Thread regarding Wells Fargo & Co. layoffs

@fg sit down clown

What are the targets that leadership is trying to get to? I understand that they don’t want to pay severance and high salaries. What else? I wonder what is their final result looks like…

Same boat. I am trying to deal with anger without being a negative to my family in terms of attitude. I started lifting weights again and playing soccer whenever I have an opening. I am just not going to do any extra anymore. After 8 hours in office no more signing in and being there to put out fires. Investing in me and family and no one else. Coworkers are not my friends unless we 've known each other's families for 10 plus years...Trust is over...

@OP you are too expensive. They are going to make sure you leave. It’s a theme now to do this to top talent.

@OP this happened to me. I make too much due to my age so they want to get rid of me. It’s revolting that we give so much then we are played.

@a7 I’m at Wells Fargo. They are harassing and bullying too.

@OP I’m
At Wells Fargo same I was in a state of shock that my boss called the police on me the next day. No lie. It’s RTO harassment and fake reviews.

I was furious to get IC meets too, bc I worked really hard. And all those 1:1s - never once was I given any indication I was flailing. No examples ever so I was blindsided. Eventually got layed off and moved on to another bank that was worse so quit after only 2.5 weeks of being yelled at, given false assignments with fake deadlines, timed, berated, and lied to - so told my lunatic manager to F off. Proud of myself for that I am still unemployed and broke but no way am I taking that bs. My only hope is that karma will get these horrid people.

Manager are manufacturing fake reviews to compensate for their inability to lead and manage. Let’s face it we are a top heavy organization with seemingly more managers than workers.

It's shocking how all these IM posts are from people that are always rated exceeds or at least meets and never have a problem, blah blah blah. Not everyone is above average. Tough luck that others on your team did more. As a manager, there's quite a bit of myth to this "forced distribution". The simple fact is if you comparatively underperform to others, even if you have the same output, it is going to look like underperformance whether you like it or not. Some of you seem to have been coasting on easy street and now don't like you actually have to work. And another post nailed it. They don't come out of nowhere. Your midyear would have at least had things to work on, etc. Anyone I've given IM too (or worse) the differentiation was clear. You're just biased.

@d6+1jk2radqk,
This year was good for Charlie in terms of raise and bonuses. He is pushing hard for people to resign so he can meet his reduction targets. If he finds anything in the same ballpark, he removes it.

This year was bad for everyone in terms of bonuses. They are pushing hard for people to resign so they can meet their reduction targets. If you find anything in the same ballpark, take it.

I would think if someone is doing as poorly as IM there would be written notices/milestones during the course of the year...

@bt+1jk2radqk

You get a BA/MBA in '13, 12 years later you are 3 years from retirement, house needs upgrades and you blew through your savings on the house or the MBA?

Good for you on getting the MBA. I was at the same point in deciding to pursue and masters but the cost/benefit wasn't there.
I assume you are in your 60's and if so, your retirement goals need to be reexamined.

Not a JPM forced curve. It’s from GE. As for only a 15% cut your mgr must have fought hard for you. Most IM get 50-75% cuts. As for several years to get back, good luck with that. Will only happen with several years of exceeds.

OP...after 3 yrs of forced IM you get zero bonus and zero merit even if lower paid than peers. Real story..fought with HR and Sr leader year 1 & 2.. no help. I cant move Im 3 yrs from retirement. Oh..and the micro-management. To say I'm mortified and furious would be an understatement. My advice to anyone reading this is if you have a good mgr/ org...DONT MOVE. I suspect its coming to all. I wasted my money going to college 05' to 13' while working fulltime and earning an MBA in 2013. My house needs work and my savings is depleted because of this bul....t!! I Total 19 yrs with this co. Working harder is impossible by micromanagement, harrassment and told to get meets requires doing more than those with exceeds, all to drive me out. No mercy, no compassion. No longer "Team Member" was the first sign. The rules of what makes a strong organization was thrown out. Impossible to dig out and return to good PE and bonus. Maybe I just need to sell my house and live in a van down by the river.

The detailed response above is MUCH appreciated. Thank you for whoever wrote that. That is exactly the truth. Bang on to the T. I am going to Heed that advice. It won’t be easy but I NEED to do the above!!!

This is the way….

The Wells Fargo way to alienate, and frustrate employees. It is the way to crush employee morale even more than the misery we continue to suffer through. The ultimate goal? WF wants you and others to leave on your own accord instead of displacing you, all to avoid paying out severance packages. If you read all our quarterly earnings reports starting last year, all 5 operating segments, Consumer Banking & Lending, Commercial Banking, CIB, WIM, and Corporate, have all continued to report some version of this comment “Noninterest expense decreased 6% reflecting lower severance expense and operating losses, as well as the impact of efficiency initiatives, partially offset by higher operating costs.” They are proud to announce the Wells Fargo Way is working as planned.

https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/fourth-quarter-2024-earnings.pdf

They want you to leave. That's the purpose of the rating. In fact, in the eyes of the executives, that's the only purpose for ratings.

Here’s the cold, hard truth: you’re being played. The “Inconsistently Meets” rating? It’s a corporate manipulation tactic to make you feel like you’re not as good as you actually are, so they don’t have to pay you what you’re worth. This is about control, not your performance. They want to reduce your bonus, freeze your salary, and still expect you to bend over backward. And let’s be clear: if you’ve got glowing feedback but still get dinged with a poor rating, it’s not about your work. It’s about their system of cost-cutting and keeping you in a box.

As for staying after 15 years? Look, loyalty is great, but corporate loyalty is a one-way street. The fact that they’ve pulled this on you after over a decade means they value your time and effort about as much as their bottom line—which is to say, not much. Sure, you’re paid “pretty darn well,” but are you really happy, or are you just settling for the paycheck because it’s comfortable? Because “pretty darn well” doesn’t cover up the fact that you feel like you’re wasting your potential.

And let’s talk about your question: Is it crazy to leave? No, it’s not. In fact, it would be crazy to stay in a place that’s actively diminishing your value. If you're not moving forward, you're moving backward. And staying in a toxic environment where your potential is being stifled? That’s a career death sentence. Every day spent in that kind of place is a day you're losing to a company that doesn’t give a damn about your growth.

There are better places out there. You might have to take a slight hit to start fresh, but if you’re serious about long-term executive leadership, there are companies that will value you for what you bring to the table and not just try to extract as much from you as possible while giving you the bare minimum in return. You’re not wasting your talent by leaving Wells, you're wasting it by staying.

If you feel like you’re being held back, it’s time to ask yourself: Are you here for the paycheck, or are you here for the growth and the potential to actually be the leader you know you can be? If it’s the latter, stop waiting for Wells to change. They won’t. Move on before you waste another year in a place that’s clearly not invested in you.