Layoffs start on October 5th based on span of control. Many details still being worked on. Time to work on my resume...
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Not sure where YOU get YOUR Intel. For example, ALL of CA gets separation pay, NOT severance. Read the Benefits Guide. Many are in for a rude awakening.
There is absolutely nothing "Random" about who gets laid off. I have been Wells for a very long time (Norwest). As the Mortgage side gears up for more of a Centralized platform my guess would be MAP Centers will be the first to close.
having gone through a mass layoff at Target 3 years ago, I think I know the criteria they'll be using. Basically it's a random generator that will be used to pick people to lay off. That way, you can't sue them for, say, age discrimination. Also, it will affect high performers and low performers so they won't use your review scores for layoffs. It's all done to protect WF from litigation. The layoffs will most likely be outsourced to a company like Bain.
I said "Up to" if someone has bee here 25 years that's 50 weeks (2 weeks short of a year) I stand corrected "lol"
To the last post you should probably go and read the update from 4/2018. You only receive 2 weeks per year lol!
Not sure where you get your Intel, but Wells does do Severance in most states. When the last round hit, my colleagues that were impacted rec'd up to 12 months severance (with full benefits) as well as the ability to collect unemployment once the 60 day notice expired
It's awful that WF does separation pay and not severance (major difference). This way, those in many states can't file for full EDD unemployment benefits until the end of the separation pay (unlike severance). They still could have offered benefits with severance, just like separation pay. So no maximizing EDD unemployment and severance funds while hoping to find job sooner rather than later.
Also, WF changed payout prior to last major layoff cycle. People with greatest tenure lose weeks, and those with 1-4 yrs of tenure are all treated the same now at 8 weeks. Ridiculous.
These massive layoffs are a near-term cost cut that will hurt the long-term success of WF. Bad treatment of loyal employees, bad PR.
Tim Sloan knew going into the CEO role that he was a sitting duck. This is one of many nails in his leadership coffin. Thankfully, when they fire him, his mounds of money will give him comfort.
"They are using a really questionable approach in some areas to avoid lawsuits from the layoffs" Can you elaborate? Just curious.
On a positive note unemployment is low and with a severance package/ continuous pay. You can get a new job very comfortably. I believe these are measures to boost stock price and to increase revenue. Once the fed cap Is ended they will be back to hiring. For all those going through this. Just keep your head up take that severance and like for better opportunities with more pay.
Across the board. Investors aren’t happy with slow pace of e&e so sloan is cutting 26,500 people. This will be an epic failure and the downfall of sloan.
All Areas. They are using a really questionable approach in some areas to avoid lawsuits from the layoffs
Any idea of which areas will be effected?