Thread regarding Wells Fargo & Co. layoffs

Any info on reducing mortgage side even more? Or selling off more of the mortgage servicing portfolio?

@vdt+1pVDrBgX

Swiping in 3 times a week and staying for 30 minutes is complying to the RTO policy, as it is being tracked right now.

I do basically the same, as well as a majority in my building.

I'll believe they want to be efficient when they stop looking at vendors prices and not their skin color. Also, when they close the admin buildings and endorse WFH with BYOD. If they don't do those things, then efficiency has nothing to do with it. They just want to fire people.

Few thoughts

If you don’t comply with RTO you don’t get severance. RTO is tied to performance so I imagine you’ll be given a corrective action plan and if you don’t act accordingly it’ll be a fire for cause.

This is again the asset cap screwing wells. We have to aggressively cut costs because there’s no real way to generate revenue without just charging extra fees which will bring in more scrutiny

We are a bloated company. We still rely on heavily manual processes and fail to utilize AI like competitors. To me, the biggest indicator of whether you’ll be laid off is can your job be automated or done overseas. If the answer is yes well…

Wells Fargo is an inefficient company. Major changes will be required.

Regarding layoffs vs firing....Has anyone actually been fired for non RTO compliance?

I was hired 100% Remote 16 years ago in Tech in NC.
I now "swipe" in and out for a total of 30 minutes office time, 3 days a week.

Has anyone on this board been fired for non RTO compliance ?

If so, was there a severance paid or just vacation paid ?
I have been told by my manager that non-compliant RTOs only get vacation paid.

I have looked for this answer, but cannot find one yet.

The efficiencies are bad because CS doesn't know how to increase revenues. He only understands one side of the efficiency equation. Under his management revenues have dropped and his only solution is to cut workers so that stocks don't tank.

While the CEO is bringing in ("not hiring") his mentor JP Morgan's CEO's son in law who is in his early 30s as EVP reporting to him and now to CFO to transform Wells Fargo. I hear that this kid is terrible with no experience and never known what is hard work and how difficult it is for people to get to where he is because his father in law mentored our CEO. This is the way Corporate America works. And WF is financially doing well. Majority of Technology will be eventually outsourced. They save almost 75% cost on Tech outsourcing. Those who are in Tech here will manage project while the core team will be in India or other low cost labor supplying countries. The issue is how are they going to manage data privacy and risk as customer data is sent out to international locations? Do the customers know ? Are they made aware of about the back end process? I suspect that they are getting WF ready to either merge it with JP or some big consolidation in future. The rhetoric from CEO smells of some big organizational transformation in progress. Time will tell.

This is such bullsh-t, this company has been cutting people since Scharf took over !! Working for Wells Fargo every day is a day closer to getting fired or layed off..

More layoffs, branch closings ahead for Wells Fargo, CEO says - Charlotte Business Journal, October 17, 2023

"When we sit around as a management team" like 24/7

Cut from the top then.

What’s new… twiddling my thumbs here waiting for the real blood bath.

Someone wake me up with WF really let’s the heads roll, otherwise this is just a snooze fest.

Old news.

where have you been? We were all complaining about this back on Oct 13.