Thread regarding Wells Fargo & Co. layoffs

If you want to know the real reason we are all getting laid off

It’s because our so-called leadership are all id1ots and completely out of touch with what the average employee does here. For example, they tout the importance and success of meeting-free fridays. Don’t know about you all, but I’m still having meetings on fridays.

And, their justification for meeting-free Fridays is to wallow employees the ability to “connect with colleagues.” First off, the average employee is too busy to just set aside time to “connect” for the sake of connecting. Second, our colleagues are all spread out at different sites so it’s hard to “connect” on a teams call. Third, none of us have our own desks anymore, we have community seating, so even if we work at the same site, none of us even sit in the same area to “connect.” Forth, good luck finding an open area to “connect” in.

Since leadership wanted to try and cover-up their bad real estate deals and are packing us all in to the brim, there are never any conference rooms or lounges available. The other day, I saw two employees working in a focus room meant for one employee. Yeah, it’s getting that bad! Don’t let “leadership” fool you. They are just a bunch of inept employees who either have a piece of paper stating otherwise, got lucky or knew someone already in that “leadership” circle.


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Post ID: @OP+1kv5rnhrt

10 replies (most recent on top)

They are employing people in the absolute most expensive way possible, in expensive buildings in the middle of big cities. Keep telling me it's all about the cost savings. You could literally save billions/year by doing the opposite.

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Post ID: @k0+1kv5rnhrt

"Shart wants the domestic workforce gone"
"They have laid off people, used the money to buy back stock."

Yeah, that is EXACTLY why.
The posts by these people are why this site is nothing but reading fodder for when you need to take a s88t.

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Post ID: @gq+1kv5rnhrt

@cm+1kv5rnhrt

I can only presume this post was an attempt at comedy. Peer headcount is irrelevant. Shart wants the domestic workforce gone. Unless your role is required by law and can't be automated or contracted, or it's a sales position, it all goes eventually. RTO and location strategy stop bringing attrition benefit a day after you enforce it, and yet years later HY continues to enforce it. FHY.

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Post ID: @e0+1kv5rnhrt

Clearly OP does not know Wells has been overstaffed compared to peers for at least 20 years. This is the real reason for the layoffs. Leadership tried to force attrition by RTO to core locations. Then if an employee refused to RTO to a core location, they were laid off. Then when the asset cap was lifted and all consent orders resolved, there was no longer a need for such a large Corporate Risk and Control team.

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Post ID: @cm+1kv5rnhrt

They have laid off people, used the money to buy back stock. So far they have bought back at least $30 Billion worth of shares. They plan to buy back another $40 Billion. The stock is not even at a high. If they did not buy back all those shares, who knows where the stock price would have been.

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Post ID: @bh+1kv5rnhrt

They are laying people off because there are still way too many people, making way too much money, that dont have nearly enough to do. Simple as that.

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Post ID: @bc+1kv5rnhrt

IF the employee cuts were having a negative impact instead of simply reducing future expense....

IF the profits weren't still rolling in....

IF the general consensus amongst analysts was not still good....

You MIGHT have a point. But you do not...

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Post ID: @b9+1kv5rnhrt

@OP
I want to thank you for posting this.
You have finally cracked the holy grail of a nut that most of us have been wanting to understand for years to know; the real reason why they are laying people off.
After thousands of like posts, replies, likes, dislikes, links to articles, etc we finally have the real reason. Who woudda thunk.
I am glad you are here to set the record straight with your impactful insight and clarity.
Now we can all breathe a collective sigh of relief.

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Post ID: @ae+1kv5rnhrt

So, nothing new. Thanks for your insight

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Post ID: @a9+1kv5rnhrt

*allow

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Post ID: @a1+1kv5rnhrt

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