This may not be a popular question.
Let’s suppose the Board realizes it would be easier to get more efficient if it scaled back the severance formula. It makes it easier for an aquirer to come and reduce staff with less severance headwind. It also gives people less incentive to wait and see.
What prevents a radical change to the severance plan in favor of the shareholder?
If you believe it to be too generous, I will gladly accept your donation of whatever percentage you might deem excessive. When and if your time comes.
It was approved by cc&p.
People who are quietly quitting should try this tactic. Call up an employment lawyer and see what steps you need to go through to change your severance plan NOW. Due to the conditions of your workplace, document them, the psychological abuse of the efficiency plan etc. Time to change the severance agreement is first at time of employment, next best is during employment, last is after being laid off.
F. u
Not only that, the severance is really only great if you have been at WF a long time. In this job market if you have been there 8 years or less, it really isn't that great to get 4 months of severance .
Those whales would tank the Severance program and cost like 500 million.
Yeah, how much would firing everyone at Hudson Yards save?
What if, we got a new CEO who required less than 46m in bonus money? The office in NY makes no sense with how expensive it is.
Well, to get these "efficiencies" we could get rid of the expensive office buildings and move back to being fully remote vs. the busted trust dynamic of managers needing to see employees in seats to know if they're working, but that's none of my business....
As noted here, the regulators forced it to be reduced after the sales practices issues. Maxes out at 12 months now vs 24. Don't expect it to be cut further.
ID: @ak+ That is a lie. That was the plan pre-Dimon - over 20 years ago. Dimon cut it to 2 weeks for each yr of service… just like WF’s
I’ve been with WF 13 years and it’s been the same all that time.
@a7+1jv8g057s Few / no people join a company because of the severance plan. 😂 Some might gadfly a bit in the hope of a departure sweetener. I guess.
Been here 30
plus years and the last time it changed was around 2008/2009. it’s been the same since and it was what the regulators dictated it used to be more.
Let’s get rid of the Wells Fargo Site Ambassadors. I have yet to ask a question they could help me with.
I don’t know why my previous post was removed so I will try again.
JPM offers severance of 1 month for every year worked up to 24 months.
"Start with cutting Dr Brent and that type of waste throughout the bank then let’s see where we’re sitting. The severance is for them first by avoiding lawsuits, bad PR, etc. The hush money is worth it to them and we’ve suffered enough to earn every bit of it."
Any doctor who works for a bank is a damn quack.
@ab+1jv8g057s No they didn’t. It has been the same for many years.
They already slashed it in half 1-2 years ago.
Start with cutting Dr Brent and that type of waste throughout the bank then let’s see where we’re sitting. The severance is for them first by avoiding lawsuits, bad PR, etc. The hush money is worth it to them and we’ve suffered enough to earn every bit of it.
Any cuts to the benefits would make this bank worthless to work for. There are other employers with great benefits and work culture.
there won't be anybody acquiring Wells Fargo - spurious argument/red herring.
It’s industry aligned. All banks would,need to tweak theirs , wells won’t be on an island and is usually not first to do these changes. Plus they relaxed it already when Shart came on from 1 month tom2 weeks per YOS
PS…YOU are on the list, OP
Let's fire all the executives to save on pay first, then we'll reassess.
No, it’s poverty. JPMorgan Chase gives one month severance per year up to 24 months.