Thread regarding Wells Fargo & Co. layoffs

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!

I wonder why they need to set aside that much money. If they don't lay off a person, they still have to pay that person's salary for the whole year, which they must have already built into the budget. Is this just how the accounting has to work or are they assuming they will lay off folks at the end of next year and the severance will run into the next year and they want to recognize it in 2024?

If the average person has 10 years of service and the average salary is $100k (I don't know that is the case, just using round numbers) that would mean that severance would last 20 weeks and WF would pay the salary ($1923/week) and employer paid portion of the benefits ($350/week?) - round that to $46k per person. That would mean they are expecting to layoff in the range of 16k to 22k people. If they add that 60 day notice period to the severance, then we are talking $65k a person and from 11.5k to 15.5 k people above what they had already planned for.

I wonder if by announcing this and leaders talking about a "challenging" 2024, they hope it will spur attrition so that they can avoid paying bonuses, 401k matching and severance.

Efficiency at it's best. Lay folks off and leave the ones here to pick up the slack. Let the hunger games begin.

AI = Efficiency = Layoffs/OffShoring Jobs = An even MORE Fked up WF

@1rxy+1pVBXNUq

You might be right, but these things are hard to predict. We might be like the MySpace of banking, or the Bed Bath & Beyond of banking. They still exist, but as a weird remnant that has little to do with the business we associate with the name. WF may end up like that, it might cease to exist completely, or it might just be a much much smaller version of Wells with almost all the employees overseas. Either way, we won't be a part of it.

@1fqc

The fact that you think WF will be around in 10 years is hysterical.

@1ylv+1pVBXNUq

Everything you say is true and Hudson Yards is aware of these issues. The thing that's missing in your analysis is that their end goal is to eliminate almost all US employees, so those under performers that are clinging to their jobs will also get downsized, they just haven't got to them yet. 5 years from now this company will have less than 50k domestic workers. 10 years from now less than 10k. Hudson Yards will be the final US location.

This story translates to, “We don’t value employees over a certain age/tenure.” Who says ageism isn’t alive and well?!

not everyone gets 100k on severence, may be only 1 % of affected. Any salary will not be counted towards it, it will be counted on operational expense. Also, there is already bucket full of money for continued layoff, going on for last few years. This 750 m-1B is additional of that.
with average of 30 k on severance, WF now can afford to lose around 30K of its people. All figured out and now already priced on stock price now.

I wonder how much of this cost is to increase "efficiency" and how much is really the cost of offshoring. If you were laid off is it because Wells found that your job could be replaced by automation, streamlined into another task, or eliminated entirely, OR was it replaced by 1 or more offshored positions? One is "efficiency" and one is not. Offshoring is not efficiency.

@1rci+1pVBXNUq

One of the biggest problems isn't just laying off good people, it's the fact that the best employees leave on their own because the best and most talented people have the most job mobility. So the very best leave on their own, some of the next best leave on their own due to RTO, core location strategy, and general hostility against employees.

We're now at a point when even the average employees leave on their own. The least capable employees never leave on their own because they are the ones that have the hardest time getting a new job of equal pay. So the worst employees stay the longest.

You end up with reverse refinement. The hostile, anti-employee environment causes the best and brightest to leave while the worst stay the longest. The company gets worse due to overall worse employees, causing the need for even more hostility from Hudson Yards against the employees, causing even more reverse refinement and worse overall quality among the remaining employees.

This is a terrible way to run a company if the goal was to make the company better. There's so many things they could have done differently, least of which being to set aside a year to let people volunteer for severance rather than having them come in every Tuesday after payday to the te---r of seeing if they have a 10 A.M. mandatory meeting with their manager.

@elr+1pVBXNUq Take a splurge with some drummies. It’s the holidays.

@1dhr+1pVBXNUq I believe that requires BOD approval. Something Charlie & team isn't as likely to do. But, we've also seen how shady he is.

As for me, I've been here 28 years, am fully remote with an accommodation, not near a hub. My LOB already started remote worker layoffs in September. I've heard next round for remote, not near hub is spring 2024. Best believe I'm getting my 52 weeks of pay plus my 60 day of not working before it kicks in (severance is capped at 52). Many like me who will force them to pay. And, I've also heard 30% will ultimately be in India. So, if CS needs headcount to keep reducing and save expenses, I'd put US layoffs closer to the 20k+ mark.

This place is doomed.

High five to everyone who wants their package and outwitted/outwaited them.

Make them pay.

These guys still thinking reducing headcount somehow created efficiency… it is the opposite as you push good talent out the door and keep the dead weight because leaders are scared to have difficult conversations and actually lead.

What do the other other big banks give for severance? Are they two weeks a year as well?

How do you say the word layoff, a 6 letter word, but by using a 10 letter word? Charlie told us in his quote, it is by saying the word "efficiency".

The real question is whether Wells is going to reduce severance to one week per year of service.

let's just keep posting the same thing all day long. try scrolling down a bit next time you f in d bag

Yea I believe starting Feb 2024 the drums will begin to beat to major layoffs.

Tech is moving to India.

easily 10,000 jobs charlotte will take a hit

@pdu+1pVBXNUq

This company has way more non-tech plebes than that. $100k isn't average, and considering the avg tenure these days, people are probably only getting 10-12 weeks of severance on average. Now how many are getting canned? Think closer to 20-25k.

Whatever, I'm getting cheese fries

So building on that “only” 3% of employees overall. Seems like not enough. If we really wanted to get efficient we could remove some of the bloated ineffective control functions that reduce the efficiency metric and more importantly also increase inefficiency itself.

They will fire you due to RTO non-compliance. Severance saved

do you math - avg $100,000 / head = 7,500 heads at least