It appears that the layoffs are not as severe as initially anticipated. Could they of changed their tune about it?
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SDI will have layoffs just like everyone else. They have budgetary reduction targets that Remote employees will only partially fill so even hub-city folks who were here before MM/RG/SJ arrived are vulnerable.
Yeah, definitely getting ready to sell the building or exit the lease. Either way, save save save and prepare for a smooth exit. Good luck to everyone impacted. Boise is a great city and the WF teams there are great. They don't deserve what's happening to them.
I agree if you’re relocating to banking hub like North Carolina and want to continue in banking it would make sense. It’s just recycled executives moving from one bank to another bank with their new vision. So might work for lower level employees too.
When will phase one of relocation strategy layoff start? We heard by end of 2025 which is a big range ! Our site is in list
An easier move to a better job market would be one reason to take the relocation.
If you were stuck somewhere like Salt Lake City and were offered relocation to Dallas, it may be worth it.
I definitely wouldn’t risk moving just to be laid off down the road. Because I’m sure they will do that.
All of this talk about relocation. Who the F*** would move their life for this sh*t hole. Sorry, I think anyone who does that is just STUPID. Take the severance and find a new job, maybe even one where the company cares about you.
@1ilk+1s8Q7Tmb Seriously not trying to gaslight you here but someone is stringing you along if they didn’t tell you that site is being sold. I’m not saying you are being let go, that that building is as good as gone.
I work at the service center in Boise. The building is maybe at 10% capacity, which is the result of years of attrition and layoffs. There are maintenance guys doing work on the building every day - painting the outside, replacing all the lights in the ceilings, etc. It really feels like they are prepping that building to be sold.
There are definitely more layoffs coming. Those of us not in a strategic location will probably be out of a job within the next year.
I think most of our stuff will be offshored it is already happening. They are training India folks on different alerting channels. The only thing is they can’t see SARs due to laws confidentially etc. But that’s not to say they wont try to skirt around it because we all know WF doesn’t mind paying fines.
Our director is remote in FL but I also think he’s been remote for a while. Our team is small and there is a decent amount of folks in non hubs including managers. We have a new system to learn so that might delay a bit but time will tell.
I am also in FCRM, still waiting for the Target Operating Model and MTL. Not sure when it’s going to happen. There will be layoffs, have been told that by an Exec., and very few relocation offers. FCRM has a lot of remote people including a handful of Execs in Florida, other non hubs. Will be interesting. If anyone has specifics about FCRM, pls chime in.
Anyone have insight into if SDI (Stategy Digital and Innovation) will have layoffs this year?
Our department FCRM was told we were good this year, but that was it. I’m in a non hub and expect to be laid off. Not sure who will be offered relocation because I feel most of our work will be transitioned to India. Interviews are taken place now for India so the quicker they learn, the sooner I will be laid off.
I dunno, it's hard to imagine there is a leader at WF that understands the corrosive effect of keeping the employees constantly in survival mode. I haven't seen one yet, certainly no one in HY or Charlotte. Maybe lower in the chain, but such people have no power anymore. Not in Shart's WF.
@bkw+1s8Q7Tmb How about sharing your LOB or job function so we know if what you're saying is accurate?
There's a ton of layoffs in the pipeline due to location strategy. I know of many folks who've been aware they're going to get notice later this year or next year.
There's a sizable remote workforce. For tech, Wave 1 of layoffs has barely taken hold in Q2. Expecting more action on this in May/June.
I don't think the layoffs will ever stop. The current projects will probably wrap up by the end of next year, but it will be followed by another...and another.
The layoffs will be done when about another 40K US employees are gone, half of those having their job shipped to India.
Team meeting last week, it was made extremely clear that my LOB was 99% finished with layoffs, and the remaining few who were going to be impacted knew a few months ago. Very much pushed the “this is our team let’s go get it” theme.
Honestly I think layoffs are mostly done at this point. We are where we wanna be and the sky is the limit once the asset cap is gone. The 1 billion set aside will just roll back into profit in the future quarter.
Pretty good summary by @mca. There are US headcount push-down numbers, India hires (US replacements), and India push-up numbers (India manager hires to facilitate everyone). Last couple of years they seem to slow the pace down in late September. Maybe it has something to do with bonus allocation. Maybe this is when the survivors get more scrappy and kick out as many as they can to preserve/increase their bonus?
Seems fairly consistent to what they have forecast and the rumors. About 1000 people a month no? Groups are taking turns on the 2 week Tuesday cycles as they are able, usually spread out a few cycles for a single group. (I.e., if your group displaced a few people in March, likely to happen again in May.)
If the goal is to get close to our peers levels it will still be at least 2+ years of this pace.
If you’re in a group of 250 people, this generally would equate to 2-4 people drop each quarter, whether by natural attrition and not backfilling or displacement. It’s not so many so fast in your own work silo, but 1000 a month net over 2.5 years is a 30k drop.
It will be interesting to see how much of this is a true cost savings push versus a head count push especially with a lot of replacement hires being at higher volumes yet lower cost in India.
Most of the official location strategy packages haven’t been communicated yet. That goes hand in hand with layoffs. Some people will not have the option to even relocate. Expect this to pick up in the next few months and in quarter 3.