I spent 28 years at Wells Fargo, and one thing I can tell you with absolute certainty: layoffs are constant. It doesn’t matter how long you’ve been there, how much you’ve given to the company, or how good your performance is. Everyone is disposable, and sooner or later they’ll prove it.
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I miss the old Wells Fargo. BC that is.
The next step is to start forcing lower ratings and forcing people out through corrective actions. Trust me. The severance is charged to the LOB budget still and they to minimize severance at all costs.
@j4 - It would be great to see a 5 years study providing the net gains from tens of thousands of layoffs… I’m sure all the efforts to move remote jobs to hubs have saved millions… and yes, offshoring of course is part of the equation, so Wells must be swimming in profits, right ?
Profits peaked in 2019. Everything since then is little more than nominal "gains" that are just inflation. Last few Qs are actually trending down. Whatever HY is doing, it doesn't appear to be working.
Increased profits eh? When will we see that? Not seeing costs going down either. They keep saying that they are doing things to get these benefits, but they never seem to materialize.
Charlie is doing the best he can, or so he says.
Gee, thanks for such a ground-breaking news announcement.... Layoffs WILL continue??? Wow.... Wonder what we've all been talking about for 2 years.
OP needs to go home and rest
????Welcome to the corporate workforce @OP ?
Because so many jobs are hired with no business need other than for the hiring managers (and 1-2ups above them) to fill open positions that they were budgeted for. Its the whole 'if I don't fill it now, I'll lose it' and many people are hired on the prospects that work is coming that never materializes. Those people end up being glorified admins for their manager....handling fwd'd emails and hosting pointless recurring Teams meetings. Over 20 years there with much time spent in QA, ITV, Audit and so much bloat and people doing nothing in these spaces. As a result, constant feeling of layoffs as you think they'll eventually figure it out and realize there's no need for all these bodies.
Management at WF has zero idea what they are doing. At all levels. I was one for a years and can tell business decisions were not made with any kind of rational thought or cost vs benefit kind of analyses. It was as if the company would profit 20B a year regardless of what anyone did. I would not recommend anyone pursue a career there. It su-ks the life out of you. So glad to have left.
CS is on the board of MST who provides pretty good incentives to pull AI in and long time employees out.
Blaze
the reason for so many layoffs is that you can lend money with less people or at minimum less costly people. This increases profits and in turn increases shareholder value and executive compensation which is all that matters.
According to CS on squawk box today, 9/10, things are quite "stable" and feel pretty good today. AI is starting to affect coding. Very early on. Just starting to see the impact. But we are growing our technology. Economy looks good. We want to lend as much as possible.
So the question is why so many layoffs at Wells? Why does management not trust you? Why do they think you are not efficient? Why do they think you won't be able to learn?
Why is Wells toxic?
It doesnt exist anywhere.
Agreed. My focus here used to be my actual job here, now it's just protecting my severance for the inevitable layoff. Just a matter of time. Over the last year there has been a concerted effort to find excuses to term people, some of which are fabricated or just nonsense. All part of the plan. Eventually we all go.
Agree 100%