either the old fun WF or the old respectable WB. We have become a sad shell of either company and I have zero respect for our executives. We have no vision, we have nothing we are working towards. There’s only money and benefits to keep you and the fear of layoffs to try to motivate you to go above and beyond.

After putting in decades, I’m not so willing to just jump ship and give up the golden handcuffs. If they want me out, they will need to pay me.

That being said, I’m actively looking and working to get some leads lined up just in case I too get the dreaded 15 minute meeting to pop up on my calendar.

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| 1982 views | | 16 replies (last September 4, 2023) | Reply
Post ID: @OP+1opmp9K7

16 replies (most recent on top)

Post ID: @1bva+1opmp9K7

India has been given the golden child award from execs. Although there’s been some mischief going on internally there among employees which is not a good reflection on WF, so maybe it will balance back out between both again. Either choice is a slap in the face to displaced US WF employees, though.

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Post ID: @2dar+1opmp9K7

I hate our company. Starting at the top and working my way down. I can’t even pretend to find meaning in what I do any longer.

I’m sure some smug person will say “quit if you don’t like it!” I’m the only income earner in my family and have children. Quitting without a backup plan is not an option and be try irresponsible. Am I looking? Yes. It’s hard once you finally snag a role that pays properly. I need all my income, I’m in my 40’s and can’t take risks like I could pre children. So yeah, I’m forced to be here to take care of my family as I eagerly look elsewhere. I’ve never worked anywhere else and didn’t think I would ever need to. It’s a depressing time here and after decades of work, recognition, promotions, I see no future for myself here, but where the F am I supposed to go?

I think entrepreneurship is the way forward. Corporate culture everywhere is toxic, pure and simple.

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Post ID: @1xyj+1opmp9K7

Stop trolling here, Chase evil empire storm trooper

@1uqr+1opmp9K7

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Post ID: @1zwj+1opmp9K7

Fun? Remember the 20 year club? Where you walked around in "funny" themes (chain gang, prisoners etc) Coworkers acknowledge your length of service. What happened to those days?

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Post ID: @1uqr+1opmp9K7

@1wix+1opmp9K7. Twin cities Wells Fargo IT here. Wells is well known for not a good place to work for in the TC for decades. Even contractors do not want to work for Wells. But to be fair US bank is not any better. Fun? Heck no!

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Post ID: @1fne+1opmp9K7

I can attest WF used to be fun. There was a lot of hard work-don’t get fun confused with slacking. We busted our as--s because we felt like we were part of something bigger, felt like we were winning, felt like we got rewarded for the hard work, got perks and money and fun surprises. Leaders held folks accountable, but there was a feeling that they were there to support you, not catch you messing up. There were leaders you could get inspired by. Heck, we even still had the stagecoach program, hot air balloon program and ponies! And remember STAR assignments if you got displaced? Even in times of displacement, you felt there was at least some empathy and reward to you for being a loyal employee.

Now? It’s initech all the way. Bill Lumburg is in charge and we all have a case of the Mondays.

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Post ID: @1wix+1opmp9K7

A company being “fun?”

I’m new to WF and no company I’ve worked for was ever fun. It’s work.

Maybe so, but doesn't it also depend upon your place of work. We are always doing some fun group thing , ya know, entertainment , and probably will until all the dominoes fall.

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Post ID: @1mcz+1opmp9K7

Why not lay us all off?

Severance/offshore replacement costs are a line item in the budget. This means that the company has already planned for and allocated money for these costs, likely in the 2024 budget. I am sure the BPM guys have a process flow chart for offshoring, which includes planning, getting work requirements, negotiating with the offshoring company, training new workers, and scheduling severance for laid-off employees.

In addition to these tasks, the company may also be taking steps to make Wells a more toxic work environment in order to encourage people to leave. This is known as "quiet cutting." Some signs of quiet cutting include a lack of transparency from management, increased workload, and fewer opportunities for advancement.

Here are some additional quiet cutting techniques that have been observed at Wells:

  1. Inconsistent stacked ranking. Arbitrary and unpredictable bonuses and raises are inconsistently rewarded.
  2. Reduced bonuses. Some have gotten minimal bonuses and no raises.
  3. Eliminating the 401K matching in the year you are laid off. This reduces your benefits.
  4. Requiring return to the office for an indeterminate "some".
  5. Giving you ambiguous and weird titles. These titles will not make you marketable to other companies.
  6. Assigning you to be offshored workers babysitters. Tasking you with training them and giving them knowledge of your or your co-worker's job tasks.
  7. Non-transparent "hub" strategy. Where remote workers outside the “magical radius" from a hub are targeted first for layoffs
  8. Having people work massive hours per week with a reduced workflow -- due to layoffs

I would also add that quiet cutting is a form of bullying. It is designed to make employees feel undervalued, unappreciated, and stressed. If you are experiencing any of the signs of quiet cutting, please reach out to a trusted friend, family member, therapist, or this board for support.

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Post ID: @1asq+1opmp9K7

@1bva+1opmp9K7

Congratulations on retirement! I’m about a decade too young to be able to do that, but I would love it so much.

Great question about our “leader”. Where TF is he? Maybe he and Jamie are plotting how he can slide on over to JPM when Jamie retires? I know, it’s my own little fantasy. I would for love him to move on and for us to get a proper leader.

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Post ID: @1rga+1opmp9K7

I also have decades in banking starting w/Wells in the late 70’s, escaping, then getting acquired. At least my team came with me. That was blown to pieces. Gone are the days we’d head across the parking lot or street to go grab a drink and food to commiserate at the end of the day. Gone are the lunchroom potlucks and birthday celebrations. Hub, non-hub. They fired non-hub people in 2019 then changed their minds. Did those laid off sue? Enough said. I jumped off the “wait to get laid off” bandwagon and quit via retirement. The feeling is wonderful. My days are numbered. I’m hearing of several tasked to train counterparts in India but also hearing there may be a shift to Philippines. What have you heard? My last comment and burning question - where the blank is Charlie?? Not a single post on the Bank’s site nor town hall, etc. since 6/1/23. It’s become quite noticeable. Others are asking the same question.

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Post ID: @1bva+1opmp9K7

There is a cost to "quiet quitting" which is working in a toxic environment while waiting for your severance day. Remember "Charlie" is employing the "quiet cutting" strategies to get you to quit on your own accord. The benefits of severance depend on your age, length of employment, level of employment, job opportunities etc.

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Post ID: @txb+1opmp9K7

The first iteration, Norwest Mortgage was great fun. We put in the hours, partied in the off hours and got stuff done. But, we were just 20ish year olds and could burn the candle at both ends then.

Heck, Norwest would even provide booze at certain events. there was even a drinking at lunch rule/limit.

The wf merger of 'equals' changed things quite a bit, chipping away at everything.

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Post ID: @xwz+1opmp9K7

"I’d rather have the certainty of severance than the mindf&$k of working here wondering if or when it’s my time."

That's exactly why they are mind Fing their employees, they don't want to pay you any severance, they want to harass you until you leave on your own.

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Post ID: @slr+1opmp9K7

My upcoming layoff has been a real wakeup call for me (and my partner, who also works at WF). We're both considering looking into industries and roles that can't be displaced to cheaper countries. It's depressing to see this shift, but WF stock has been down for a long time. This feels like a move of desperation. I think they'll always have US workers in hubs, but it feels like they're definitely looking to rip the bandaid off and get everyone consolidated asap.

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Post ID: @rni+1opmp9K7

Years ago - before the Great Recession - working at WF actually was a lot of fun. The OP is correct.

These days it is beyond miserable. They don't even cut us loose early on holiday weekends anymore - every decent firm does that. I guess it is just another way to grind a bit more out of us or demoralize us even further.

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Post ID: @yhq+1opmp9K7

A company being “fun?”

I’m new to WF and no company I’ve worked for was ever fun. It’s work.

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Post ID: @hxw+1opmp9K7

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