Anyone here get a sizable merit increase (after years of getting 2% on average), only to be laid off a short time later?
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My friend just got laid off last week and found out she had a merit increase. Her severance will reflect the increase. Good luck I've been in mortgage for 20 years and we knew these mass layoffs would be coming. 15+ employees aren't surprised but we are surprised the amount of jobs that went to Philippines and India. One think about Wells Fargo customers is they don't like talking to foreigners.
Layoffs are not solely based on performance. Weighted factors more important are age, years of service, if you use the benefits provided to you, like maternity leave. A 2 year employee with exceeds won't be laid off, a 10 year employee most likely will. It's all about the almighty dollar.
Exceeded expectations, 2% raise and a bonus a few years back. Laid off two months later. Good luck
They’ve been working on the March round since Nov/Dec timeframe … when I first heard about it. Suspect 3,000-4,000, then a similar amount in July.
There doesn't seem to be correlation between layoffs and performance, the first two rounds of layoffs (Sep/Oct last year for my area) were all based on the worker location.
WF has let some time pass to make sure the teams impacted have been able to pivot, cross train and channel in-house resources to maintain level of service without outages to critical systems.
I imagine the next round of layoffs can happen at greater scale with limited risk.
To the "Ides of March" rumor-mongers: The reason the company has "dripped" is the capacity of the HR-mo--ns to process layoffs is limited to 2000 per month. That hasn't changed and if it did, would be trumpeted the Hercule Poirots of this board so March will be no different than any other month.
Pull up your pa----s, unclench your taints and move on.
Maybe the yahoos in NYC have finally listened to all the voices of people exhausted by the drip drip drip style layoffs and are finally just going to drop the big axe. Thousands will be gone in one fell swoop, but the survivors will have at least in theory not have to look over their shoulder constantly.
Was told March layoff will be in the thousands … straight from my Exec.
Happens all the time. Think of all the unpaid raise $$$ company saves.
It's very possible...... so if you rec'd merit enjoy as i heard 3/23/23 will be brutal.....don't know which LOBs will be affected
Were you laid off or are you worried about getting laid off?
That would seem odd to me. If you’re getting more money you’re probably a top performer or your manager likes you. Not sure why they would allocate their raise and bonus pool to someone they thought may be laid off. This wouldn’t apply to large groups who just get let go.