Thread regarding Wells Fargo & Co. layoffs

...and once people are herded into the hubs, they'll start to shut those down. One at a time until HY is all that's left (in the US). The location strategy is not a project to get us all in a few locations to collaborate, it's a plan to get rid of domestic US workers.

I was told right before the holidays that a handful of my people will be displaced in March. They are remote and not near a BG hub or Corporate hub. Business case we prepared to keep them was rejected. Our team is working on consent order stuff, was told it doesn’t matter. Next batch of people are those outside the 40 miles, they are going to have to come in or be displaced. That seems to be after the get rid of the remote people. The people we are losing in March are leaders and some of my best. Unfathomable.

Yea RELO packages were scrapped years ago for the majority. In the end discounts were being offered on services ala "10% off if you use Mayflower trucking.......10% off services of Relos-R-Us", etc. Not really any kind of real RELO assistance.

@1jac+1qnglFQ7 - you're making an assumption that you would even get a relocation package. If your leadership and senior leadership does not put forth a pretty freaking amazing business case about why you, in particular, are worth offering a relocation package to, the choices you get are either self-funding your move to a hub or being provided severance. Often times they won't even offer you to self-fund the move - it's just severance and you're gone. Less than 10% of non-hub employees that have been displaced have been offered company paid relocation to move to a hub. The others have been told they can fund their own move or take severance or don't even get provided the option of self-funding their own move and just get the pink slip.

What is ball park relocation $ package for lead or sr lead officer level. meaning below exec level. assume coast to coast type distance if that is a factor.

I don't agree or like this strategy. And I think it's a fruitless exercise. But there is alot of hope in re-energizing cities to create a soft landing for the pending commercial real estate bo-b that is coming this year. There's no way around it, at this point. Rates will not come down in 2024 fast enough to avoid the catastrophe. But that is absolutely a leading driver for RTO. As the OP alluded to... it's backwards thinking. But nonetheless... the banks are on the hook.

The only purpose is to get people to quit, which is literally the purpose of EVERYTHING that Hudson Yards does. It's all they know how to do, and it's the classic 'to a hammer, everything is a nail'.

They don't care about locations in the slightest. They're all going to shut down, just a matter of when. That said, it's the people Shart wants to get rid of. The buildings closing is just a byproduct.