Thread regarding Wells Fargo & Co. layoffs

Seeking advice on how to navigate being set up to fail

Several members of my team were laid off in early spring with several more being reassigned to new bosses/small teams. I survived the layoff but have been reassigned and am kind of in no man’s land supporting several teams while the rest of my colleagues only support 1 team. I feel like I am being set up to fail by not really having a home and contributing a little bit to a lot of people so my value on each team is minor. I’m also doing more work by volume than 60% of my peers.
I’m the main breadwinner in my family. I have applied to positions at other companies but unfortunately they would require a pay cut. I am only 1 of 2 remote people left in the department and can feel that I have a target on my back. Besides just making sure my deal volume is high and that I remain in top 40% of workers, is there anything else I can do? I don’t have great relationships with my new bosses since I hardly see them or talk to them. In my current role, trying to help/please everyone, it means that I end up pleasing ing no one.
As much as this new situation su-ks, I cannot afford to take a pay cut. I’m not very politically savvy especially in business place. Any sincere advice is appreciated.

by
| 1096 views | | 12 replies (last ) | Reply
Post ID: @OP+1sqR0W4L

12 replies (most recent on top)

Remote = laid off by end of 2027 but more likely end of 2024.
Unless they have accepted accommodations and then you might have a chance of staying around. Post to a core city hybrid location or leave so you can determine your future. Else, it has already been determined.

by
| | Reply
Post ID: @1ebx+1sqR0W4L

Sincerely appreciate all the insight and feedback. You guys are right. I’m going to consider jobs that would require a pay cut to base and see if I can make it up on back end. I’m going to be fully engaged in job hunting and networking so that I can leave with my head held high instead of waiting for the axe.

by
| | Reply
Post ID: @lab+1sqR0W4L

@ipu+1sqR0W4L

“If you're remote in a core market, you should look to start going into the office and lose the remote moniker.”

Even this doesn’t save you. I know people who have done this and still got laid off.

by
| | Reply
Post ID: @hvk+1sqR0W4L

Unfortunately, if you're remote, you're already set up. If you aren't in a core market and remote, you're as good as gone. If you're remote in a core market, you should look to start going into the office and lose the remote moniker.

by
| | Reply
Post ID: @ipu+1sqR0W4L

I’m sorry to say, the situation you described is a consistent WF playbook for a remote employee who will be displaced.

From someone who has been in this position until recently, keep your head down, do the minimum you need to and utilize that “extra” time to up-skill and/or get your head wrapped around how to cut expenses, readjust family finances and put together a game plan.

Lots of other good advice already given but just know and accept the writing is on the wall. Best of luck, OP.

by
| | Reply
Post ID: @hag+1sqR0W4L

“ I cannot afford to take a pay cut “

OP, cut to X or cut to $0, your choice. X is more likely a better solution than $0. Look inward and decide where you WILL make survival cuts because they must exist. Far better to take a 50-25% pay cut and make survival changes to your expenses while continuing the search for your ideal position then to have whatever severance you may be entitled to run out if it’s not a lengthy period.

by
| | Reply
Post ID: @jkd+1sqR0W4L

Thank you all!

by
| | Reply
Post ID: @qqq+1sqR0W4L

Just keep chugging away at your tasks OP, while prepping for your exit. Don't spend any time worrying about performance being insufficient to keep your job. Hudson Yards couldn't care less about performance, they just want domestic employees gone, preferably without paying severance. Thousands of very strong performers have been termed already, and more are on the way. A layoff isn't your fault, it's Hudson Yards failed leadership.

by
| | Reply
Post ID: @ajf+1sqR0W4L

About the best you can hope for is you show value to somebody that's willing to go to bat for you and keep you around. But if you're remote and not planning on moving then you're kind of sc--wed, you either move to hub or find another job. I don't think they're gonna be flexible long term

by
| | Reply
Post ID: @nik+1sqR0W4L

Charlie will be having his wine and laughing at this post. This is what he wants. You leave, he can bring all his lazy cohoots to this circus or send your position to Bungalore. I had this same feeling before i left WF. If anybody says i have offer in WF, i will tell them to join ukarine army and fight the Russia instead. You will have same fate working here.

by
| | Reply
Post ID: @npb+1sqR0W4L

Sounds like the new normal at WF….,
hang in there-and start to prepare for your next move whether you stay or are laid off.

by
| | Reply
Post ID: @bon+1sqR0W4L

Prepare to be let go and make sure you have a valid case for unemployment. Data, paper trails, examples, times-dates. Document. If it helps, speak with an employment attorney (and it will). Once you stand up for yourself they will retaliate so make sure you have your story in before they assume the narrative. Do this for your family. Don't let it slip by and do not over-stress yourself with work.

by
| | Reply
Post ID: @hpt+1sqR0W4L

Post a reply

: