Does anyone have solid info about what tech groups can anticipate layoffs - IT, development, digital design?

Due to recent economic conditions, I've come to realize that the modern dream of buying a house/starting a family is a tenuous one at best. The fact of the matter is that there is a finite amount of resources on the planet, so infinite economic... — read more 

As March 21 grows closer, or March 23 or 28 or 30 or whatever, I can barely contain my hopes that there really is a big chop and I am included. I don't think I would be included in the purposely small layoff waves for quite some time, so I view this... — read more 

https://www.msn.com/en-us/money/companies/hundreds-of-google-workers-in-zurich-walked-out-after-200-of-their-colleagues-got-laid-off/ar-AA18EXso?ocid=msedgntp&cvid=529d6626477d49308f13d08af706330b&ei=17

Pros and cons?

Some news articles are suggesting that the top 4 mega banks will be the benefactors of the latest banking woes due to nervous customers moving their money to the “too big to fail” banks. I’m wondering if Wells Fargo could reach a point where they... — read more 

Wells Fargo’s IT departments spends huge amounts of money and resources trying to ‘automate’ their testing. ‘Automated testing’ is a contradiction in terms. You can ‘automate’ a process but then that process needs to be tested. Legacy ‘batch... — read more 

I haven’t seen any funky business… still busy getting loans and all calls still scheduled. We have a huge pipeline.. who will handle all the customers? BTW- who is OP? Commonly referenced here.

Morgan Stanley is testing an OpenAI-powered chatbot for its 16,000 financial advisors, per CNBC.

The offering may include debt securities, warrants, units and purchase contracts. The filing does not necessarily indicate that a sale has begun or will occur in the future. The company intends to use the net proceeds for general corporate... — read more 

These are a joke. Probably what it feels like being the red headed stepchild. Just be sure that when you’re chopped, you take the time to make sure Workday is updated with your personal e-mail and phone. Would also highly recommend opening... — read more 

Nice job tone-deaf Mgmt - way to stick it to the employee holders of RSUs vesting on 3/15. You couldn't wait until March vesting passed by....

Sold some FRC puts I bought yesterday for a tidy profit. Moody's downgraded the US banking sector today. Buy when there's blood in the streets.

Des Moines has a stagnant, tiny population to recruit from, and it shows everyday. What possible value in the eyes of execs does DM possess? Cheap labor? Maybe, but it can't be that much cheaper, and that cheapness is accompanied by subpar talent... — read more 

My group in the COO organization is under a hiring freeze. Any others?

Is there a company-wide initiative that is directly driving lower level managers to micro-manage their employees a lot more, or is this simply an indirect result of the toxic environment created by upper management? In my line of business I am... — read more 

Email yesterday about hard freeze on changes given volatility. Yes it's risk mitigation, but a bit concerning nonetheless.

Not sure what others are seeing, but never seen something like this before. Is the company limited though in how many new deposits they can take? It's going to be a strange concept to denying people a new deposit account because of the asset cap. ... — read more 

https://www.rebellionresearch.com/will-wells-fargo-fail

I get blank all-white screens when I navigate to many useful parts of the wellsfargo.com site. The "there's a problem on our end" message pops up way to often, and "online banking is temporarily unavailable" as well. I try different browsers, mobile... — read more 

In the spirit of using this site for what it’s for: Layoffs of the third week of March is happening. And as usual, layoffs will continue, and have continued. Also, WF is heavily monitoring and tagging entries on this site. You can just tell by the... — read more 

Does anyone know what areas will be affected for this go round of layoffs? Still mortgage, underwriting, etc? Or will other areas like risk, control, etc be impacted?

good article on the benefits of middle management. https://www.businessinsider.com/middle-managers-great-flattening-organization-meta-tech-layoffs-firing-2023-3

Wait? What? I should be using a car? Nah, stick with the tried and true. I mean we all learned that we can work from home with the current technology and be just as productive. But I think we should keep things the way they always have been. People... — read more 

This org moving from Commercial Banking to Strategy, Digital, and Innovation. Thoughts? GTM has been in a constant state of contracting and expanding for the last two years. Is this the final “end game” for these folks?

My mgr told me he wants me to reallocate to RCSA team for several mos. but will pick someone else if I'm not interested. Anyone have thoughts for or against RCSA teams? I'm nervous about leaving my regular role for so long. Not sure if it will be... — read more 

Hey Wells Fargo Board!! As a former employee, but one who has way too much stock still invested in Wells Fargo, can y’all just be done with Chuckie already? Bank failures aside, the stock has gone no where but down since he came in to power. He... — read more 

What do you think?

https://www.npr.org/2023/03/02/1160358099/school-attendance-chronic-absenteeism-covid

From CS email- Is this related to the deposit thing that happened?

Lost a few teammates due to layoffs and now 2 more just resigned and beat me to it. Hoping to put in my papers real soon as well. This is going to be very difficult for those that are left on the team to even manage the work load as many are not... — read more 

I logged in this morning assuming we would be getting an email on any impacts with SVB and talking points to discuss how we are different. Instead I can lose weight, we have quantum computing give loudspeaker a try and my mental health... — read more 

Just wait until it becomes public the conflict of interest SVB and venture capitalists had. People are going to be questioning why what they were doing was ever legal. Scharf wants to model Wells Fargo be more like a fintech. The fintech game is... — read more 

Thanks to the new mortgage strategy. Inherited a couple nice deals from some mortgage folks that got fired (sorry, not sorry). I’ll prob make 80k this month. And Wells new strategy of only focusing on select big metros is working great for me. Our... — read more 

Its unreal that the Fed is offering a bail out of SVB deposit holders above the 250K limit. Risk taking VC's and Crypto nut jobs and their cr------d banker want to take on a ton of risk and now everyone else has to pay for it with higher rates and... — read more 

If i were a customer at a regional or smaller credit union i would be freaked if i could pay my bills soon. The bigger regional banks i hear don't do stress testing like the big banks WFC/CITI/BofA/JPM where they get ground by regulators non stop. ... — read more 

The SVB problem (and soon other banks in same risk portfolio) is a welcome reprieve for WF. A break in media attention after 7 years of bad news opens a window to take advantage of the situation. Maybe it is simply changing perceptions, maybe it is... — read more 

https://finance.yahoo.com/news/5-most-pressing-questions-answered-121239443.html

I know that this site is monitored by WF Insider Threat. So you guys can kiss my behind because these things have already been communicated at certain levels. I was given information through various Directors that we will see a consolidation of our... — read more