Thread regarding Wells Fargo & Co. layoffs

And here we are in 2020 and it's happening again with chainsaw Charlie. I just joined last year. I like it here.

Please give me a package out of here not proud to be here anymore haven't been for a long time. Management is just a big clique here always has been and if female ..... well can't wait for # ME too to happen here. This place needs more than your average shakedown.

So my area did not get laid off but I’m thinking and heard other areas were hit by layoffs. And some of those tasks of those laid off was transferred to my old area.

When I left WF I was taking bankruptcy, foreclosure, collections, making outbound calls, attempting to handle home equity and one of the higher ups stated we were just getting started yikes .. and for that reason

“I’m out’”.. best of luck to all of you at WF

Happening now!

Massive layoff announcements started this week (9/11/2017). First of 2-3 waves of layoffs. Official announcements and new org charts being released this week in two Town Halls and All-Hands Meetings. WF needs to cut $3.9M (nearly doubled from original $2M reduction goal) and that number will likely inctease significantly due to ever-unfolding scandals, lawsuit and payouts. So many colleagues displaced. Still problematic leadership (lots of old guard remains...old, outdated thinking). WF needs to clean house!

You want a source? Seems that everyone at Wells Fargo knows about this but you LOL. Are you on a year long PTO or something?

Just got off the phone with the wife. She works with dealer services. They just had a nation wide conference call. Laying off 1000 people in dealer services and centralizing in Arizona. Needless to say they are all pretty upset🙁

IT is clearly positioning themselves to be able to offshore a great deal of work over the long term. They are continually moving work efforts offshore presently on what seems like an experimental basis. Whether this will result in layoffs remains to be seen. The atmosphere is oppressive. Overall everything has become less humane. Long time employee, but would be relieved to go as it has become so strange and dissonant experience there.

I feel for those in the IT world who will be 'displaced' by offshore workers, and those many, many analysts in operations who are destined to be replaced by the rules engines and all that is left is for a few people to monitor exception reports. Anyone who works in IT for a large corporation can plainly see this possible future.

Eh, Maybe I just need to go for a walk :)

Yes everything thus far is speculation. All is business as usual in IL. Nothing could even happen. I'm not going to worry about it.

I haven't heard anything about correspondence dept. even what I'm hearing about collection layoffs are just from posts such as this or research on the web. No indication of lay offs where I'm at.

But odd others have heard. Wish they would just let us know already. It's the guessing and trying to figure it out on our own that's making this harder than it should be 🙁

Has anything been said about correspondence?

The 3 collections sites staying open are chandler az, irving tx and raleigh nc. This is according to reuters/cnbc...wells will never be honest with its employees.

In regards to home lending collections : I too believe that all collections jobs will be eliminated and transferred to dealer services. And yes I think only 3 site will house or be the hubs for collection.

Chandler Az is said to be one site. Any idea what the other 2 sites might be ???

I just heard they sold shareowners and will be laying off more. Whos is next to be sold. Rumors have student loans as next anyone know?

If we could just be told the truth and when lay offs were coming to Home mortgage in Minneapolis MN?

Its sad how the morale is so low everywhere at Wells Fargo. It is making work more difficult because people just don't care anymore and won't go that extra to be a true team player. Been here a long time myself and while I do care and I always do the extra needed to be a team player, this is really dragging me down because what once was a great organization to work for, it is no longer. I wish my name would come up for a layoff, sadly.

Are they closing home mortgage

collections in Minneapolis MN

I work for Wells Fargo in collections and were just told that all our jobs will be eliminated soon. They are closing all collections centers except for 3. (Closing more than 40 sites) They have not told us when the final day will be. Wells Fargo is one of the worst companies I've worked for.

be prepared! They will not say anything officially or admit to Laying people off until the very last minute. They are very sneaky how they do it. They kind of blind side you by never officially admit before hand there will be layoffs. All they say is there will be exciting changes. They make SO MUCH money and they still lay people off once they fall a few percentage points below target.

Very sad to hear about the processors being let go. Lots of very good ones who I will miss.

Bankers are such liars. I never give a sh-- to hear anyone assure me my job is safe because they will lie to you one day lay you off the next. It is really mind boggling to me how people can live with themselves lying to good people.

My wife was part of this layoff I think; Mortgage processing. Mid July time frame. Just announced today. It's a shame that within the company people are literally paid to lie. They stood by their people with a message of "we are still fully behind the processors at the loan source" and "loan officers directly in touch with the processors". They've been hiring new processors away from the source for over a year now, so the writing was on the wall; just never spoken out loud. People would not be as upset if they were not lied to ... last week! Oh well big business in action. Great to hear that they are going to also screw them on severance by restructuring and lowering payouts. So much for 18 years of her great effort for the company. It's a new world, but kind of the same crappy business world for the last 30 years.

,I just did a quick back of the napkin calculation based on Shrewsberry's new $2b expense cuts and there will be a total of approx 15000 job cuts to meet the new target. This would be on top of the cuts needed to hit the first $2b in expense savings that get redeployed into cyber and regulatory areas.

Possible, but very unlikely.

Let's see what happens?

Can you tell us more about your source?