Any truth to chuckes wanting a standard 90 day severance package for all???
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This being a great way to S on long time employees is a feature to Charles, not a problem. He HATES long time employees. Every single one of them. He wants anyone that started before him to quit. If slashing sevs would help do that, he's all for it. Plan accordingly. Hudson Yards is full monster douches and truly evil people.
Rumors rumors, if you doubt know the history the government tells then what they can do for severance. Once upon a time before the market crashed in 2008 we had a better package but the Feds stepped in and mandated what we got. Hence why he needs 750 mil for next year.
I’ve heard from someone who had a teammate recently displaced that they got 90 days + 2 weeks for every year they were at the company, and that person was at Wells for over 20 years.
Severance changes been a long standing topic. I would bet good $ it’s capped at 6 months max now. Anyone who doesn’t thing Charlie would do that is delusional.
I suppose if CS and company want to force that hand and sc--w over folks who’ve been here awhile, that would be one option. But it would cause even more people to quiet quit and be less productive.
The minute anything changes to the severance plan, I’m deducting that loss from my work time that I give to WF. Hopefully it won’t come to that.
In all honesty, back in 1994, it was 2 weeks. The current setup is better. Heck, when I got whacked the first time, I got 10 months. This time, it was 14 months. Very generous. If they go to 3 months, that still beats the 2 weeks.
I can't think of a bigger way for the CEO to tell the market the bank is in serious trouble.
I hope so
Wouldn’t put it past him. The money saved goes directly towards his bonus.
We have nothing to fear, WF is using their expertise of the Agile methodology to manage layoffs going forward.
@yuy Same rumor has been posted here for three years now. Eventually it will be correct.
The rumour I heard was that severance was to be cut from 2 weeks/year down to 1 week per year of completed employment. That is rumour.
I could see them doing this to new hires. The board would have to vote for a this, which does not seem likely due to the backlash. I think a RTO of 4 days is more likely than a cut to severance.
Wells is doomed by putting all their eggs in India’s basket. Time to kick back and watch it burn while awaiting my severance.
Unfortunately, all of those folks would have to first find work before they exit. Good luck with all that, especially in the hub markets. There are more people than jobs right now, and wages are lower.
No. But if that happens, It would be a huge signal that the bank is in trouble and people would leave in droves. Severance is earned. Nobody would trust anything coming out of the C-suite mouth. First, the close to retirement folks, then the top performers who are still here. WF would get their workforce reductions but at a pace where they could not keep up. I bet a grand shoitshow would unfold.