I work in IT for the company and my boss has told me he’s heard nothing in regards to the layoffs affecting us and he’s always been up front to our team if someone is being let go. We had contractors that were let go in favor of offshore, which my boss was completely transparent about them leaving months ahead of time, but me and other full time employees have kept our positions and we haven’t been told anything yet.
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Tech can ki-l 2 birds (hub strategy and 10% headcount reduction) with 1 stone if they just lay off employees not in a hub location.
Tech is always on the list. It’s bloated. It’s a Loss center not a profit center and frankly our internal cost is higher than some of our 3rd Parties. By logic , if we are Agile, Streamlined, Digital, why would we need so many people.
this is 1eix replying , more or less agreeing with 1pzi. i have 12 months serma account that can only be used to pay medical premiums, part of early retirement from a prior employer. kinda motivated me to think this out. i did learn on this site that ACA is only based on AGI, not overall net worth, so after 2024 my ordinary income will be dividends only, thus keeping the premium low, but will also sell cap gains if needed since < 94K annually all cap gains is zero taxed.
i'll probably sell right up to the 94k and perhaps even buy back the same so when i really do sell the cost basis is much less. Cap gains tax margins by itself is not progressive. didnt know this till 3 months ago. Admittedly, unknown health care costs could spell disaster, but leaving the stress is a plus. kudos, 1pzi about the ACA premiums, it sounds pretty low, i was planning on running with Cobra for 18 months but perhaps I switch to ACA sooner, Im fearful the coverages are not nearly as good when going off employers plan to ACA, but need to check on it more.
@1cqd+1qlcABUR
"Retiring at 62, what are you doing for medical??"
I'm not the poster of that thread, but I too was laid off last year. I'm doing heavily subsidized ACA coverage this year. You just need income, and the government doesn't care where it's from. So by the time you're in your 60s you generally have both traditional retirement savings and probably some taxable savings.
If you're a statistically average American retiree, you're probably married, so under ACA rules you get a very good subsidy for roughly $100/month insurance with income around $39k/year. That sounds low, but that's just the taxable income. Suppose you have $100k in savings/money market, $500k in post-tax investments and another $200k in a Roth IRA plus $800k in 401k / Traditional IRA.
In that scenario, pulling from the money market is tax free, Roth is tax free, and you only count capital gains as income from the traditional investments. So even if you need $70k/year for the next 3 years until you qualify for medicare, you might only have something like $20k of capital gains to pull $50k from your $500k of investments, then perhaps another $10k of dividends from those investments, resulting in $60k of income yet only $30k counts as taxable income. Get the last $10k from your savings and/or Roth and it would be $70k with only $30k taxable if you want to do it that way.
On the flip side, say you're retiring with only modest income and a bunch of raw savings that aren't generating taxable income, like say $15k in dividends and capital gains, but you need at least $25k at the low end to get good ACA healthcare. Well if you do a traditional-to-roth IRA conversion of $12k, then you pay no penalty even if you're under age 59.5, and it just counts as $12k of ordinary income raising your income from $25k to $37k to get in that Goldilocks zone of great ACA plans at low cost.
There's a ton of ways to do it if you have good savings, which if you've worked at a big company like WF or collection of companies for a lifetime, you should have a mix of all different kinds of savings by now or else you should not be considering early retirement unless your expenses are exceptionally low. But bottom line is that for a roughly 60 year old professional worker, it should be easy to create a plan so that your wealth generates the desired amount of income to get good ACA coverage at a low cost.
Then you can spend your retirement upvoting your own paranoid conservative whining on an unrelated layoff site!
@1eix+1qlcABUR. Retiring at 62, what are you doing for medical??
Happy New Year!
2024 will see many more layoff notices than 2023 so just get your resumes updated and be ready to hit the streets when you get yours. It's just a matter of time. From all the negativity on this thread about how bad it is to work at Wells Fargo getting a layoff notice should be a good thing for all of you.
Good luck!
Tech will always be on the list as too many tech jobs can be moved offshore. And based on my group of techs, etc, Hub location had zero to do with the layoffs. Many worked in the office 3 days a week in hub locations, me included, and bye bye.
62 and will retire in early April. 7 years. What can I say or do to get the severance, should be 24 or 25 weeks.
Wells Fargo’s version of Cloud and AI has about as much impact on our employment longevity as a fa-t in a hurricane.
Layoffs are coming to get us to a number where we should be and not where we’ve been grandfathered into.
Remote first, then hub folks, and then some of our India folks last. IT will get hit hard due to The Cloud being implemented and AI. If you survive 2024 then you could be safe for years to come.
Extremely. HY would love to outsource 100% of tech. In their minds these employees make too much money, therefore they are the best employees to S can.
There's been mass layoffs in Technology for the last 18 months. If somehow your area wasn't affected then:
- That's a miracle
- That means you're next
Layoffs are coming to IT and most directors are keeping their managers in the dark about it. Even if your manager is in the know they are being held to secrecy and they aren’t going to give you advance notice about it.
If you’re in a hub location you have better chances but I’m sure Charlie wants to lay off high paid folks and replace in India.