Thread regarding Wells Fargo & Co. layoffs

Layoffs at WF do most definitely happen the Tuesday after payday. The last round this week was 50+ and occurred around 3pm EST. VA call center. Beware remote/non-core workers! Per a previous team meeting last year, money was allocated for the 4th quarter for compensation packages. There are currently open positions to create/process these packages (before they let them go).

I accepted the severance deal soon as i received notice and being let go on june 12th. I dont remember seeing the time frame wnen its received. This new unemployement is awful. I havent been able to reach a person is there someone to call at wells fargo?

Hi. WF employee but I must admit I have no idea what 'SDI' is... ??

BTW- if you didn't hear, Charlie was approved for a like $4.2m or $4.5m pay raise the other day... The company is turning into a joke. Morale is in toilet. People fired to 'reduce expenses', but how many millions are being spent to convert buildings like Jordan Creek into trendy white wash mental wards?

OP, how many affected?
What area of Tech?
Were you in core city working hybrid?

Good riddance.

12 downvotes on the original post. Those folks must be dream to be around.

Yup. Was told last month that I was going to be let go but had no date for me yet. Not knowing is the hard part and I’m still trying to keep going. Been here since 2000 and a lot has changed and not for the better. We used to have fun at work and it was enjoyable to come into the office. Now it’s just keeping the lights on.

Sad in Carolina

They used hr to deliver my notice cause they laid off my manager as well. This is just the beginning. You get a nonworking 60 days. Think of it as PTO. Technically, you can't get a job during this time. No W2 income. However, you can arrange a deferred comp plan with your new employer. Don't confuse this arrangement with retirement plans.

Question… does the 60 days no work apply to everyone or is it measured by the length of time you’ve been at the company?

True - around 200 ppl - lots of remote employees from SDI !

"Wall Street is a cesspool. The absolute worst of America."
Says nobody with fat 401K earnings since 2008.

Come join me at my dive shop down in the Caribbean!

@twe+1siYnt0h

Ultra fat in comparison to what?

Wells Fargo WAS a Main Street bank. It had the largest community presence of the major banks with a lot more branches. The overstaffing is due to a change in business focus under Scharf from being a Main Street bank to just another Wall Street bank.

With that change, long term employees are now seeing what these Wall Street firms are like. Ran by psychopaths who hire sycophants. No regard for who they are willing to step on or toss aside to fatten their wallets.

They don’t care if understaffing results in ruining work life balance for employees. Employees are disposable.

Wall Street is a cesspool. The absolute worst of America.

@jso+1siYnt0h Your post shows you know nothing about what is going on at Wells along with others non-understanding of the big picture. Wells as a business and revenue related is not in any trouble or underperforming. But we HAVE been ultra-fat on headcount for years so now they are right-sizing to make us competitive with the top 3 banks. They want to lower expenses, not increase revenue.

Blame years of mismanagement and refusal to adopt newer technologies for the current state we are in. This is all from not letting people go when various other banks were absorbed like Wachovia. Which, if they had terminated folks when they should have, everyone would be bittchin about that so there is no win here.

Why doesn't wells Fargo use hr to deliver these notices. If not delivered properly there could be legal repercussions to the firm just shows that Wells Fargo is a potemkin village. I really hope the regulators break up this firm.

Wells Fargo is scraping bottom when they use layoffs rather than skilled managers or products to enhance the business. I cannot imagine being an advisor at a firm with an asset cap and consent decrees due to the harm to so many consumers. Seems self-defeating and shows poor ethics and judgment to expose clients to this firm. So don't.

I’m so very sorry OP.

OP-- are you comfortable sharing your group in tech?
Me and majority of team in Network services was displaced in Aug. West coast.

My team lost a lot of remote employees (SDI.) This has been a topic of discussion since at least January, and today they executed on the plan. Not rumors—truth.

It happened to me today too. Mine was a pre-notice so I have to work until my May 14 notice date, then the 60-day non-working notice period and then severance. 27 years at the bank. I’m in HR.

For those claiming this isn't true — It is confirmed on several threads. It's a Tuesday after pay day and I know several people impacted by lay-offs in SDI.

@rfq Yeah someone is sitting in the thread messing with the vote totals. That plus scant details and OP going out of his way to say the rumors are true means this should be taken with a huge grain of salt.

The troll spamming upvotes on this post sure seems invested in it being believed

Thanks for posting. Good luck in your next endeavor.

Three upvotes in the first minute of the post being up, conveniently validating all the fearmongering rumors on this site, very believable

I'm very sorry.