How many people do we think that is?
Also why aren't they smart enough to offer an early voluntary package that's less money but same benefits timeframe
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Shart will never ever allow people to volunteer for severance. He enjoys tormenting employees way to much to miss out on that opportunity.
Remember three years ago when they said they wouldn’t go the voluntary buy out because they would do it thoughtfully and with respect? At this point the amount of time it’s taking is ridiculous. Just let people volunteer for severance and start fresh. This way isn’t helping anyone
IIRC the $969M is on top of expected severance costs. There's also tons of plebes at WF that get the minimum in severance.
"25,000+, OP."
969 Mill doesn't cover 25000+.
The folks they would want to target first have more years and salary in.
25,000+, OP.
PICK ME! PICK ME! oh wait, my "boss" said we were "safe"
bwaaa haaa haaaaa
Voluntary severance will never happen, specifically because the execs WANT employees in fear for their financial future. It makes them more likely to find something else and leave voluntarily. Getting rid of everyone with the absolute minimum severance cost is ALL that Hudson Yards care about. They are perfectly willing to fail in every other way in order to achieve that.
@fzq
"It could be very orderly..."
You lost me at "orderly" 😆
This is WF, remember?
Wells Fargo Reports Fourth Quarter 2023 Net Income of
$3.4 billion, or $0.86 per Diluted Share
Full Year 2023 Net Income of $19.1 billion, or $4.83 per Diluted Share
https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/earnings/fourth-quarter-2023-earnings.pdf
It's a great idea. They can determine the areas that need to be downsized and choose the number of employees from those departments. It could be very orderly and those that are constantly saying "pick me" could finally get their chance. Then those that really want to stay would have a better chance of surviving and not undergoing the mental abuse of wondering when the ax will fall. Wins all around.
I’m going to do as little work as possible until the day comes when I am no longer here.
I am now actively working to undermine this company every chance I get.
The real question is what kind of coward would deliberately hang layoffs over its employees heads and add stress to their lives.
"If anyone in the C suite wishes for improved morale, the layoffs need to be completed with finality very soon."
I don't think they care about morale. All they care is they hit that number in the spreadsheet so they can collect their bonus.
FY 23 total personal expense was about $35B. Assuming avg. severance pay is 4-5month, the annualized equivalent personal expense of $1B severance charge will be about $2.4-3.0B, which is about 7-8% of the total personal cost. Factoring in all the layoffs will almost happen in the US, the % of cut in the US will be larger, like 8-9%? Not an accountant. I am just doing an back-of-the-envelop calculation.
And on a positive note...Daytona just unionized. Wells Fargo should remember how solidarity in Poland eventually led the country. More needs to be such as asking current leadership to resign. Then...sell the broker dealer to jp Morgan. Finally...change wells Fargo to a pure bank.
Here's the thing... The words "smart" and "leadership" are not synonyms.
Nah, not beaten to death. Still alive. These are still valid concerns/questions that most employees consider unacceptable/unresolved.
If anyone in the C suite wishes for improved morale, the layoffs need to be completed with finality very soon. Until then, way too many of us are going to half 🫏 it to stay sane. Why work hard just be laid off in a week? And plenty of exceeds and meets are laid off, so a response of 'work hard and you won't get laid off' is false.
That's where voluntary severance comes in. Wells can decide how it's administered, so there's nothing about it that would put the bank at risk of too many people leaving from the same group, etc.
People can volunteer for severance way faster than HR can figure out who to chop. Another benefit to voluntary severance is that the voluntary nature of it means fewer legal liabilities, lawsuits, etc.
We could also continue discussing 'location strategy' and how it limits talent to only a few areas of the country, but we'll save that for a future thread.
Come on man, this has been beaten to death