Any insight on which departments?
26 replies (most recent on top)
I’ve heard it’s going to be this week. Anyone else here that?
The only problem with this theory is that many past layoff events have been discussed here in advance.
The 21st would leave the 60th or last day on a Friday and the end of a pay period.
https://littlesis.org/lists/2751-companies-replacing-american-tech-workers-with-foreign-workers/members
devious slow clap
You finally figured it out. Took you long enough. But they won’t ever believe you, so it’s too late to stop my master plan.
It is an anonymous board after all. Theoretically, one person could spend weeks writing a many posts pretending to be different people, talking about a random day they picked out of a hat, and they’d probably cause a panic on here.
Hmm, this was posted by none other than "Anonymous"! Don't you get it, all of us in the know can't be known, the beauty of anonymous posts, everything is TRUE! I'm not at all smart, I just sit in on C-suite meetings!
3/21, March madness? Fill out your bracket and hope you get the severance package!
OP, I hear you, but cannot see how WF isn’t more harshly admonished if customer data is compromised within India.
In fact, double fines/penaltiesMRAs for outsourcing critical risk tasks… congress will grill the $hit out of Chuck.
OP here again: @2svt+1lsuJo2r - the risk and control positions are indeed being hired in large numbers in India . The bank’s rhetoric is that these are net adds where it matters and the locations of the positions do not matter.
In fact, the performance of the control teams has been pathetic. The areas of consumer and technology are most useless. So, why not hire in India? It cannot be worse than in the States. I frankly think India staff, as bad as they are, may be a notch or several notches better than our US team under Nate’s-not so great- herniaman
Whether true or not depends on 1st quarter earnings projections. A big splashy layoff will help stabilize the stock price should earnings s*@k. Since 4th quarter was just accounting games then I have to believe that 1st quarter will not be attractive. No business reason jumps out that would show much improved revenue.
Those with actual knowledge wouldn’t post it here or would share this information with others. They are warned by HR and legal that information is strictly confidential and business need to know. I assure you that those with knowledge would not post anything here nor they know about this site. The townhall on 3/21 is just plain coincidence. March 21 please come already so we can find out the truth… the truth that everyone knows nothing is going to happen. No layoffs coming 3/21! Stop spreading rumors and lies already!
WF leadership is not concerned about the inherent “risk” associated with offshoring Controls positions?
I can see it now…
2025 Congressional Hearings where Schart will be in the hot seat explaining why Risk & Control positions were moved offshore where customer data was compromised. Further Fed action taken to strangle this bank into complete submission / dissolution.
Yes, they will be. India and Philippines has hired 1000’s in the Control org. Follow the numbers on Teamworks.
But it won’t happen until most Ops processes get through RCSA workshops, which isn’t in March.
@1pmh+1lsuJo2r It’s over 9000!
Later day company wide all hands but that pretty much cuts out I&P so US based cuts. If it's only 7-9k who cares. 3.5% cut there abouts. We won't even feel it and I'm sure it will cut along the financing side based on the overall financial climate.
FYI - the week of March 27th is the week to worry about.
@1mmf+1lsuJo2r
I sure hope this is backed by something factual. These are groups that are complete fabrications and provide very little value and utility in exchange for criminally high costs, a penchant for bureaucracy that would make a government org jealous, and an unwavering quest for turf building/war despite being in a relatively young space. fwiw, i'm in a COO "controls" groups working with "control" groups in commercial and corporate banking with frequent look-ins from enterprise. We're a mess.
time will tell... call Miss Cleo now...
Hearing 9000
@1mmf+1lsuJo2r
I hope you're right. Couldn't happen to a more deserving group. Not the people fault but the whole design and concept behind that group was flawed from inception.
Control teams are going to be gutted, big time.
21st is very real and will be in the 7500 range
March 21st coincides with COO (SP) Town Hall.
At first March 23 was the date being thrown out. Now, it has switched to March 21. I guess we will find out what's true and what isn't in a few weeks.
I’ve heard independent confirmation of an event on the 21st outside of this board. Of course I’ve been told “it won’t affect you” but that holds as much water for me as a colander.