Since the consolidation of security planning and risk management at WF in 2007, in which all divisional security risk groups report under the corporate risk group has there been any layoffs recently?
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I worked with Community Banking reviewing their work they would submit risk assessment about the security of their computers and would so with the entire thing incorrect and had no cares in the world.
Community Banking is bad and bloated, not that efficient.
That's my assessment and I interact with them all the time.
I do not wish anybody gets axed, the bank has money to pay all those salaries, but that's my observation.
That's what previous poster meant by "regional factor"
Your location is playing a big factor too. If you aren’t in one of the strategic cities and you are in a non customer facing role, you will be let go. WF will save hundreds of million dollars by cutting people in expensive markets and downsizing office space. NY, SF and DC are first markets to be hit. Other cities will follow
It's not just "dead weight"... cuts across the board, including top talent. It just happened to our team and several were top performers. I'm sure some will find new roles, because they are certainly not dead weight. I think compensation level (incl. regional factor) plays a role.
A lot of the deadweight in community banking, consumer lending, wholesale, and small business will experience a reduction in force with mid level management and non-performing individual contributors to be shown the door en masse.