How massive do we expect it to be? Which depts? I am very nervous about it.
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@tar+1ruP29M3 Ah yes, let's just decimate risk. What could go wrong? Same with several other groups. Good f'ing luck executing on these large programs with decimating technology.
if you are relocating from a high cost of living area like CA to a low cost area like. where else but NYC, then you are likely getting a raise from the standpoint of them not reducing your salary when you do move.
I can’t say much without exposing myself to risk of being identified, but if you are in risk, you need to be prepared for a big awakening. Everyone is exposed. Even if you are in a so called hub.
If I was young in my career or close to retirement, I would consider relocation. Anything in between and Wells Fargo is getting all of the reward while you are getting all of the risk.
Relocation means keeping the status quo, no pay increases (COLA), no new opportunities. All of the burden (financially, socially, professionally) rests on the employee.
Shouldn't money and opportunity be the primary reasons to uproot and move for a company?
@sir+1ruP29M3 That's great if you already know which location you're going to be asked to relocate to
Who tf is going to relocate?? Most people who own have a mortgage <3% — if they move, that’ll more than double. So then we’re left with renters. Of this pool, who trusts WF not to turn around less than 6 months later and lay off anyway?
Gtfoh
CIB here, have to lay off 4 of my team on 3/13
If you're not considering your options now, then you're just trying to milk it for more than it's worth - hence only 30 days to decide (if that's even true). I was told last year that people like me would either be asked to relocate or potentially laid off. I started discussions with my spouse and wouldn't you know it....we have a plan! And so should you. Don't keep your head in the sand and hope you're not impacted. Failing to plan is planning to fail.
30 days is plenty of time. heck I made a 1MM+ offer on a house same day I saw it.
Wave 1 for location strategy lay offs is May. I know a certain group of folks that are remote, non hub people were informed last week. Aside from that there can also be regular lay offs to get certain jobs out of US and sent to India. At this point no one should be surprised, CS’s goal is to cut and cut and cut. The end!
30 days, that seems pretty unreasonably short period of time to make a descision like that. Not like we're picking out a new car here...
if you chose not the relocate you will be laid off with severance. If you chose to relocate then change the mind a few months down the road you are let go without severance.
All the details will be communicated to you should you be given options.
Can you do anything about being laid off?
Yes - then do that thing
No - what good does being nervous about it do for you?
Post ID: @ufe+1ruP29M3
What do you mean by “The real kicker is the Wave 1 Location Strategy separations are allowed to be officially communicated by managers starting today.”
Separation as in displacement? Displacements are very strictly communicated with exact verbiage and precise timing. Managers don’t get to decide this.
Separation as in relocation options? I would also expect those are strictly pre determined for certain times for those that will actually receive a relo option.
Maybe I missed something.
If you decide in the 30 days not to move, do you then get laid off? If you tell them you will move but then decide in 8 months you don't move? How does that work?
most larger layoffs seem to happen the Tuesday following a pay day, as has been communicated over and over and over again on this site. While there may be some activity this week, anything larger than that will be next week. Also, a manager communicating your location strategy decision is not a layoff. Should you be allowed to relocate you'll be given 30 days to make a decision and which point you'll be given a year to move.
We just had a round last week. I’d be surprised if we got another this week given typical timing with paychecks etc.
I expect normal amount of layoffs. The real kicker is the Wave 1 Location Strategy separations are allowed to be officially communicated by managers starting today. So depending on how people distribute that information it could seem like a lot of layoffs this week when it’s really scheduled for the future.