What are the chances of another reduction sometime soon?
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last time was around 2009 when the banking crisis occurred, the feds stepped in and dictated the existing package, if it changes it will have to come from the government and if chump has anything to do with it we will get zero weeks!
The displacement policy was rescinded from the employee handbook on 11/25/2024.
Changing in March from what I hear, per director in CIB
Oh, I almost forgot, When I got tossed the first time in 2000, I got 10 months of severance, and I had only worked there since 1993. Math.....
Cheers!
Heh, I remember 30 years ago, during the June 14th layoff, severance was 2 weeks.
Now, Technically, that was Norwest, not wf......
Cheers!
I think it was about 10 years ago or so. Changed it from a month off per year to 2 weeks.
How soon will the new Handbook get published?
@eok It doesn't happen because it doesn't need to happen. But once there is a crisis you can bet that the layoffs will be massive.
Compared to other banks WF keeps everyone on edge. Other banks' layoff programs, such as Citigroup, have a beginning and an end. They might not always follow the schedule but at least they make an attempt at transparency.
@vdv+1vMWCp15 You’ve been under a rock then and are touting it. It used to be a month of severance per year of service after a certain cut off. That was redux to 2 weeks per year in recent memory. It made no change to the maximum you could collect, just more difficult to hit the max.
Been here over 25 years, IIRC it has changed exactly zero times.
Rumors are just that.
My manager told the team there will be changes in 2025. Of course, no details were given to allow for transparency. More threat than fact to get us US tech workers out maybe.
Only been checking since 2019 and it hasn't changed.
One bit of comfort is that WF has bent over back backwards to keep the tens of thousands of layoffs out of the news (spreading them over several years and locations).
Adjusting the severance package up or down would make the news and draw attention to the layoffs.
Every year there are rumours of a reduction and it doesn’t happen.