Thread regarding Wells Fargo & Co. layoffs

I'm worried too, having a family and a mortgage to pay off. As a 55+ year old white male, I feel like there is no place for me at Wells anymore.

I have an Engineering degree and have applied for NUMEROUS positions for which I am extremely well qualified. The hires are always offshore.

As someone that was recently let go by WF, I had many of the same concerns around pay, finding a comparable job. But the job market is excellent. One of the things I heard repeatedly from recruiters and hiring managers is the difficulty in finding good candidates. I ended up receiving multiple offers from competitor banks. And the best part, I ended up with a 25% bump in pay.

Things I did that really helped included networking with anybody and everybody. Let your friends know you are looking for a job. One of mine connected me with the CEO of the local bank. Make sure your resume is professionally written and your LinkedIn profile is up to date and complete. LinkedIn is the single best tool for recruiters to find you and you’ll need to spend some time learning how to leverage its power. I watched several YouTube videos on LinkedIn. And lastly, make sure you know what position you are looking for or what type of job you want. This took me some time but it really helps recruiters target you to the right jobs and companies. Enjoy the journey. It’s not as scary as you think it will be. After I started to see the response from prospective employers, I relaxed and started to enjoy the process. Have fun!

Yes the middle range positions are far to few. They require a degree and are looking for college graduates that which will accept the position at a lower rate. FYI if you accept a lower position the bank will pay out the remaining balance of your severance in a lump sum and it is taxed at 40%. For long term employees that served the Bank for the majority of their career it is another reminder that the Bank main goal is to maintain profit at all costs. Employees are collateral damage. Profit means large bonuses for senior management.

Hi, my position was eliminated over a year ago. After taking a month off, I took advantage of placement services with Right Management. They are really great. After a 10+ year career with Wells Fargo, I was not up to speed on how to find a job. Right Management got me up to speed with EVERYTHING -- updating my Linkedin page, resume and cover letter writing, a free (for 6 months) personal website, and access to multiple job search databases. They offer weekly networking functions, live and recorded webinars, templates... seriously, if you are offered job placement services, take advantage of them, they'll support you in finding a good job. They really do cover everything you need to know.

I took a large pay cut to get out of the branch after the scandal. Once I saw the direction from my DM leading back to sales (cough cough,,,,, I mean “growth”) I took anything to get out. Now that my pay scale has been lowered, I have a lot more options for work outside of the financial world in the same range or higher. Banking has changed and I have too. I’m not married to the financial world. I completely understand not wanting to get out into the job market due to age or whatever but don’t limit yourself. I’m not advocating to jump on the unemployment train, but maybe don’t limit yourself to roles with your current pay rate. You might (like me) find the lack of stress in your slightly lower pay role a nice change.

Also, If you work hard and care about your company,,, than YOU are the asset. Regardless of the role you work in, no matter how minuscule. YOU are what makes your company great, YOU are what keeps the doors open, YOU are the reason the customers come back. Good employers recognize that. Chances are, you might (like I’m starting to) find that other employers that I would have never thought of are begging for what you have to offer. Best of luck to everyone.

Yes , age discrimination is real !! I am over 60 and have tried to move out of my department . They always say 4 year degree is desired but not a requirement on job postings. I have been here almost 10 years lets just say if you are not in the "in Crowd" or younger with a degree. You are going Nowhere! ! I have so many rejections it is Crazy.

Yes, it is that bad. If you are over 50, the chances of being meaningfully employed again are pretty slim. even if you have a professional degree. Age discrimination is a real thing. I imagine for those in good jobs without a degree, replacing that job would be like winning the lottery.

The Wells Fargo Ship continues to sink. Heck, they can't even treat the horses kindly, which market for their "Fraud Fargo Stage Coach" product every day. Re-Established. I think not.

If you are eligible for TAA, you will receive notice via mail shortly after your separation from Wells.

Yes, TAA will pay for training or school. However it can only extend unemployment pay up to 12 months. This might work for someone who is married to a spouse that makes a solid income, but many folks can not afford to commit to 12 months of living on the paltry unemployment wage. Basically once you go that route, you have to stop looking for work and commit to completing your school/training.

I’m not trying to c-ap on the program as it will work for certain people. But for folks already living paycheck to paycheck, probably not in the cards.

Check out TAA benefits. If your job is being offshored, you can get extended unemployment ( I believe it's up to 2 1/2 years) while you get a degree. Your tuition and books covered. Why would anyone pass up that opportunity? This is a government program that WF will NOT tell you about because they already liedto the media about why people are being laid off. WF failed to admit or mention the jobs are going to poor countries so they can pay those people pennies to do a mediocre job. Notice how all the managers have landed new high paying positions but us worker bees have been sc-apped on once again.

I hate to say it, but yes - it is that bad out here. Obviously that can vary by location but in general, it’s bad out here. Politicians will tout low unemployment rates that exclude all the people who still haven’t found work after unemployment pay runs out.

To the person who said they can not afford a cut in pay, I’d suggest this:

Start looking for a job that makes the same or more right now and leave your severance behind if you have to.

Or

Start looking for a job immediately when you receive notice, be happy to land something even with a pay cut, and supplement your income with the severance payments.

I also think this depends on what you’re making now. For example, if you are working in a branch making below 20 an hour, you can probably find something similar. However if you’ve been at Wells a while in operational jobs, making 60k plus, it’s highly likely that you take a pay cut.

Right now it would appear there are a ton of entry level, low paying jobs and a plethora of jobs for the uber educated. The middle, where most of us are, is a desert. Because everyone currently employed in the middle is hanging on for dear life so there aren’t any openings.

I was the one who posted that originally. I sure hope it's not too bad out there but I'm bracing myself.