I'm guessing sometime the week of April 18th. They won't admit it was a failure but there will be some sort of "adjustment in strategy " announced.
33 replies (most recent on top)
@2wwz+1fR2CuzB
When he was hired on, it was to halve our employees. We were closer to 300k then. I’d guess 140k to 150k is when the heads stop rolling.
@1ige+1fR2CuzB
If he’s not stopping at 210k, what do you realIstically think he will stop at?
Manager says if people don't perform they will pull a goldman ball sack and make us come in 5 days a week. trying reverse psych won't work. if you prove they were right with RTO kiss hybrid goodbye
What may turn out to be a failure is retaining some of the younger workers. Lifers aren't affected by the RTO. Same old, same old.
Then why are you coming back here? What are you looking for on this board?
@unk If you have to use “overheard strategies” then you s*ck at your job. It means you don’t have the creativity to find ways to resolve issues. Anyone of us can simply have a call 1X1 with a peer and brainstorm or train/coach the other. People should be willing to share historical knowledge and teach each other and work as a team EVEN AT HOME. I don’t need the distractions and to be physically next to you to do these things. Stop trying to sell this BS narrative.
@1mve+1fR2CuzB
If you think he is stopping at 210k, you're in for a shock.
Scharf and Co, will never admit defeat since RTO is achieving its (unstated) objectives and driving attrition. When attrition hits 20% and headcount gets to Charlie's magic 210k, they'll declare victory and reduce most of the survivors' pay in celebration of their impending fat bonuses.
I've not been going into an office, and won't do it. I was hired as a full-time telecommuter who now is being told to drive 75 miles to "return" to an office I never worked at, and where nobody that I work with is at.
It's all been only verbal to this point. Nothing in writing. But the minute they put in writing is the minute I start pushing for severance.
Go ahead and start "documenting my performance".
@dhi+1fR2CuzB
I know one of LOB at Westown Pkwy that has a staggered approach to begin RTO. The whole team isn’t required back until the first week of April. If other groups are doing this, it might explain at least part (not all) of the emptiness.
"(You should never take a counteroffer anyway.)" Not necessarily. I'm happier with my current job than with any other I've ever had, and if I hadn't given them a chance to correct a wrong, nearly two years ago, I wouldn't be able to say that today.
I will admit that it's a situational thing. If you're unhappy with the culture, or with your boss, a simple monetary counter should probably not be accepted, because it won't fix anything. But if you love your work and have a great boss, but you're struggling just a bit, financially, and a great offer lands in your lap... why not give the current place a chance to match?
(Yes, perhaps they should've paid better from the jump... but the prospect of having a known "Excellent" employee leaving tends to loosen the purse strings a bit sometimes)
They never will, no way.
groups have been spread out for years so nothing new there. when managers start getting reports in a month and anyone not doing 2-3days per week gets out on notice they will start showing up. bonuses were paid a month ago, anyone whose gonna leave will be gone in the coming weeks, everyone else ain't going nowhere.
@jqk - “the job requirement of going to the office”
Please show me where this “requirement” is anyone’s job description who has been here more than 6-12 months. Please.
SF buildings are at less than 10% occupancy today. Less than last Monday.
@unk+1fR2CuzB
For many people, there peers are across the country or assigned to other buildings in the same metro area and there is ZERO benefit for us to go in. This would probably go over a lot better if there wasn't a strict three day requirement just to "check a box" as a competitor worded it during an interview last week. But the whole go in just because I say so serves no benefit to employees and, in most cases, causes them more harm financially and time wise. The execs are getting exactly what they dished out from their demands. Treat your employees like cr-p, and they will treat the business the same way.
When people who do go in realize most people aren’t and stop going…
@ @cuo+1fR2CuzB, you’re praying for another Covid variant so your lazy bu-t doesn’t have to schlep into the office!!?? wtf is wrong with you? Seriously, re-examine your life and priorities.
Apple and Google are dinosaurs? Selfishly, WFH is nice, but for a company, it doesn't necessarily work well for the long term. It's more of a niche or an individual basis. There are a ton of benefits going in that some of you just blindly disregard. There is a benefit of being next to peers from learning, overhearing strategies, etc. I believe that WFH is good for a job, but not a career.
Tired of hearing the fellowship of the miserable complain about RTO. The crying and kvetching is significantly higher for WF compared to peer institutions on this board. The energy expended on the endless complaining is truly remarkable. Time for management to cut the fat and hand out pink slips to those of you who don’t want to perform the job requirement of going to the office.
"Too many old-school dinosaurs leading these companies who choose not to listen to employees."
This right here. I'll be glad when their mentality gets out of the way of progress.
There will be no going back. They would rather destroy the company with poor morale. The banking industry could be so much more.
I'm in downtown DSM. Tower,Founders,Skyview,Northstar not much fuller than the last 6 months. A few more are back but the parking ramp is still 75% empty. Surface lots more so. I am hearing the same for the Jordan Creek and West Town parkway buildings. Big fail here.
If anything RTO will be full on not reversed. Senior management, & not just our firm, wants bodies back in seats. Pray for another variant otherwise expect to be back full time like pre-covid in the future.
They'll never admit failure.
If anything, they'll switch the message by calling it something like "Dynamic Workplace Flexibility" and claim that it was their plan all along.
It will be sickening to watch them fall all over each other as they pat themselves on the back.
the NYC JPMorgan crew cant admit failure. it is one of their weaknesses. They will force people in even if it means half of people quit. Will just speed up their planned transition of jobs overseas. Scharf is the worst thing that has ever happened to Wells Fargo. His reign of te---r has been 20x worse than the account scandal
@zte+1fR2CuzB
Same thing seen here - maybe half the people from last Monday are here today. Along with that there’s a large group of upper levels of management that has not come back at all, and has no plans to. Remote or nothing for many of them too.
I mean something has to give. Today was my second Monday back, and if anything it was less busy than last week.
Floor maybe at 30% capacity, and I was the only one in from my team. Looking around, our support and business partners had about the same representation: 1 or 2 in the office out of maybe a dozen on each team. People started leaving around 1:30 to finish the day at home.
There is a small percentage of people who genuinely want to be back in a sterile office environment, and it shows.
plenty of companies both old school and new that want people back in the office. I don't think they aren't going to reverse course.
I think you are wrong OP. The guarantee the CEO is furious right now. Give it 2-3 weeks and the nasty emails will be coming out about how people are not coming in.
My org has 10 percent open positions.
I think it will take longer than that given decisionmakers' egos/anger and the fact that some staff aren't due to return until Sept. or possibly later.
But I agree it's an epic failure. This unique moment in time should have been pivotal, and now they are just delaying the inevitable. Too many old-school dinosaurs leading these companies who choose not to listen to employees. They won't be gone soon enough and we'll all have to suffer through their rigid "one size fits all" leadership.
The irony is that housing is desperately needed -- tons of laws passed to cram more into smaller spaces resulting in eroded property values for existing homes -- and here are all these CRE spaces that could and should be converted to housing.
Humans fail yet again, while the rich get richer and the serfs (boiling frogs) keep losing.
The world has permanently changed because of COVID. A few dinosaur banks clinging to the 80s isn't going to reverse that.
Lots of people are actively looking for other jobs for no other reason than outdated, pointless RTO.
That's toothpaste that you can't put back in the tube.
By the time someone goes through the long hassle of applying, interviewing, etc,. they're not going to be amenable to a counteroffer from WF. (You should never take a counteroffer anyway.)
In other words, Wells is going to lose a lot of people. It has already started, on top of attrition being too high even before RTO.
Yes, Wells wants to reduce headcount, but it needs to happen in a controlled fashion.
The next 3-6 months are going to be unsettling for senior leadership as attrition spirals out of control.