Not true. #FakeNews
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Look if WF can’t afford severance packages, they will just reduce the benefit even further. Remember it use to be up to 16 mos of oay and then it was reduce to 12 months. They will reduce it again if they need to. That’s just how WF rolls.
Open reqs have nothing to do with layoffs.
Open reqs have nothing to do with layoffs.
Open reqs have nothing to do with layoffs.
SMH.
The CEO has 272,989 reports. How many did we have last year? We can back into the 25,000 number possibly
Audits. Right.
And those worked so well in the past.
John Stumpf was supposed to report material events to the SEC and didn't (he blatantly lied under oath saying he didnt think l fraud was material to WF stock price). I'm not too worried about following suit. It's all there in black and white, if anyone cares to see it.
Dont be naive. Numbers are fudged all the time. There aren't enough qualified resources to adequately audit WF -- internally or externally.
And WF, like other banks, lines the pockets of those in govt. You ever wonder why no one goes to prison?
The govt. knows WF and others commit bad acts, but the banks are too big and powerful to manage...plus, those in govt. like their banking golf buddies and the perks that come with those alliances.
Dont judge me harsher than the C-suite. Corruption abounds.
Fin disclosures are audited so those should be squeaky clean. As to the 4800 open positions-those will ideally be filled with less expensive labor.
Are you claiming that Wells Fargo is lying on financial disclosures? If so, and you know about it, you need to report it to the SEC otherwise you are complicit and guilty yourself.
Right now, there are 4,800 open positions. If what you're claiming is true, then they would all be pulled. Please stop fear mongering.
First responder was correct.
Initial projections re: natural attrition were grossly overstated.
Severance has nothing to do with what WF can afford, it now has to do with WF's appetite for such hefty payouts -- and there is absolutely no appetite.
The path forward has everything to do with "alternative approaches" to "encourage" natural attrition.
Increasing employee discomfort and finding ways to terminate employees are the priorities.
I know what I'm talking about.
Stop looking at what WF claims are its figures. They are irrelevant.
We've been instructed to reduce headcount ASAP.
Here's a fact instead of a rumor - net Income for Q1 2019 was $5.9 billion. In all of 2018 the profit was $22 billion annually. Yeah, the company can "afford" severance. $22 billion is $84,000 per employee in profit - the company is hardly broke.
Marketing just cut over 50 people. Everyone got severance.
Wouldn’t be surprised, although I don’t think anyone has communicated how close they are to the 25000 team members being displaced at this point, regardless if they were severed, fired, or quit. I would imagine that the bean counters budgeted for a worst case scenario having to pay off multiple severances for team members with tenure between 10 to 15 years... although I could be totally wrong on that. It is Wells Fargo?
How will that effect mass layoffs in the future?
Wells Fargo can afford severance but would naturally prefer not to incur the cost. So if staff resign voila no severance. If fired for cause voila no severance and no unemployment. Think about this from Corp point of view.