Thread regarding Wells Fargo & Co. layoffs

@VIICEEZ-5cyc I have been telling people this all along! They can easily make MN the key hub of it all and shut down let’s say a building that is barely thriving in Illinois but no one wants to hear it. Guess we will see.

Posted this on another thread but adding it here since someone mentioned rumors about shutting down Frederick - I know we have a big home lending presence there so this seems relevant here as well. For what it's worth - the Minneapolis Home Mortgage campus is in the midst of building a new 300K+ square foot parking structure. When that news came out earlier this year the local paper had WF quoted as saying the campus was identified for a potential increase of up to 1,250 team members. This all started before the layoff announcement, of course, but seems relevant given this mention of strategic cities.

Our new benefits show how much they care about us. Omg what a racket. Stagnant wages for years, 1-2% raise once a year if we are lucky and we can afford the extra we have to pay now? Just another tool to try and push people out the door.

It’s been a rumor for a long time that Frederick will be eliminated.

@VIICEEZ-itf:

Unless I'm mistaken, @VIICEEZ-bwx's post was sarcastic. I couldn't stop laughing at how it captured the ridiculous situation we're in and leadership's delusional hypocrisy.

Spot on and PRICELESS!

To @VIICEEZ-1ssw:

I can confirm zones 0 and 1 -- move or go.

(Sell-off might happen first.)

Yes, both Frederick and Columbia, MD sites are area 1. The Frederick body count is at 10% of the site since summer. I haven’t heard of any layoffs in Columbia as that is a Corporate Trust sure and that’s practically the only business in WF that I’ve heard no bad news or layoffs. Perhaps they’ve escaped the wrath of executive and senior management.

Is MD (Columbia & Frederick) an area 0 or 1 zone?

Over 10 yes ago some divisions already required employees to bring their own cups to drink water supplied. Now they will ask employees to bring their own toilet paper and soap to clean themselves after using company provided toilets.

Any hints around timing?

Confirmed in an E&E presentation this last week. San Francisco and New York are being targeted first and then other area 0 areas. The only way around this is if an exception gets approved.

Also, anyone using the ‘field rep’ designation is on a hit list to either move into an office or be eliminated.

Can someone confirm this

Also, employees in zones 0 (e.g., SF) and 1 are also much more aggressively being eliminated now... move or lose your job.

I worked at WF in community banking over a decade ago. There was a daisy chain of s-xual harassers and embezzlers in a vicious cycle of s-xual harrasment and embezzlement.

Enough said what good would come out of that environment. Absolutely nothing.

Go ahead and give/donate on your own. Why do you need wells fargo to do it for you? They love donating on your behalf to make themselves look better.

Brahaha... call the ethics line??!! You must really want to be fired! If something is wrong or unethical, call the OCC. they are the only one (besides senetor warren) holding mgt feet to the fire.

Don’t think about it, and DEFINITELY don’t talk about it. Focus on the work and helping the customer succeed financially. Give to the community support campaign, and don’t forget to log your volunteer hours. It’s everybody’s job to manage risk. If you see something wrong call the ethics hotline. It’s confidential.

Did I leave anything out?

Such a dismal time at Wells Fargo right now. It's like being in purgatory.

Conference lines will be eliminated early next year. Project rolling out to require TMs use their laptops to make phone calls. It’s all good if your computer works

Mid management positions will continue to be cut over the next three years. Decisions won’t make sense unless you realize it’s alk about hitting the expense number so senior mgt can get their bonus.