https://franknez.com/wells-fargo-now-announces-massive-layoffs-for-2024/
27 replies (most recent on top)
WF planned to start massive layoffs in September 2024.
It’s true. I’ve noticed that some of our work is being transferred to India, and it's becoming quite apparent my work load is shrinking. I will be out of a job soon.
I'm in Richmond, VA. Just got off the phone with my Branch Manager who shared that we will be doing some relocations, preferably voluntary, to support the reallocation of allowed hours per branch. If no volunteers are found, they will force transfers. This sounds very much like the prelude to layoffs I've seen in other companies. - I've started submitting applications to other jobs in the area to CMA just in case.
I voluntarily left the senior ranks of Wells Fargo’s risk division this past fall. Having worked in the corporate risk area for 20+ years, I was appalled at the company’s treatment of its employees. Jobs are going to India at an alarming rate. Long tenured employees with decades of loyalty, institutional knowledge, and experience are being let go to further the company’s hub location strategy, which is not helping to further the diversity of the workforce. Remote work arrangements rescinded, even if you have a medical accommodation. The CRO brags on town halls about how he works all weekend and goes into the office on six days a week. Employee morale is awful. People who have been working tirelessly on their sh*t show of public consent orders are taken advantage of, barely recognized and having serious mental and physical health issues. You practically have to spin gold from straw to get a “Meets” performance rating, God forbid an exceeds or consistently exceeds rating. You’re more likely to get let go so they can ship your job off to India or not backfill you and disperse your duties to your overworked peers. So many wonderful employees - sad to see them get treated like cr-p with management that just can’t figure out why people are so ungodly miserable. They are experts at getting in their own way. If you like working with tone deaf executive leaders who cause daily unnecessary fire drills, are horrible communicators, don’t make time for you, and you thrive in a culture of blame, unprecedented stress and constant reminders that you’re “too junior” to do XYZ, then the Wells Corporate Risk division is for you!
I am not an employee of WF but I find WF a slimy company. Look at what they did to setting up accounts that customers did not ask for. That is only one example.
I got stuck with an annuity that WF ended up with after many takeovers.
The annuity actually started in Prudential financial and then the take overs started.
Bottom line WF made changes to the annuity investments without informing me about the changes and WF told me I did not have control of the account. WF never set a monthly report but did send me a 1099 eash year. I wanted out of the annuity. WF was telling me it was my funds but I could not control them or cash out. What a scam
After doing hours of messages and phone calls I was finally able to get our and all the years of investment produced nothing as a gain.
People should boycott WF as WF cannot be trusted to so what is right for the customer.
everyone needs to close the bank accounts, credit cards, everything with Wells Fargo. They are giving our jobs to people in India! We have the power!
What are we thinking for July beginning 3rd quarter ? Dates? Locations ?
60 day notice. It should have been my boss and not me. But there are so many job postings around the US but there is no effort to place those lid off into new jobs.
I got my noticed on 05/14/2024, as soon as I logged in, my manager pinged me to talk and informed me, but I will remain as a wells fargo employee until 07/12/2024, so I am getting paid in such a 'non working period', then I will enter my severance period for another 8 weeks based on my years of service.
I am in Richmond and we were told about 2 months ago we are not part of location strategy… layoffs have started and most jobs are going to India. It is not surprising the same people who want to build the American economy send all the jobs offshore and heaven forbid you say offshore vs India partners. I don’t begrudge the folks getting the jobs but I am so pi---d that after almost 20 years I will lose my job to someone with no clue how to do it. I could be nice but I am in the Fu-k Wells Fargo mode. I know I am replaceable I just thought I would have time to transition the work… nope. I am disgusted by this company and I hope when all is said and done that all the stupid bites them in their fat as--s
NC sadly involved
I’ve heard May 15, 2024 is layoff date in Minneapolis. I think those individuals may already know though
April 30 is the day to watch. And it’s far more than 500.
We were notified our Center in Lubbock, TX will close and will be laying off all employees. No specific date yet. Just told anytime between now and Oct 2025. We are all on edge not knowing our date. Anyone out there know about our Center?
Wells Fargo is so concerned about cutting costs. Why don't they move their headquarters to a cheaper state or to India?
There are many of us Wells Fargo Workers currently unionizing with the Communication Workers of America (CWA). I am a remote employee who’s job is going to India. We have 6 branches unionized in the last 2 months with 4 more holding their elections this month and the beginning of April. Look up Wells Fargo Workers United and the Committee for Better Banks. We are holding a training tomorrow night. This is for non-customer facing roles and branch workers. It’s time we stand up for ourselves and stop being scared to speak up!
When will the lay offs shift to collections in San Bernardino ca?
The cuts will continue until Wells Fargo fails. Someone please punch the gas....
Agree on the data, only thing I would note is that total employees isn't a useful metric because it hides the massive shift away from US workers. The domestic work force is being exterminated. We used to have over 250k US workers, now it's 170-something thousand and it will keep shrinking until hardly anything is left.
It is a way for many to find employment before the cuts. It is the best possible scenario ( a sick win-win situation if you can accept that?) in a bad situation.
Now entering year 6 of impending layoffs. The pandemic delayed things sure, yet the strategy from inception was deeply flawed.
Hilarious how WF can't get out of its own way time and time again, by hiring bad execs/managers to not trusting its employees to be professionals in their areas of expertise.
@1gwn+1pRLPBgW No one here has ever denied layoffs aren’t happening. They have dogged on the constant trolling that “MASSIVE BLOODBATH ZOMG !?!?!?????” keeps being touted here. And you just proved them all right. -1k/mo headcount loss is weak as that is a GLOBAL number. Yes, headcount is shifting overseas until the 60/40 split is hit but I&P get hit with cuts as well.
Standard organizational realignment of manpower is what is occurring. People complain about the drip method being used but no company would do it in one fail swoop because it would cause immediate impact to reliability. Worse than what we’re already facing and it’s pretty bad now.
The only thing new here is that they're doing so many at one time in one location that it triggered a WARN notice. The company has cut from about 276k to 227k in the last two years with hardly any WARN notices because of the program they're using to avoid the required notifications. Makes me wonder if 2024 is going to have even more layoffs than 2023.
From: https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/
Open the document "Q3 2023 quarterly supplement (PDF)" and CTRL-F for "headcount" and you'll see we sat at 227,363 employees September 30, 2023. Now click the + to open 2022, open Q3 2022 and do the same search.
239,209 for Q3 2022 and in that same doc/line it shows 253,871 at the close of Q3 2021.
So comparing Q3 to Q3 it was a cut of 14,662 employees from Q3 2021-22 and 11,846 employees laid off 2022-23. About 1000 layoffs a month for two years, just like everyone on here has been saying for ages, and which deniers pretend isn't happening.
For reference, if you open the Q4 2020 PDF, we were at 274,931 in Q3 2020, so it was a whopping 21,060 headcount reduction from Q3 2020-21. The high water mark was the quarter before, at 276,013 headcount. Many of the headcount reduction was voluntary retirement and quitting in 2020 and early 2021, but after that the company has been doing intentional layoffs since Q3 2021.
old news, they are closing the Greystone Building and laying off all employees in that building
“Starting June 30,2024…” - which means they will drag it out over several months. Will not be 500 in one shot.
From the article: “ According to the Worker Adjustment and Retraining Notification (WARN) Notices, Wells Fargo intends on laying off a whopping 525 employees in South Carolina starting June 30, 2024.”
Sixty days prior to this is Wednesday, May 1st. The Tuesday prior (4/30) is 61 days and is the Tuesday after payday. So 525 South Carolinians will be laid off on 4/30/2024. This is probably the biggest heads up any group has received under Chainsaw. I’m actually fairly surprised.
This isn’t big news… 525 employees is not a large layoff for a company with 200k+ employees.