Does anyone have any updates regarding the 5-10% workforce reduction? Will the majority of the cuts come from shutting down 800 branches? What about at corporate? Thanks in advance.
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Will any IT positions in Charlotte, NC be cut? I currently work from home and I already work more than 50 hours in a given week.
Wells has not seen the attrition it anticipated. Execs still stunned at incorrect projections (their poor judgement should come as no surprise, at this point). As a result, more swift and desperate screw tightening is coming.
And given the situation, PR blowback now less of a concern... exec survival and shareholder value are king.
Poster was right. Flat out 10% across the board has already begun and will continue, unless there's a sudden surge of resignations.
Don't say you weren't warned. Look around and you'll see it's already happening. Do the math and you'll see it's true.
interesting to watch how we deliver our board level milestones if they going to be cutting IT and security people in these numbers
The formal "communication" will be in mid-July during a town hall. They say there will be some "selective communication" going out before then, so we can expect more info to leak out soon.
For the IT people, what was previously known as "IT Hygene" is now being called "Technology Strategy 2022". Based on the year appearing in that name, I assume that the layoffs will begin in mid-July and should be completed by 2022. This is certainly a subset of the greater work-force-reduction strategy, with the numbers of people to be cut being roughly 10% of any particular business unit (not just IT).
I'd speculate that the true mission of WF management is going to be more along the lines of "reduce headcount by the goal of 26,500", and less along the lines of "provide world class financial services to our customers". My guess is that the next two years are going to be rough, and will see increased voluntary turnover.
Are layoffs going to be primarily from branch closings?
OC = Operating Committee (another crazy construct concocted by Wells).
What is OC?
Marketing reorg in May 2019 with layoffs.
The OC is next up, after shakeout from June 24 transition (model optimization B.S.)
Cutting and cutting... no end in sight.
Major reorganization in WIM , St. Louis Aug./ Sept. with new management Nyron Latif any other news ?
Which locations are considered the major hubs?
The tried shoving people into major hubs a long time ago but it didnt work. It's an excuse to cut people so I assume it'll be painful when systems crashes or not patched.
Location Strategy.. brace yourselves. new Head of IT, Saul, mentioned cutting number of locations (includes telecommuter locations and actual physical locations) from 900 to 100, as well as getting rid of telecommuters permanently unless they are one of a couple of rare exceptions. Going to seriously impact EIT/EIS people.