Thread regarding Wells Fargo & Co. layoffs

Post ID: @zma+1qYWBiin

What do you mean? That WF over paid you and getting on the market you will need to accept a lower wage? Not sure I followed.

Post ID: @1edb+1qYWBiin

I was going to say, my last role change at WF, took almost 6mons from application to hire. Glad to hear it can be faster out in the world.

it really depends on your situation. While I don't want to be laid off, if it happened tomorrow I am confident I would be OK. Between getting 6mo severance, my wife also works bringing in a decent salary, plus we have 6mo of savings earmarked to cover all our major expenses should we both lose our jobs in addition to other assets we could tap in a worst case scenario. For others who are living paycheck to paycheck, maybe are the sole breadwinner, don't have much savings, etc. being laid off, even with severance, would be tuff and therefore do not wish for it.

it really depends on what you are looking for and what your skillset is. I could walk into in and out tomorrow and may $20+ per hr, getting a job commensurate with my skills and making $100+ per hr is going to take some time. In the last 6monunjave occasions been looking and applied for a couple jobs, made it to final round in both, got an offer from one which I didn't take because didn't feel the team was a good fit for me plus the pay was a little on the lower side, the other I lost out to the better candidate. You just need to have realistic expectations and be flexible on salary to the point of taking a pay cut if it's the right role. If you are used to the hiring process at Wells you know it can take months from start to finish, in my experience other companies move a lot faster

Note that the number of government jobs has increased dramatically. This skews the numbers and the gdp calculation.

I’m glad I got underpaid for so many years because more money more problems!

I can easily transition to a new job in my price range so very happy about that, but waiting for my year severance!

Still very grateful for everything in my life, my house, my kids, my dog!

It’s very good for me, being frugal helps! I don’t give to 401k, casino now. But do get my dividends every 3 months for a bump in pay!

It all works out for me!

The inherent problem with white collar work is much of it is specialized. If you’re a processor or execution specialist that’s a very wells specific role. If i had to give advice to any young person, I’d say don’t get into specialized roles for too long. If you can’t find an equivalent to your job at three other companies it’s probably not viable

Working at a large company like WF is arguably similar to the concept of rent control.

If you stay at a place too long and get kicked out, it is then too expensive to get a new lease at the current market rate.

I'm waaaay over my alloted time here and taking the WF bubble wrap off is very uncomfortable.

Good advice

The expensive "modern skills" types are in Shart's cross hairs more than any other group. It's all going to India. Basic math, that's where the most employment savings can be had. The rest of the company is working for peanuts with shoestring budgets.

"Probably lack of modern skills. WF is so behind on everything, hard to market yourself when your job is working with old tech, broken processes, and intense scrutiny against any improvement."

That and how Wells doesn't provide training for many and has increasingly silo'd knowledge and skills.

Probably lack of modern skills. WF is so behind on everything, hard to market yourself when your job is working with old tech, broken processes, and intense scrutiny against any improvement.

Its not that the job market is bad it is actually good. The issue is with so many laid off from large companies The competition is great. I know 2 of my colleagues who got laid off got decent jobs within 2 months time in technology and was let go from Wells tech.

Thx OP! Very true for PM jobs in tech except for software.
Best of luck!

Great post!! So true - sadly! Been out of work almost a year. Only 3 sets of interviews (2 got to final round). Still no jobby job. Good luck to you all!

I heard tech is affected.