Thread regarding Wells Fargo & Co. layoffs

Wells Fargo doesn't have to pay severance

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.

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Post ID: @OP+1301Cauo

10 replies (most recent on top)

They have notified our region that all branches will be dropping to almost half their current staff. My branch in particular has 6 PB’s that includes a licensed. One premier and a branch manager. They will be dropping it to three PB’s and one manger and premier. Other branches are being dropped to one banker and one manager. Also branch managers are expected to act as Bankers when needed.

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Post ID: @8pti+1301Cauo

PVSI Wfcc analytics. Non working ends mid march.

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Post ID: @2adt+1301Cauo

Severance agreements typically detail pay, benefits, etc. As well as that by signing the document you release company from all liability for any and all claims, etc., you will not solicit current employees from leaving the company for a year or whatever they put in there. also in there would be the fact that the agreement itself is confidential and that you will not share it with anyone and that if you do you are in breach of the agreement, which usually means you PAY BACK any severance you received.

Some companies also have a paragraph in there stating you will never apply for or accept employment at the company EVER AGAIN and that if such employment is denied that it will not constitute a violation of any laws. if Wells is smart they will include something like this to avoid the "old timers" from walking back in the door. We have lots of folks here who were canned and then walked right back in to new roles because of their "connections"

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Post ID: @2qzk+1301Cauo

What’s in this agreement? I would have an attorney review before signing anything here with the scams they pull

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Post ID: @2vsn+1301Cauo

You didn't get a 60 day notice? Is Feb. 27 after 30-day working period ends and 30-day non-working period begins?

Which group are you in? Please fill us in.

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Post ID: @2xfy+1301Cauo

What team or rahter which group?

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Post ID: @1wwo+1301Cauo

Just notified my team of 18 yesterday, while our stocks were dropping that our last day is the 27th of Feb. I get my package later today. Talk about timing. At least I'll get the RSR flaward.

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Post ID: @1ehy+1301Cauo

They are still finding ways to blame the little man when system “glitches” are the true problem. Either the glitches are designed to lead to alerts and investigations or it’s just extreme negligence in not fixing systems that have glitches that lead to investigations. Either way it’s wrong

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Post ID: @rwu+1301Cauo

WF has already cut severance multiple times. They use to pay one month of severance for every year you’d been with the company. That was then reduced to the prior max payout of 16 months and to the current severance. Look, they want you to sign an agreement you won’t sue the bank. The reality is this bank has done so many unethical (possibly illegal) things they can’t afford for you take evidence and become a whistleblower. Complete agree they’ve made things unbearable with the hope you quit. Given today’s dismal earnings, expect big layoffs in the next 90 days to get expenses back in line.

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Post ID: @nlw+1301Cauo

they do not have to pay severance. They pay you severance so they can get rid of you without having to "terminate" you for performance reasons (which is extremely difficult here) as well as make you sign the severance agreement which includes a bunch of legalese. its a legal muzzle that you must sign in order to get your money.

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Post ID: @pan+1301Cauo

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