I honestly don't understand how 90% of the people who post say they are dying to get a package. Is everyone wealthy or so extremely confident in this job market? I'm very conservative and need job security. I don't spend a lot but want to save more, and I feel like the only one on this board who is terrified of getting laid off. Yes I have job skills, work hard, etc. But I want to work at least 7 more years, and am afraid what might happen next. Do you all have a year's salary in the bank? You don't have a mortgage? Please tell me what your secret is to having such confidence by not being concerned to be out of work for an extended period of time. Because I want to be like that too.
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I have been working here for more than 20 years. Wells today is a HORRIBLE place to work. Zero morale, maximum chaos and unstable position of the bank are good reasons to want off this ride. That doesn't even take into consideration that Wells has no loyalty or appreciation for workers and in fact treats us a disposable objects to accomplish whatever targets are in vogue at the top of the house. The nail in the coffin for me was when pay raises came out. I got 50 cents. All my hard work and dedication over the year weren't even worth a dollar to Wells.
@2awx+1o0xixtt No one NEEDS their finances to be set by any given date. Financial stability certainly makes things easy but the only thing one needs its the correct mindset. Meaning the understanding that they will need to likely engage in less than desirable employment, change their entire existence and monetary flow.
I'm willing to whatever I am physically and mentally capable of doing if it came down to survival. Work in fast food? If I can't find a job in my profession then so be it.
@OP+1o0xixtt " Is everyone wealthy or so extremely confident in this job market? I'm very conservative and need job security."
You either haven't learned yet or haven't had your personal epiphany. I don't know you or your situation so I won't comment negatively. At 19 I became stuck in a position (basically a slave to my wages), didn't realize I was stuck until I was 20, worked on my situation and positioned my self to be un-stuck at 21 and have maintained that position throughout my life.
If you REQUIRE stability then you must plan around it yourself. Whether it be Unionized employment or stock piled resources of whatever type you require for the time period you decide.
If you haven't set up your finances by the time you're 60, it's your own fault.
I can’t speak for other. In my case, mortgage is paid off, cars are paid off, zero consumer debt, and 4 years of expenses in liquid assets and a healthy retirement fund. I’m 46, so I think can find another role and work until mid 50’s. I welcome a severance package, and would leave smiling.
If your skills are top notch, your attitude is great and you're willing to work hard, it's great as long as you're under 55. That same skillset depreciates as you get to 58, 59, or over 60, God forbid. That is what's scary. To be 60 or 61, too young to retire and too old for anyone to want you is a lot to worry about. Look at this board with the obnoxious Boomer ageist jokes constantly. You'll see one day.
Trust me. No one wants to stay here because they want to. They stay out of necessity and fear since we have been mentally abused by this place
Maybe Severance completely changing for the worse in 2024? I know today you get 2 months/year of service with a max of 12 mos? Maybe hoping the get the best from this place. Also look external, pay much better than WF these days if you're good.
Just guessing but I think most who "want" a package are either near retirement or young enough that they think they can get a decent gig elsewhere. Plus have enough time where it's several months of severance as a cushion. It's a big difference if you have a few weeks of severance vs. several months.
Personally, house paid off years ago. No debt. Close to 2 years in savings. Near enough to the age that if I had to I could draw from my retirement savings w/out penalty. Close to a year in severance. I've been at this for decades and pretty much burnt out. If I got the axe I'd take some time off and do something totally different or my own business of some sort.
Charlie’s arrogance and soulless leadership style has brought out the contrarian side in me. Whatever he wants: I’m going to fight him on it. So if he wants me out, he’s going to have to pay me to leave.
I said it many times before, I have 3 additional mouths to feed besides my own, and getting laid off would absolutely su-k because of them.
However, I'm closing in on a quarter century here. Between severance, WARN, 3 banked weeks of PTO, a few months of saved living costs, and UE I could probably stretch it to 18 months. That's nearly long enough for a double-length average US recession.
In a year and a half, I could reskill, get a new degree, and completely change my career path. I could also buy that side-hustle business I've been eyeing to escape this corporate grind. Lots and lots of options.
Or I could stay here and continue to hate what the company is becoming while continuously hating the situation more and more, with zero options for my future.
You really don't understand why I'd prefer being laid off?
Many situations out there to want severance:
1- burnt the f out
2- have other income sources (side jobs, significant others, family, etc) to fall back on
3- success of laid of employees finding new jobs
4- realizing your time is limited on this planet
5- it's ok to want something different even if it means forgoing a steady paycheck in the short term
6- some people need a nudge to switch things up
7- a lot of old timers have severance packages lasting a year
8- some of us have been preparing for layoff for years and are simply ready
9- and many more situations
I was laid off from a large company back in 2002 and it was brutal. I learned from that and vowed I to be able to financially weather that problem if it ever happens again. I have built up north of 2 years of short term savings to pay the bill if need be. That plus severance and I have plenty of time to decompress from WF and energize for the next chapter in my working career. I am thinking of doing something different than financial service companies and having savings and fat retirement accounts affords me that luxury. 17 years here and almost ready to retire. The folks that I knew that were displaced are thriving and WF is solidly in their rear view.
rto cat out of the bag in 2017 started planning immediately to have as little debt as possible. co-workers said we would be grandfathered in then came covid we begged questioned and whined at every town hall this should surprise no one anyone try finding remote job in 2017? they barely existed wasn't even search option on job sites now you have that option along with the other 800 people applying for one job thank God we have best economy ever
I’m ready . Since 2008 when Wachovia took over I feel I been walking on eggshells. When I first started Wells Fargo was a wonderful company . Wachovia took over and now we all fear of a layoff. I miss the old Wells Fargo. Wells Fargo was a great company before the merger with Wachovia . They cared and loved their employees. The employees were so talented and smart . It’s just really sad what has happened. Please just rip off the bandage ..
I don't want to be layed off. I want to be here when that worthless piece of sh-t in Hudson Yards is termed.
@1qmc+1o0xixtt
"For those that don’t know, severance for this event is capped at 52 weeks. So, 26 years, 38 years, you get 52 weeks."
Plus your 60 days notice, and since we are paid 1 week in arrears it works out to a maximum of getting paid for just over 1 year and 2 months after you are notified and put on non-working leave. That's a pretty good deal, especially since there's a statistically good chance that anybody with >26 years of service might be an older worker who is cool with retiring early anyway.
@OP+1o0xixtt
"I'm very conservative and need job security."
Then get a union job with a government agency. Job security doesn't exist anywhere though, honestly. It never has. Even if you own your own business, the world is constantly evolving. There's no such thing as job security, especially in financial services.
If you want something with more security, look for jobs that cannot be outsourced. Police, fire fighters, medical workers, plumbers, electricians, and so on. Jobs that require a real human being to be local and present to do the work, thus can't be done by an international worker over the internet.
Comfortable, saved quite a bit the last few years. I would get almost a year, wife works and has benefits. Would be a a significant adjustment but really burned out. I am on the bank's top priority and it is an S show and would like the finality with some cash then go figure it out.
Job security?????! There is zero job security at this sh&thole. They will ax you with zero notice.
@xds+1o0xixtt I feel the same way! my team will be taking on my queue and it was a full one!
I was hoping to get the notice, but didn’t. I am in the camp of ppl who are confident in finding another job. It may not have the same PTO days, but close to a year salary severance is very tempting.
I simply can’t stand the “leadership” of this bank. I stay because of the paychecks and PTO perks.
For those that don’t know, severance for this event is capped at 52 weeks. So, 26 years, 38 years, you get 52 weeks.
I was one of the “lucky” ones who kept their job during a round of layoffs. I also inherited the responsibilities of 5 other people during that time. Drowning in work, getting a “Meets” performance rater and a 2% raise while being told to be thankful to have a job isn’t the side of the fence I want to land on again.
My sincere sympathies to those who were displaced. I only mean to say that there is b.s. on both sides of a layoff, so I understand why many would opt to be on the displaced side.
No, you are not alone, I am very concerned about that too. Getting another job at my current salary and with the amount of annual PTO will not be as easy as everyone seems to think, not where I am located.
I was displaced today and honestly I was relieved. The workplace was really starting to mess with my mental health. I had the best coworkers and managers. Unfortunately senior management made decisions without knowing what we did. Those decisions made team goals unrealistic. So I am sad to leave my coworkers and managers but I accept my fate since I will come out of this being much stronger and very excited about the future holds.
Not sure why all the downvotes in this thread -- people just answering the posed question.
I'm close to retirement and would get the max severance allowable due my years of service. I could probably make it until my planned retirement age on savings once my severance ended.
Worse case, I have a year to find a new job.
For employees over 8 years, they will receive 2 weeks per year of employment... For someone here 20 years that is 40 week's pay.. That is a huge buffer to allow time for job searching
People want the time to devote to looking for a job that really works for them.
To the question "Do you all have a year's salary in the bank? " Answer yes, if fact 2 million so like 20 years salary in the bank. I quit 6 monts ago due to the company BS and culture. I will be fine. Also remember the the employee (team member) can also fire the employer by walking away and finding a new gig.
I've been at WF for 20+ years. A few years back- shortly after Charlie showed up, I realized that the boat was rudderless and started making contingency plans. Getting packaged now would su-k, but I'm partially ready and it beats quitting and walking away with nothing.
Can't speak for others, but from the date of notification to when my severance ends will be one year. The market could improve in that time. I can search for another job, and in my state I can collect unemployment while I look, apply, and interview. I've been diligently contributing to my retirement funds, so if I have to downsize ten years ahead of schedule, so be it.
OP - If you really have job skills and work hard, then you wouldn't worry about job security or getting laid off. You'd find another job relatively quickly.
And that's why many on this site aren't worried about getting laid off and getting a severance package. They know they'll find a comparable job somewhere else.
Don’t worry it’s most likely 2 or 3 people posting multiple times. Take what is said on this board for entertainment purposes only.
2 yrs left on mortgage. Will be 62 in November- so, a package and a few yrs unemployment will be very nice.