https://www.wsoctv.com/news/local/more-layoffs-branch-closings-ahead-wells-fargo-ceo-says/2KXBUZ6N6JG7DCBO3QZRD5VOGE/

HR had major impacts today. When is the next round of HR notifications? Will it be before the end of the year or next year?

“This company is not efficient — like period, end of story,” Wells Fargo CEO Charlie Scharf says.

Got email and had call his morning. Support partners eliminated. In hubs, not remote, not lengthy tenure. Odd layoff selections. This place is lost.

He actually said this (link below) how can he not know how tone-deaf this is!?! **** “When we sit around as a management team, we feel great about the progress and there’s no clearer way to see that than in the headcount numbers, which... — read more 

Many final layoffs in processing and underwriting. The few sales people left are leaving. Charlie needs to finish whacking mortgage so he can move on to the bank to start axing people

Given the replacements of US staff by Offshore is particularly problematic for the Enterprise level Info Sec risk that needs to be managed. Not sure whose idea it was, but there is reason to have ALL Info Security be located in the US. Until... — read more 

It's a bad time in mortgage, anyone recommendations to transition to a new field?

Anyone hear of layoffs today in tech?

Lost several people on my processing team, including multiple people with over 20 years of tenure. Apparently the layoffs today are fairly significant across a number of processing and underwriting teams

Wells Fargo executives said the bank will continue downsizing its workforce after shedding almost 50,000 jobs in a major cost-cutting effort that began three years... — read more 

Just for a call for noon today in Charlotte and we are laid off. They got rid of most of the mortgage department including managers and processors

Don’t think for a minute that they won’t take advantage of current events to bring down the axe. Likely very little coverage will be expected from the media due to the Ha--s/Israel war.

No news in Sioux Falls yet!!! But we have now work in our queue for the Executive office!!

I am not hearing any chattering of layoffs today. I work in TK org and no mumbling yet if anyone. Maybe they are done for the year?

Is this the first sign of the day?

I ran across an internal job posting with this title…guess they have to now hire people to carry out making employees lives miserable, aka “the goal of the program is to address the fragmented presence in the US by consolidating into a small number... — read more 

To avoid that pesky meeting invite.....

https://www.nj.com/news/2023/10/customer-loses-8k-in-check-swindle-heres-why-wells-fargo-wont-give-the-money-back.html “There was so much complexity to the reporting process that it took four family members to try to decipher what to do next. I... — read more 

How much money did the company waste on this useless service? Another true disgrace of a decision

Ah, tomorrow is finally upon us, the day you impassioned souls have been eagerly discussing for months. The total inhalation of various remote workers, major hubs (wasn't it 10K in Charlotte?) . This is the moment, folks. Let this be the main thread... — read more 

Title: “Should I be liked or respected?” Both. How’s that going for you, boss?? Charlie is neither liked nor respected by a large majority of employees. I obviously didn’t want to give him the benefit of an extra click on his blog spam (his only... — read more 

Layoffs to the US workforce will continue until the December freeze goes into effect. Until then, More cuts will hit mortgage, CB, Auto, branches, corp risk, technology, and others in remote rolls and non-hub locations. They will also be hitting hub... — read more 

https://www.americanbanker.com/news/wells-fargos-mary-mack-the-exit-interview

How they've convinced us they are a fact of life and we should accept them. And that might be true, but for occasional layoffs, every few years or so. Not constant layoffs that happen every single month. That is not normal and it shouldn't be... — read more 

Whoops! I hung up immediately. Hopefully there's no notification his outlook.... I was going up my chain of reports layer by layer and got to his outlook card. I tried to hover over the yellow dot to see how many months he's been offline and... — read more 

Not surprised to hear from multiple sources that the location/hub strategy won't apply to Saul's team, while the rank and file that REALLY depend on their salaries are cut without mercy or forced to move/uproot families to comply. Shaun McD and C... — read more 

So WF has updated my teammates HR approved med accommodation status to No. (Without informing). Then forced him to return. He didn’t return, they fired him for cause, and the paperwork shows something different. out within days with no pay — read more 

https://www.fox13seattle.com/news/former-wells-fargo-bank-manager-pleads-guilty-to-stealing-1-million-from-elderly-vulnerable-customers

https://riabiz.com/a/2023/10/11/wells-fargo-spins-heads-and-ki-ls-fax-machines-with-radical-plan-to-counter-wealth-management-erosion-by-five-fold-building-of-its-ibd-network-even-it-if-means-cannibalizing-its-own-advisors

Charlie only sounds in-the-know when reading from a script in opening comments. Mike does most of the talking, and the analysts direct most of their questions to Mike - rarely Charlie. Charlie, who knows he should contribute more, clumsily... — read more 

....and punished if you are not? Either with passive aggressive comments, reduced bonus, bad assignments, demoted work tasks, micro aggressions, bad internal references, etc?

Jamie Dimon said Charlie Scharf is creating a formidable competitor in Wells Fargo & Co. 🤣 ——————— ——————— I’m unable to read the rest of this article because of a firewall. Anyone have access to Bloomberg so we can read the rest of this fresh... — read more 

Not that we don't already know this, but I'm listening to the earnings call, CS really takes pleasure in reducing headcount. No empathy at all. we are just expenses that he is working hard to manage down.

In your experience as an employee, how would you rank the order of importance upon which Wells Fargo prioritizes it’s decisions: in the best interests of it’s customers in the best interests of the long term-health of the bank in the best... — read more 

I am wok in an environment where 70% of the individuals are associated with CB Risk. These individuals spend their entire day engaged in conversations, appearing to be highly skilled, yet it appears that they aren’t achieving any tangible results... — read more 

Insurance premiums are up and the coverage is down You have to re-elect this year when in years past it automatically reenrolled - there will be people that aren’t aware of the change and will rely on years past then not have coverage in 2024... — read more 

The lead story under WFC on Yahoo Finance is JPMorgan asserts dominance as profits surge 35%