A real conversation I had recently:
Manager: "The bank is continuing to seek out ways to cut costs. You are very valuable to the team and would like to know if you'd consider moving to a hub location to increase chances of keeping your job."
Me: "Will the bank offer a cost of living/salary adjustment?"
Manager: "No."
Me: "Are there any job opportunities or other incentives to move to a hub location?"
Manager: "No."
I can't tell yet if this is humorous or sad. Maybe both.
"They were also offered a relocation package."
Do you know the specifics of that? I've never heard of anyone other than the most valuable employees getting a relocation package. Maybe it's "hush hush" and it actually happens all the time? I dunno.
You work to live where and how you want to live. If you move, you’re just living to work. F Wells Fargo!
This whole hub cr&p is BS. Stay where you are at and let them lay you off
I'm sure this story is true; someone who works on my floor, in a different business line that has different "hubs" than mine, was notified that they have to either agree to move to one of 4 locations or will be displaced. They were also offered a relocation package.
From what I know one org that is over on head count by 60+. This is partly due to some issue with the transition over to workday that caused over hiring. (At least this is what I was told) they are looking to remove all these extra hire by attrition.
Start looking for a job. Look into a good lawyer too. You might need it.
Not branch related. Let's just say it's a big company, apparently with some groups you aren't aware of.
I know someone that rented in a hub while paying for a mortgage outside the hub. 6hr drive to be home with family for the weekend only. After a year of that, they were firced out.
Managers are doing this to get you to quit by instilling fear. Do not move! They will lay you off anyway. Let them lay you off.
@rux+1mM3mvl8 Have you not heard of shift work? Unless you’re a front line branch employee you don’t need to be near any customer.
@ice+1mM3mvl8 You don’t want the convo. Pretty sure you don’t know how it will turn out. The poster after you is spot on. Will you move for us? No. Ok, so since you’re abandoning your position you can leave today!
I worked at WF 8 years. I signed an internal offer with the caveat I would relocate at my expense to a hub after covid ended. I worked the role 3 month and said FTS. Do not move! This cheap azz place can pay for your moving expenses if they want you to move! I left the org and was glad I did not move for them because I would likely be laid off anyway. They have no respect for the dignity of anyone!! Btw, their CEO would not move out of NYC to take a job that pays $21 million a year so why should you have to move for a role that pays far less?!??
The location strategy will fail. For some jobs grouping people geographically makes some sense, but for others it's a complete waste of time, money, and talent pool. My group has to be geographically dispersed because the customer is. Unless you can hub customers, you can't hub us. You could hub management above, but that doesn't gain you anything when all their teams or dispersed. So, you can attract and retain top talent or you can attract and retain the talent that just happens to live in a specific city. Doesn't take an MBA to understand which option is more competitive.
Never trust any manager. They are all getting rid of as many people as they can and have been told to get people to quit by forcing them out. How do I know? I am one of these managers that have to reduce by already lean staff by another 75 percent after already laying off 50 percent. I know I am on the chainsaw block too. Just waiting on my severance. It is all part of the scheme. All jobs will be going to India once they squeeze everyone to the hubs. They are counting on many people not complying with the RTO to fire them.
Under no circumstances should anyone move for this sh&t hole! Your job will be eliminated
This regime's exit cant.come.aoon enough.
NEVER relocate for a company -- paid relocation or not-- unless you want to live in that region regardless of the company. I know too many people across several companies who were displaced soon after their moves.
WF is hun strategy to reduce headcount. And when operational expenses are reduced, C-Suite gets more $$$. Plain and simple.
“ Location does matter, BTW. It matters very very much.”
THAT’S WHAT SHE SAID!!!
Glad it worked out for me personally to move to a hub since it’s close to family and glad I chose to make this move on my own. Also glad there are lots of banks in town as well to increase my odds of getting a better job in a better place, but first WF gotta pay my severance. In the meanwhile, just quiet quitting over here, spending time on this site to feel less lonely. Misery is so much better with company.
No guarantee after moving that your job/team is not relocated again... to India !
I totally believe what OP said because it also happened to me. The company has made no secret about Hub strategy so if you are unwilling to relocate to a hub your career is basically in the toilet. Take a look at job postings and see where the positions are located they are in hubs. I am not talking about branch jobs I am referring to jobs that have a career path. So if we are unwilling to relocate (on our own dime) and the LOB wants their jobs in a hub look for a displacement to occur sometime in the future.
Im 100% remote. Told if i move cities/state and its not to a hub, i will be let go, considered voluntarily leaving. That my remote status is tied to a location and not to me. My 20+ years mean nothing and there will be no exceptions given. Shady.
100% remote and hoping I get a convo like this at some point.
No more relocation money??
I believe it based on a talk I had with my manager.
The first sentence was basically the same "The bank is continuing to seek out ways to cut costs.” But then my manager went in to the maximum # of employees now allowed for our LOB, and that employees who leave will not be replaced. (And that # was odd, something like 256. Who came up with that?? And what data are they using?)
FYI - this conversation came on the heals of one of our teammates quitting in that my manager was explaining why I now will be responsible for her work on top of my own.
"WF thinks they are a big enough employer and enough people will want to work there, that no matter what they will be able to fill their open positions wherever they want to locate them."
What's actually playing out is that folks in hub cities have options. So not only do they move within the bank more frequently, it's also more difficult to replace them, since job hunters have more options, as well.
Ironically, those of us not in these "prime" locations are helping keep the company a lot more stable.
I would never, ever, move for this this company. Management is a schizophrenic sh*tshow, and they change course all the time. What may be a LOB hub now may not be a year from now (see: Denver), and if you move you could be stuck there. If you'd already have moved there, go for it, but I say don't do it for the company unless you're okay with the possibility of being orphaned. Also consider that many of us have served under several CEOs, and one day Charlie, too, will be gone. Hopefully the aftermath of his departure will result in a semblance of sanity.
Jump ship now if you wish, but don't feel ashamed on riding it out until you get the golden parachute -- severance is a benefit of working here, just like PTO.
I can relate. Regardless of whether the story is true, it is absolutely the approach WF is going to take going forward. This is what site strategy looks like. It doesn’t really matter if you are valuable to the company. If you are not willing to be in a hub location, they will let you go. WF thinks they are a big enough employer and enough people will want to work there, that no matter what they will be able to fill their open positions wherever they want to locate them.
Honestly OP, it is sad.
Without even knowing you I can say with certainty that you are valuable. At least valuable to your manager who also has to put up with a level of nonsense decisions and BS. So he/she probably know that if you are let go (increased chance by not being in a hub) they your spot will not be replaced or will be replaced with someone offshore. But, they can't give you any incentive to move nor can they even assure you that it you would keep your job if you move. No, they can only state the obvious which is it would be one less risk of inept leadership letting you go because you don't have the hub checkmark.
Sadly, none of this is related to your value to the company. Sadly, none if this changes how effective you would be at your job. Ever thing about Wells and the decisions leadership makes is sad.
I would never, ever move for Wells. Even if they would pay for relocation (they won't), I still wouldn't move!
Focus on finding a new job and leave this toxic place behind.
"I call BS on this conversation ever happening."
I don't. I've heard enough anecdotes to think it actually is, though I could be mistaken.
Soon you will be able to count the hubs using only your fingers.
OP here, it is 100% real unfortunately. Yes, there is a lot of baiting on this site to generate strong emotional responses from people, this is not that.
Location does matter, BTW. It matters very very much.
While I doubt this even happened, if you were a valuable employee they wouldn’t care where you live.
I call BS on this conversation ever happening.
I am not in a hub either but have not yet been approached about moving to keep my job. I pray I get displaced
If you are valuable to your team, you are valuable to other companies too, and other companies probably won't passive aggressively threaten your job if you don't agree to relocate.
That is such bs! The only thing that keeps me going is the hope that Karma kicks these pompous pigs in the a$$!!
I hope you are applying to every remote role after this convo lol