Thread regarding Wells Fargo & Co. layoffs

they could probably save money with it by offering an amount lower than the current policy, people would still take it. You could also do it to where people put their names in a hat if interested then based on department need you select from that pool, knowing not everyone who raised their hand would be selected.

Fascinating to compare Citi with Wells. Another aspect of this is "blowback". Citi's slash cut gets a lot more criticism than Charlie's slow burn.

Also remember location strategy is at play here. Being fully remote already has you one foot out the door.

Hudson Yards wants a lot of things when it comes to layoffs and aren't getting any of them. The fundamental problem is that there's no way to get rid of "the right people" without involvement from mid/low management, but HY doesn't even trust directors and insists on centralizing authority so their hacking/slashing is completely blind as to which employees are worth an S, which ones aren't, who's critical, who's not, what cuts or outsourcing will cause problems and which won't etc. They are in their ivory tower and planning and planning from a position of severe ignorance. It's doomed to fail. The best workers know it's an S show and leave when we can't afford to lose them. The way it's been dragged out has a massive negative outcome on production and quality. We here that Citi is going to make major cuts, and all will done done in a single quarter. That's how you do things if you need to downsize. The process itself here at Wells is causing harm to the company. It's failed leadership. Citi is ripping the band-aid off and the survivors will take a deep breath and move on. There is no moving on at WF, just never ending layoffs that won't end until all US workers are gone.

@ujf+1q6BA6qZ

The best employees are already leaving because they have the most mobility anyway. What Citi is doing - saying they want it all over and done with in Q1 2024 alone - is so different from the last 18 months of secret and inequitable layoffs at WF. The WF nonsense created an incentive for the best employees to already leave anyway, and having it drag on for years creates even MORE incentive for the best to leave.

It's sad, because the people destroying the company are all making 8 figure incomes every year, so even if they all get fired by driving WF into the ground, it's irrelevant. They'll still have made all the money in the world then go on to the next company to ruin, or maybe just retire with their 8 or 9 figure wealth and not a care in the world for the 100, or 200 thousand people whose jobs they ended.

This is why it's crucial to accept that a good and just God is one that punishes people in He-l for all eternity. Because without eternal punishment, CS and the whole Hudson Yards crew gets away with doing anything they wanted to, ruining untold lives for their own personal gain, and no consequences. Thankfully our just God will punish them for all eternity.

I don't think they'd do it for several reasons:

1. The people who have built up the most severance would likely be the ones taking advantage of it and that would be expensive for WF. Why pay someone for a year plus when you can pay someone for a couple of months?

2. They'd have no control over who leaves - and as someone else mentioned, the people who can easily find a job (better skillset) would take the money and run - because why not? WF would be incentivizing these people to start looking for a job outside the company. WF would be paying good people to leave.

3. They're likely counting on having some of the disengaged people quit. When that happens they don't have to pay them anything at all. Anyone on the fence about quitting after bonus payout is probably no longer on the fence after this announcement and actively looking.

I think there's a big upside to this approach for the employee, but not necessarily for leadership. The only upside would be to maybe (maybe) raise the morale of the people who are left.

And since we know that WF doesn't do anything that puts the employee first, it's extremely unlikely that they'd do it.

It's about control. If they offer it, they can't control who volunteers. Could be the wrong people they want to volunteer. They really want the people in non hubs and remote people to quit.

My experience: If you inquire, they'll say the bank doesn't do it, then they'll blindside you later with a layoff when you're unprepared and not expecting it.

This will never happen because the evil people in Hudson Yards enjoy terminating people and making them suffer. They don't want anyone happily exiting, high fiving on the way out.

nope it never works out that way. There's a large contingent of people that are dead wood and will never take it - they know they'll never be able to find a position as cushy as what they have now. Then there are people who you don't want to exit and have marketable skills and can land themselves easily, the offer spurs them to take a paid sabatical while they line up their next gig.

these kind of programs used to be common in large companies and now they are virtually nonexistent because of the above.

The work culture at WF is rotten and has been for some time. When mgmt changed hands at various levels during the pandemic, those individuals further eroded whatever we had left in how we treat each other as professionals.

There are only two types of existence at WF:

• Stay, scrape up crumbs thrown your way, ignore the issues, don't stir the pot
• Stay, dream about leaving or getting severance, recognize the bleakness, stir the pot because who cares anymore

Seriously who wants that for a job or career?

It’s because Charlie has no soul. Even Citi is offering more of a carrot vs stick. And it’s about control - the leadership wants to choose who goes.

OP, totally agree. Do it by LOB and you will lose many of the coasters who you want to lose anyway. And the rest of can breathe a little easier (for awhile). Then by freeing up some of those positions, others can have some mobility by moving to those jobs. Wins for everyone. It makes no sense that they won't consider it.

Thank you OP! Well said, and nailed it regarding Shart!