WF doesn't have to pay severance (can rewrite their existing tenet in a heartbeat). Companies are not required to provide severance. At the very least, WF may knock severance down to one week (vs. two) per year of service, with a cap (cap exists now and was put in place right before debacle resulted in first large wave of layoffs years ago).
What WF wants to avoid is severance AND unemployment insurance AND bad PR (if layoff volume too high). Managers have admitted they've been encouraged to "make things so painful" for TMs that they leave on their own ("natural" attrition).
Nice, transparent company (NOT).
A good post from @12Vz4Sb2-3pme.