Thread regarding Wells Fargo & Co. layoffs

Total control is the goal

Charlie’s #1 objective is to lower labor costs. In order to accomplish that objective, he has engaged in a 5-year campaign to diminish employee power. “Powerful” is not a trait Charlie wants in his employees. It is counterintuitive for an honorable leader whose goal is to build a healthy long-lasting company, but not for a dishonorable leader who prospers greatly from cutting the cost of labor.

Independence, knowledge and money are powerful. To keep labor costs low - he needs employees to be dependent, subservient, and ignorant. Workers won’t ask for more money if they’re demoralized, run-down, and feel alone.

What has he done to diminish your power? Off the top of my head:

  • Immediately took away the concept of Team Members (Teams/tribes have power.)
  • Decimated established teams with Spans and Layers
  • Open seating keeps you off-balance with the lack of privacy and personal space to keep your belongings. Distractions and noise make it more difficult to do your job
  • Reduced/eliminated employee access to critical information which is now tightly managed by a small group of leader (Knowledge is power)
  • Key decisions are now made by a small group at the top of the hierarchy, with less autonomy for most employees (Independence is power)
  • The C-Suite’s compensation and wealth have skyrocketed while most employees are seeing minuscule pay increases (Money is power)
  • Micromanaging, monitoring and surveillance
  • Creating a fear-based environment with the constant threat of replacing us with cheap labor in third-world countries. Requiring employees to train their replacements. And all the while….
  • Lack of transparency around when it will be your time to go
  • Soliciting your input through surveys and then ignoring it
  • Generalizing job descriptions. You are easily replaceable by any of the other hundreds in the bank with the same bs job description. (Business Execution Consultant anyone?)

What’s my point? It is time to go.. It has been time to go for a long time now. I know it is not easy logistically to look for another job when your energy is sapped, your creativity has been stunted, and your perspectives have been manipulated. It’s hard to envision a better future for yourself and put in the work to make it happen when you’re already busy and exhausted, but you have to. We have to.

by
| 1128 views | | 8 replies (last ) | Reply
Post ID: @OP+1jgyhpgtv

8 replies (most recent on top)

@hj+1jgyhpgtv

There's not a soul in the world that hates Shart as much as he deserves.

by
| | Reply
Post ID: @k9+1jgyhpgtv

Op you are suffering from Charlie derangement syndrome

by
| | Reply
Post ID: @hj+1jgyhpgtv

That sounds reasonable, except that in Charlie's mind it's the 1990s. Everything he does is 20th century approaches.

by
| | Reply
Post ID: @e5+1jgyhpgtv

You're overthinking it. He doesn't need to care about any of that, only the numbers. CS gets money based on stock performance, and stock performance comes from the company's efficiency ratio. His goal is to get WF down to under 150,000 employees (maybe even under 100k) and he's cut about 55,000 so far.

The stock price has gone up a lot in that time because for Wall Street and CS it's a numbers game. Even if you get rid of CS, it's too late to change the direction. Any new CEO would come in and see that the stock price shot up by laying off employees and they too will sign on for a ton of stock price based pay, then lay off another 50,000 employees, watch the stock price go up and cash in for themselves.

Sadly the old way of banking is gone. The internet was ki-ling it off slowly, but Covid turned the speed up to 11 and we're simply never going to need so many people to run the bank ever again. Best bet is looking for a new job. Not because of hatred for WF or some moral cause about "power" but because the world is changing and we all need to work with the hand we've been dealt.

by
| | Reply
Post ID: @dq+1jgyhpgtv

Everybody wants to rule the world.

by
| | Reply
Post ID: @bx+1jgyhpgtv

@a3 ...in reality

by
| | Reply
Post ID: @an+1jgyhpgtv

well said.

by
| | Reply
Post ID: @a5+1jgyhpgtv

Based

by
| | Reply
Post ID: @a3+1jgyhpgtv

Post a reply

: