Thread regarding Wells Fargo & Co. layoffs

Marketing was informed in an all hands call last week that layoffs would commence in the next 2-3 weeks. No numbers were given. When asked if current employees would be hired first to fill new job postings, the presenter laughed and said no - sometimes what we need is new blood.

I guess when you're building better every day ya gotta do what ya gotta do.

More layoffs coming but it's likely to be in little dribs and drabs as operations areas are consolidated and outsorced to India and the Philippines. I'd be concerned with loan operation areas being downsized next. Im in the loan center and we keep hearing rumors of presentations circulated with management about the need to reduce headcount.

There will also be system consolidation to reduce the number of operating systems which will mean more layoffs. It takes time to do this so I would expect 2019 to be the big year for downsizings which will help to hit the $2b expense reductions.

I agree that if you are posting here about massive layoffs as your post claims, have something to back it up and say so. A lot of people are on edge wondering where the layoffs will hit and this only feeds to their anxiety and wonder.

I'm in marketing; 40% of my team (including me) was let go on Tuesday. Large-scale layoffs in Marketing, not sure about other areas.

Sorry but if you are going to put this type of info out then first of all be sure and secondly give more info. Folks keep postings about these major layoffs and nothing has happened. Trust me I'm with everyone as far needing to know but make sure the info is accurate before stating such.

I'm hearing the same thing but details are limited. Anyone that thinks they will be first inline for job opportunities once they've been let go is dreaming. Yes your manager can mark your profile as retain but many don't. Even if you have a great manager, hiring managers give little to no consideration to the retain notice. The best advice I've seen work is,to have existing manager write a recommendation or call a hiring manager. Anything else is waste of time.

Honestly the best job and easiest to get is with another bank. WF has so. Any cultural issues that are coming to light and that will,depress morale. New sales will be difficult as the public thinks all areas of wf are corrupt. The behavioral interview format s---s and it's easier to get a job elsewhere. If you've been let go, then use it to find a better job.

What groups

What locations

Gimme details and I will spread this all over social media

how do you know there is going to be more layoffs. The last amount, 120 was only due to selling the servicing rights to the reverse mortgages so that is all of them. WFHM just bought 51 billion of servicing rights from Seneca.. Also, those effected from the Reverse Mortgage layoffs will be given first consideration for hiring in other areas so their jobs may be lost but they can find a new area to move to. Also, in our lovely severance package, if some other department wants to absorb those that are laid off and there is a pay cut of up to 15%, the workers have to take it or not get any severance. I haven't heard of any more areas subject to cuts.