Thread regarding Wells Fargo & Co. layoffs

Oh look, a guy who got here 5 mins ago is telling us what's happening. That's so great. Enjoy your 8 weeks of severance that's coming soon.

All you legacy employees who are grandfathered in seem to be the only ones any of this is a surprise to and who are worked up about it. As if the 00’s didn’t even happen.

FFS, the gravy train is over. You’re looking for reasons why, the answer is the same one your Mom told you. Because they can. Get over it. Teary-eyed beaches!

@1eyi+1qWnuBNC

There was no call to arms, and even if there was, the actual purpose was to avoid a larger crisis in the banking industry and WF stepping in to merge, rather than have a massive bank failure, did support that purpose. Your principles are straw men. There was no "use this money to save the economy" directive. The big banks having the money bought the perception of stability the market/FRB/congress wanted until the crisis could pass.

Regard TARP, it's the principal of the matter. Yes WF initially turned it down. Being forced to take it (or more likely take it to avoid competitors getting it) does not lessen the intended purpose. The money wasn't purposed for mergers and acquisitions, payback w/ interest doesn't justify the means. There was a responsibility, a call-to-arms and WF decided to serve their own self interests in the most greediest of ways.

This is about trusting a brand to do right by all, making sure the socio-economic needs of a society are being met. This should be happening daily and even moreso in a crisis. Profit is the reward only after this is achieved.

Was Wachovia ripe for the picking? Sure. Yet WF did not do a single good thing by expanding their footprint. The crisis was in part attributed to the power of the few conning the many.

TARP money was supposed to be a good faith investment back to individuals, small businesses, etc. Get loans going again, stimulate the economy, spur hiring. It's all a question of timing and purposeful investment. People are losing their homes or having trouble paying back loans. Regular folks were only given the option to re-fi while being underwater 3-4 years after WF got TARP. Seriously? Recovery could have happened quicker for more people if TARP was used properly.

WF does not get a free pass on their TARP benefit, it should be scrutinized even more closely than it is has.

Yes 12/5 have a town hall stating that the plan will happen over the next 2-5 years fast forward 2 months later and the new town hall stating you can get a notice as early as March of this year to go back in the office and also back in the office more than we were pre Covid!

"We did not want to take TARP money, but we're strong armed into taking it. In the end, as was pointed out in a post, WF paid it all back early + interest."

IIRC, all banks were required to take it so there were not runs on the weak banks or on banks in general.

Great read, and I love the fact that there is still so much misinformation out there regarding WF and TARP. We did not want to take TARP money, but we're strong armed into taking it. In the end, as was pointed out in a post, WF paid it all back early + interest.

As for the lies, and Charlie not Knowing about location strategy; his response in the last town hall was either a blatant lie or he is just completely out of touch with what is happening in the company; either way, not a good look.

Yikes!!!!!

I come to this site for comic relief provided by all of the posters that send in such laughable posts (CEO/BOD bashers, RTO/WFH crowds, please give me a layoff notice folks, my manager doesn't talk to me individual) and here you go, getting all serious, providing an excellent, bullet by bullet breakdown on location strategy.

The fact that you point out "our CEO flatly denying the existence of this strategy " while seemingly in possession of an official "email communications re: location strategy" is priceless!

Kudos are appropriate here, very well done!

@dun+1qWnuBNC

I agree with many of your points, but "leadership" here routinely and repeatedly lies here, through ommision and otherwise. The most famous recent example being Shart saying 'location strategy? Never heard of it!'...when there is literally a reason for term programmed into workday for it. Everyone knows location strategy is a "thing". They also lie about what kind of strategy is it. It's a forced attrition strategy, not a properties or location strategy. If every single person in every single location all moved to Chandler, Des Moines, Charlotte, Hudson Yards etc. tomorrow, it wouldn't change the number of people outsourced/downsized, at all. It's not about buildings or assigned locations, it's about getting rid of US because shart despises us and can't wait for the day when there's a tiny US workforce huddled in Hudson Yards and everything else is in I&P. That's his master plan and he will never tell employees that truth because he's a no good liar.

@dun
(Not @dun+1qWnuBNC)

Hey, Luddite -- only the prefix is needed in replies. Can't you see the suffix is identical in entire thread?

For someone who is so arrogant and condescending, you clearly have a lot to learn.

@dun+1qWnuBNC

Based on responses, you're in the minority. Most people are wise enough to see what's going on.

@1paz+1qWnuBNC

Never said anything of the sort. Just challenging the argument. It's called discourse. Reading comprehension should be your friend.

@1fuw+1qWnuBNC

Maybe you should try it.

Chainshaw "SC--WED" WF 100%.

Me sharty, me hire India and Philippines only, fire US. Me sharty.

@eny+1qWnuBNC

Some fat cutting does, sure, but firing tens of thousands of people for the sin of not being in the right city did NOT have to happen. WFH saves the company a fortune. RTO was maliciously foisted upon employees to harass them to the point of quiting and maybe for some tax benes (but if WF is bailing on buildings they aren't getting prop tax benes are they?). Yeah, it's just abuse so some rich NYC fatcats can get bigger raises. WF should be closing buildings, almost all of them that aren't branches, but that shouldn't have anything to do with headcount reduction. Nothing about buildings in my job description.

Citi was only willing to pay 2.2b for Wachovia assets and wouldn't take the whole bank without generous government guarantees (give us the assets and toss the rest to fend for themselves). WF offered 15b without the conditions that citi was requiring. WF also paid back TARP early with interest. WF took on the liabilities and has had to pay for those as well, which was to the benefit of the taxpayers, while citi would have only aquired the bank if those wachovia litigations were covered by uncle sam. Which deal was better for the American tax payer, one on which the bill would be footed by the taxpayer, or by Wells Fargo?

@dun tldr

@dun
Sorry you've never worked at an ethical organization.

Just bc greed and corruption are found at many orgs, that doesn't excuse it.

I've worked.at some great orgs. Wish they offered jobs in my current area. I'd go back again in a heartbeat.

I'll never excuse corruption, deceit, greed, and cruelty, nor those who make excuses for it.

BTW, if you think our leadership believes the šh-t they're peddling, you're a fool.

I won't waste my time addressing the rest of your misinformed rebuttal.

Do you think he or his cronies read these posts? Man, I hope so!

Nothing happening today at WF is the result of anything recent. Changes at the top (revolving door), relocation strategy (2018) and pandemic (WFH vs RTO) are all moot points.

WF was always inherently rotten once Norwest acquired and took the WF name back in the late 90's.

Remember back in 2007/08 when WF received $20b+ TARP money? What did they do? They acted like a stereotypical big bank. In an epic financial disaster, instead of using that money for what it was designed to do (to stimulate the economy through lending and help soften the blows of customers affected by going underwater on loans, etc), they acquired Wachovia to expand their footprint nationally. This served America how?

It all stinks top to bottom.

All the Charlie defenders present such a strong case by rebutting every criticism with whataboutism.

Folks are so fixated on Charlie but the issues started way before he even got here.

Wells never consolidated like the should have through the late 90s and early 2000s, so now the work has to be done.

What people are seeing is a fruition of the sloppiness and lack of vision we had. Now we fill the pain,

Oh my god, the drama queen. I'll be gentle as you only make a few points here.

"More collaborative work environments? LIE."
I'll give you that one. Truthfully, I haven't seen it. Depends on where you work in this company.

"Greater career advancement opportunities? LIE."

Well, any transformation doesn't happen overnight. AND, the budgets aren't good and haven't been good for jobs here. Other companies are in the same boat.

"STOP LYING TO EMPLOYEES.
No one is loyal anymore bc you won't be honest. You have no respect for staff and gleefully gaslight them."

• It's not so much them lying, it's that they actually believe in what they say and don't come up with any data that supports their position. It's in their communication style to make sure that they do not convey anything else but what was said. They think they are being honest and come off as as you say, "gaslighting". Just because you don't like what they are saying doesn't mean they are "lighting" you.

"You will go down in history as one of the worst companies for how you
Deceived customers"

• Yep. Just like the other banks who didn't get caught that we don't here about except through the grapevine. Worst company? LOL, Not even close.

"Mistreated staff who you BEGGED to stay after your corruption/scandals and are now laying off in droves."

• Who got BEGGED? Who got mistreated? Laying off in droves? What is a drove to you? Droves of layoffs would be front page news.

"Offshored massive number of U.S. jobs to countries who do NOT have our country's best interest at heart, much less the company's best interest."

• You have a strong point here.

"Lied about real reason for RTO push, which is CRE loans/investment -- nothing else"

• Not a lie, more like an omittance to control the narrative. No real data to back up RTO claims. But, "it is about the economy, stupid."

"Deceived shareholders (e.g., Used stock buybacks as way of falsely and temporarily manipulating stock price)"

• Been done that way with all companies since they invented stocks. I don't feel manipulated.

"Destroyed a once beloved brand, w/no hope of redemption"

• Yeah, one guy, ONE. He did all this. He is that powerful.

" Shut down this non-stop corrupt corporation."

• Yea, that solves everything. You sound like someone who got sc--wed over standing in line for something and now is spewing your perceived "unfairness".

FYI- WF was bought out in '98. A lot of the cr-p above can be traced back to that event.

you just described every fortune 500 company, minus the selling out of US based workers for cheaper labor elsewhere, which I guess pretty much goes without saying at this point.

What exactly is the transformation? Wells Fargo has self inflicted wounds from dishonesty and greed. Those do not require much tweaking and honestly my hope is the firm is dissolved. What is normal corporate behavior for wells Fargo's competitors requires a lot of pr baloney from Wells Fargo. Shame on anyone selling for these id--ts.