Thread regarding Wells Fargo & Co. layoffs

Yes this mostly will affect WIM brokerage associates. It is about licensed, regulated employees. Has nothing to do with client facing or not. Reg 3310 replaces the existing Covid exemption from finra that has expired. For most nothing will change. For those that wfh from other locations other than your primary residence on file on the U4, that will end. No more working vacations maximizing pto & wfh days. It’s now prohibited and a fireable violation. If you are in your position less than 1 year you are required in office 5 days until you reach that mark. Managers are scrambling to meet with affected employees this week.

Darn, I am going to have to hire a housekeeper

@dsi+1sIB5NcN

I disagree. If all HY cared about was profits they would fully embrace WFH because it's a much much cheaper way to employ people. Our expense ratio would be much better without all these useless buildings where we overpay for EVERYTHING.

No, the purpose for RTO is simple, it's one step in a well coordinated process to divide/conquer and eliminate the existing domestic workforce one group at a time while maximizing voluntary attrition. Shart wants anyone that's been here more than a few years gone, and he wants that done as cheaply as possible. As a result, maximizing employee dissatisfaction is a major corporate objective. Employees that WFH are highly unlikely to quit, and therefore WFH is the enemy to HY.

F Shart.

I will be working from home in India from california.

FINRA is mostly for investment bankers, not for commercial bankers. Like those who are registered with CFA, Series 7 or series 63 licenses in WIM. Most of WF employees have nothing to do with those businesses.

Traders are already expecting to go back 5 days. They fall under a different sort of scrutiny with FINRA. Many FAs have many remote offices that need to be inspected, but that number has grown greatly since COVID. We'll see if WiM embraces that or requests that more FAs come back in for more time. As for staff people, like me, that are registered but do not meet with clients, I do not expect to be told to come back in 5 days. Many registered people have worked remotely full time before Covid and their homes were never registered with FINRA and or needed to be visited by a QS.

Only impacts FO roles such as sales and trading that are likely already in office 5 days per week already. Simply means they won’t be able to work from their beach house on Fridays but as always there are workarounds for those situations.

@klv+1sIB5NcN, for the love of all things holy, please research what FINRA is and what falls under this rule.

FINRA does not regulate banks. FINRA regulates the Securities industry. And the rule applies only to individuals registered with FINRA. This is mostly going to effect people working in WIM and of those people only the subset of that group who is registered with FINRA. Because of the nature of their job (customer-facing) they are likely already working in a branch location 5 days a week.

Pretty good interpretation of the situation, OP and @epg, thanks for posting. Per usual usual on here, you can ignore the usual chicken littles just trying to spread their own misery and paranoia.

Most of you need to get it into your thick skulls this doesn’t apply to maybe 95% of the bank . Only those people registered and that deal with securities have to follow finra rules .

This is an industry wide regulation not a wells rule. Starting June 1 they are going to start enforcing it. All firms must comply or face fines. The days of milking wfh & short office hours are over. Finra allowed for exceptions due to covid. Covid is over. Now they are dropping the hammer.

Honestly I’m over it at this point. No amount of posturing, positioning, or arguing is going to do one bit of good if HY drops the hammer and says everyone has to go in five days. They don’t care about the cost of childcare, or the cost (or time) of commuting, or the fact that Wells Fargo (like much of corporate America) is ultimately a dead end and an aging dinosaur when it comes to building a career or maintaining a life with nonexistent cost of living pay increases. They only care about profit and enrichment of affluent shareholders and those in the executive suites. They could care less if we quit over us being tethered to an office and shackled to a desk five days a week. It only means more for them.