Thread regarding Wells Fargo & Co. layoffs

If the people you work with are in a core location thats where the location strategy by definition places you. Otherwise what’s the point of moving from non-hub to your preference.

If you have a high enough title, you can establish your own core location. Shart did. In any event, LS is nothing more than the next rung on the ladder leading to the elimination of the domestic workforce. It really doesn't matter what your role is or even what specialized skills you have. Those might buy a temporary reprieve, but not a permanent one. The long term plan is to wind down branches and mortgage. Once that happens and certain LOBs are sold off, we could probably function just fine with just a few thousand people in the US. AI, outsource, and contracting could do everything else. One office in Hudson Yards and that's it. Plan accordingly.

For those that think higher level managers will be spared - think again. Myself and several others in equivalent levels (Directors and up) have been told that we will be impacted by location strategy. Timing is still being discussed. The list of people receiving exceptions is very, very small and for the exceptions I am aware of - title isn't a factor. It is all about highly specialized knowledge in key regulatory fields.

I liked the huge diamonds head of shared services was wearing. Probably cost more than my house.

SDI announced it last year, other Groups are just now catching up. Corporate plan is to have it fully implemented by end of 2025 so anything said implying longer than that is a bunch of lies.

Locate-stragety me - you fu--ing pigs. Pay me a years salary to do nothing....oh, what Schart and his d-mb fu-k Chase-fu--s have been doing that since 2019. Keep me on the "payroll". I'll make 6 figures to complete my training so that "Alani" is not offended by "Chad" and his whiteness.

FHY, FCS

Agree w/OP. The looming threat is effective all by itself. Effective enough? We'll see.

But WF is dragging out the location strategy, in part, to see if they even need to complete it at all. Those in the earliest waves/phases are at most risk.

But the location strategy, coupled with lack of career advancement for many, crushing workload from all the attrition, offshoring/displacements, etc. just might be enough to avoid mass implementation of location strategy. Many saved, but for what? A paycheck from a rotting côrpŝe.

Charlie might be the last WF CEO, and yet he might not be. Once he goes (if WF is still standing), perhaps enough business and people survive in the ashes.

Someone s/make a movie of this twisted corporate stain once it's all over.

My guess is WF will go the way of Enron and Arthur Andersen )glass half empty is warranted w/this cr*p factory). A real American horror story.

Agreed. Attrition would be almost non-existent among employees that are WFH. We should have resisted at the very begining. We trusted Hudson Yards way to much. Their plan is to get rid of us. All of us. FHY.

As other have said. It is 100% true. RTO has nothing to do with anything other than to cause attrition. Someone choosing to leave rather than relocate does not get severance. They save money off that 1B Charlie spoke about.

The whole staff of Kevin Reen is basically remote. They don’t care. It’s just to get attrition to where they want it. You think they’re making execs move?

I feel like 2-4 years will be more like 2-4 months?!

That's exactly what they did with tech before Covid. People were told what location they could move to, otherwise they were let go. If they had a preference for another location, it was not honored.

It's definitely not a ploy. They have all of this fully mapped out. The problem they had though is that they don't have enough severance dollars to execute on day 1, so now they are dragging it out.

What's funny is that people complain that they haven't been given enough heads up. Now that they do warn people 1-3 years in advance it's a conspiracy theory.

@mbi+1r3H978J - I am seeing this exact same thing and couldn't agree more. Lots of directors/senior managers are remote in non-core locations and it will stay that way. Its looking like a red herring to me too.

It’s a red herring to get people to resign so they don’t have to pay people out or deal with how to allocate teams. Our senior director is remote and so are several of his reports who also have remote managers. If they enforced this, they would have to get rid of a huge chunk of leadership and ICs which would be unsustainable. They’re hoping people leave on their own, so they can wash their hands of this. Lazy leadership as usual.

I don’t buy that this is just a ploy. I think they intend on shutting locations down and having everyone work at these hubs. I do think that the location strategy announcements are 100% to get people to leave the company before they start layoffs.

I won’t say where, but I have worked at a service center in a non-hub since 2008. When RTO started, the building I returned to was a ghost town. It only got smaller and smaller as people either left of their own accord or got displaced. They will definitely shut my center down. It’s only a question of when…

This is actually an interesting thought I never considered, and it's definitely possible. I suppose time will tell. Most LOB's are stating a 2-3yr transition period so we shall see. The outcome might depend on how much natural attrition we get over the next year or so.

So nice to see execs on camera working from their mansions, while minions have to RTO.

Op: meant "love" not "live" ("Unless you love where they plan on sending you")

I love all the bling flashing. Reminds me how disconnected and insensitive people in these positions are.

lots of people left over the last few weeks, not because of location strategy but because they just got their bonus so now it's peace out time.

Someone should submit a loudspeaker for this.

A few years ago I was given one relocation option, which wasn't strategic (my department mgr's preference to build workforce in his hometown). I'd have no co-workers there, no one to work with in person. Just me supposed to uproot myself and move for a company that offers zero incentive to do so. Not even a cost of living adjustment despite the move being more expensive all around (commuting, rent, food, etc.)

All the burden is on the employee.

It has everything to do with getting headcount down. Nothing more, nothing less.