Seems like the layoff machine has run out of gas. This board was buzzing about layoffs in Q4. What happened?
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As I said…. Maybe ya’ll will start listening to the knowledge being spread on this site.
Post ID: @4mjc+1fnLnHWc
Sure…in India.
They laid off tech people in the US last year. You must be a newbie.
Workforce Reductions are still happening, but they are mainly in the form of voluntary separations being forced by RTO (instead of involuntary Layoffs which would require severance).
The difference is that with Layoffs, Wells Fargo gets to choose who leaves. But with RTO it's the employees themselves who choose if they stay or leave.
Effectively, what that means is that RTO will encourage the best people to leave, while at the same time encouraging the poorest performers to stay.
Looking at workday it seems like they're hiring like crazy in tech at least.
Tech is getting outsourced/gutted. Data centers, going away; helpdesk, getting outsourced; voice, being given to Avaya; desktop, contracted out. Name a tech workstream and they can tell you where it is headed. Tech management will exist to supervise the contracted resources.
The pendulum is swinging towards clearing the decks, just like last time.
Then in a few years a brilliant new tech leader will want it all brought back.
WF will continue to reduce expenses and drive efficiencies. Yes, headcount will continue to decline and layoffs will resume soon. Compared to peer banks WF is grossly inefficient and headcount is a primary driver. Huge opportunity to streamline and simplify …..
Bravo Charlie and Thank you for your leadership, this is exactly what WF needed,
Attrition due to RTO and better jobs with more respectful companies have eliminated
LayOffs. Layoffs occur when people don’t want to leave knucklehead.
Cuts in risk will come whenever it doesn’t create too much blowback with the regulators.
In marketing we’re hearing that budgets and hiring are increasing, especially on the digital side. We have people who haven’t worked a 40 hour week in years, but we’re bringing on more.
Charlie is off of his game. This is the first one of his four roles as a head cutter where he failed to produce. This can only mean that he will be leaving soon as he sure is not performing in this stint.
Have gotten the impression that tech is going to be butchered this year. Not looking forward to the fallout from that. Many systems are already barely usable as is.
Tech has budget cuts, 5-15% across the board in lending. Expect attrition to help with some of that, cuts in other places left impacted by attrition. Attrition will make everyone’s lives suck though, little or no backfills in many critical areas
Tech is affected
@OP+1fnLnHWc
Definitely not off the table, especially with the meetings they have been having the past few weeks. Many departments will be affected, some more than others. Half of branches, WIM, Home Lending, and Tech will be the highest, most likely in that order.
2/24
May looks like a big month for layoffs.
Most off topic stuff lately.
Everyone quit. Layoffs no longer needed in most biz units. I bet they even close the Private Bank soon. Only FAs are left anyway. Branches are closing one by one. Trying to avoid bad publicity.