Does that mean that what we've been having for the past several years is considered to be mild? Are you kidding me? Chainsaw is truly an appropriate nickname for Charlie.
11 replies (most recent on top)
Actually employees given 60-day notice as long ago as the November layoffs will get the 401k match because, like you said, you just need to be an employee. Once you're given 60-day notice, you are an employee for 60 more days.
So everyone laid off in November or December gets their 401k match since they're still within their 60 day notice period as employees. I've already gone through it: you still have access to most (though not all) of your regular employee stuff through Teamworks at Home, and you just show up as "on leave" if you are on non-working notice.
Tuesday, Dec 12th is the next potential layoff day (Tue after payday) and I don't know if they're doing any or not, but honestly getting laid off next Tuesday would be about the best Christmas gift you can ask for if you're still with WF. Between notice & severance, you'll still have paychecks for quite a while, still get your 401k match, be eligible for bonus pay in February (though don't count on it) and still have benefits through the end of the severance period.
But best of all: you get to go through the whole Christmas season without any of the stress, abuse, and mania of working for WF, while still getting paid by WF. Wait until January to start looking for a new job and enjoy the best Christmas you've had since you were a child.
maybe they will start a timely monitoring teams chat/calls, emails, and soft phone calls for items that could get you fired
Been at WF over 20 years, used to be such a great place to work. Nothing left but a toxic, depressing sweat shop. Keep up the good work chuckie. I agree with @kug+1pXYxKWI they're gonna turn up the heat in 2024. Just show me the door and severance and let me move on already, please..
Not compiling with RTO - GONE
Not from JPM - GONE
Speak to what matters - GONE
Remote - GONE
No cool-aid stains - GONE
Terminations are ramping up, too
(for "cause" -- so, NO severance).
While he fires up the chain saw, we fire up the litigation!
"less aggressive" = laying people off in the general vicinity of redundant/unnecessary roles, though often the wrong people.
"More aggressive" = not giving a sh-t who is impacted, including customers, and just firing people based on what an algorithm spits out to get down to a certain number of employees. My guess is, by the end of 2024 they want less than 150k domestic employees, but even that is just the begining. That'd be about 27k people from where we are now. To put that into perspective, it's about the same number of employees as WF has in Charlotte total. The only real question now is this: how many more in 2025 and 2026?
Even a brain dead ivory tower mo--n knows that dragging this S out forever is problematic, mainly because all the best people leave first in that environment. So is 2024 the year they finally rip off the bandaid, or just another year in the long term trek to 0 domestic employees?
Aggressive vs. Mild, all a matter of perspective.
Those on the Stagecoach payroll since the reign of Charles the Terrible know that all the town hall gaslighting, implicit influence to quit, actual layoffs etc absolutely feel like an act of aggression. Cowardly aggression.
If it's possible to put the job identity aside and embrace that of the shareholder - which many of us are - Chuck has been slow, dependent on his big banks peers to move first, and straight up wishy washy to us and the street. Did i mention slow? The exact opposite of the aggression that other leaders display with challenging outlooks in front of them.
it's a lot easier to lay someone off than to terminate, also decreased legal liability. Unfortunately this past couple years they were expecting X in terms of voluntary attrition and instead got Y, so more offshoring, I mean layoffs, need to happen. I'd conservatively put it at 15-20k next year given were setting aside 750MM-1b for it. On the plus side, for those still hear, assuming you survive next week you'll at least get your 401k match for the year as employees on record as of 12/15 will get it.
Unfortunately, I feel this is his warning shot for terminations to be increased vs displacements with severance.
Since 2023 saw an average of approx 900-1000 per month, 2024 will probably see 1500 on average per month. It's like The Squid Game, The Hunger Games and Survivor all wrapped up in one.