Reliable sources quoted that Wells Fargo will announce a round of layoffs and displacements beginning September 1, 2019. Some employees have already been given options to accept severance packages prior to the pending displacements. No word yet on how many team members this will affect. Word has it that middle ranking marketing managers will be the primary group displaced.
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Employees were offered severance packages ahead of branch closures in nor cal Sacramento region
Anyone hear anything about the REO Call Center in Frederick?
WARN notices are not required if they structure the layoff in waves - as L3 just did when bought out by Harris. Merger of equals my arse!
Nope
Unfortunately WF or not, this is banking - was laid off from Wachovia before Wells took over and now I'm w/Wells - Layoffs are almost inevitable during a certain time of year for this industry, starting in August through September, with the final round usually around November, December....whether it's actually been announced that this activity will take place is almost neither here nor there...it's the industry. All I do know for sure is, the NC corporate center is being taken over by dealer services and mortgage positions are being closed - so far, bankruptcy and foreclosure have been impacted the most.
Scrubbing toilets does count
Calling B.S. on FAANG poster. I've had several interviews and 3 offers. Deciding between them this week, so I can gladly resign next week.
I live in SF Bay Area. Plenty of opportunity.
Marketing let go of 50+ last week, including a handful of mid-level managers. This was in their so-called In House Agency. Meanwhile they created a whole bunch of new positions for younger, cheaper people and openings in the Philippines and India.
Dose of reality for the person who thinks there’s a window of opportunity in SF Bay Area. Does not apply to people employed by banks, ESPECIALLY Wells Fargo. Been told that by people I trust and know in FAANG. Not cool but it’s reality.
This is mostly true as I have a friend in another Dept who’s already accepted a severance package but must stay w the bank until Sept 1 to receive it. I think this post has credible information based on what my connection has told me. I’ve also heard about the Weds July 17 meeting. Sadly I think it’s time to bail. With unemployment rates now at 1.9% in SF Bay Area that means a LOT of tech firms are looking for great talent but are having a hard time finding people. There is an open window now but I don’t think that hiring window will last if the economy starts to flatten.
First off, the person that posted that used the pseudonym “Wells Fargo HR”. Hahahahaha. Give me a break. Also, the facts are wrong. People don’t get severance options before a layoff. That’s not how it works. You would get a severance as part of the displacement package. No one would have to choose. Poster obviously doesn’t know what they are talking about and this is a made up post. Don’t worry about things you can’t control people.
The important communication mentioned is an EIT town hall. Strategy 2022 may possibly be applicable to other areas in WF though, I have no idea. Or it maybe EIT's implementation of an overall company strategy.
is this only specific to marketing? Or other areas?
Please be me...please please please!
Give me my package and release me from this nightmare company.
They got caught doing bad things, and they are not "fixing" problems, they are circling the wagons.
Got a WF joke in there, trying to keep things light.
We're being told that "An important communication about Strategy 2022" will be made on Wednesday July 17th, at 11:00am EST via town hall event from the Leadership Team which will be live streamed to team members at all locations.
Word we're getting is that this meeting is not one to be missed, and it will include more info on staffing matters. Our local management seems uncomfortable talking about it.
Speculation: they won't actually lay people off DURING this meeting, but they will announce that they're going to START letting people go, likely sooner rather than later so as to avoid expenses related to year-end PTO, RSR's, Q1 bonuses, 401k matches, etc.
All displacements? Does this include the remaining left of the 26k?
This is not true. Sep 1 is a Sunday. Wells is smart enough to pick a weekday. What is true is all displacements must be complete by Sep 1. This is so next budgeting can be clean without all the people let go. I haven’t heard if the Sep 1 day is the date that all 60 day WARN notices must be delivered or if that’s the date the they must be completed. If it’s the later, that means we can expect a bunch of layoffs this week.
Specifics or go away. There is plenty of drama at WF without stirring more in.