Location is what they are still looking at to make further cuts. If you are in a hub then your chances of getting moved to another department is higher than getting laid off unless they are outsourcing your work to India. However, there were couple who got laid off despite being in CA office. I heard from someone in corporate communications that the analysts were not happy about the layoffs and the negative sentiments that it is generating in the market with "location" being the main reason. While the leadership focused on cost cutting and efficiency as the reason, there were questions about location and that Wells Fargo may be losing good talents because of such decisions.
The "rumor" is that they may slow down and distribute the massive cuts that they had planned in this quarter.
If you are not in a hub then you are probably in the list. Plan for the worst and do your best. My 2 cents.
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cr-p, i just got moved to another dept. I guess i'm not on the layoff list.
Like stated in an earlier post, location strategy is just smoke and mirrors. It's a way to make themselves look good when they lay you off. Hey look, we had to lay them off cause well they are not in a hub. Oh wait, well we had to lay those people off in that hub cause well, we were planning on making it into a non-hub location.
The amount of people that have been laid off the past three plus years, non-hub related, is massive. So, stop thinking that just because you are in a hub, you are safe. Wake up.
I know someone that was the only person on their team in a hub & they still got to have to do the job write up/outsourcing role as they weren't a Favorite. Hubs won't save you if your Boss plays favorites. Ask CCAR.
Location is nothing but excuses to maintain PR. The CEO told everyone he's spending a billion dollars to S can a bunch of us. Many will be in hubs already, which means it's not really a factor. They can say it is all they want, it's just misdirection.
Boy, these smart “analysts” are doing the hard thinking today. Must be an election year. 🙄
Notice a pattern? Geniuses at the top think things sell better when they are short and rhyme/have similar words (feel free to comment adding others). I used to work in Comms and this trend is lazy and embarrassing, not clever.
Eight is great
E & E
Location & Function
Just because you are in a hub doesn't me your safe. An LOB could have their entire team in hubs, but yet someone told them they need to cut 10 people
How many are getting laid off in California collections for home mortgage?
Lost some real good co-workers on my team with just a handful left. Indeed to late and good luck.
@pny+1qHLrxku so true! I was told by mgr when laid off it was only due to zip code.
I’ve been told from my leadership that function and location will be the criteria for selecting which of my employees will be displaced. It makes it easy for HR.
Too many good people were laid off or left on their own out of disgust and/or frustration long ago. Too bad it took this long for it to be brought to light.
Damage has already been done. Charlie needs to be fired.
" may be losing good talents because of such decisions" --yeah, I heard a piece on the national news about this
The good talent is GONE.....laid off. Not saying that none remains, the flip flopping now makes me want to pu-e.