Thread regarding Wells Fargo & Co. layoffs

Just when some of thought about returning to financial institution sales this thread makes it seem better off to hold down 3 remote unrelated sales jobs in other industries... sounds like they have big ha---n for ai with plans to axe everything except for profits and 5 human ceos to keep it under control. ThAnk you for sharing.

I’m remote and in a hub. Near CLT but live just over the border in SC and live within the 40mile limit distance and told I’m in a micro location so times up! Even though other people commute to CLT daily from SC. It’s about money and getting rid of experienced people.

I'm remote. Should I be concerned?

I've seen people let go both in and out of hubs; just waiting my turn.

...and that $1B is on top of 'expected' severance expenses and only for 2024, there will be more in 2025, and 2026, and on it will go so long as there are domestic employees, or Shart leaves.

We’re all on the block. Remote or In Office.
Hub or not Hub. It literally does not matter. We’ve all been given notice publicly with the billion dollars in severance set aside. All we can do now is prepare, upskill and see what happens.

For those that have been offered Relocation Packages, can you provide what was offered as part of the package? I've been told I will be offered, but don't have specifics. Thanks in advance!

@dzc+1srKDRo1

That's the ONLY reason it's being offered. They know in this low morale high interest rate environment hardly anyone will do it. If any decent % of people were willing to relo, they wouldn't offer or allow people to do it on their own. This place is so Fd.

It's also not just remote workers who are being displaced, in my org/LOB and even outside of it the recent layoffs I am aware of are those that were told they were part of the strategy, but when lay off time came, their managers gave them the courtesy of telling them it was due to basic cost cutting/salary reductions, NOTHING to do with relocation. They are looking at everything. Even if you think that WFB can't live with out you, I assure you, they can.

whether someone can relocate or not depends on LOB

in CSBB everyone remote who is impacted by location strategy is being offered relo. Not many are taking it though.

Of course this is the next phase of cost cuts. They looked across the USA and realized that there are thousands of employees in remote non-hub jobs that can all be terminated in the next year. So, if they were to allow people to voluntarily relocate it would defeat the objective of job eliminations. And if it happens that they actually do still need someone to perform the work then just post the job opening in India so it's still a cost save.

Thanks for this post. It was the kick in the pants I needed as a remote worker to be serious about external job. They have me so overloaded with work that I didn’t have much time for it before but now I will force myself to make time for it.

For those in the back:

LOCATION STRATEGY HAS NOTHING DO WITH COLLABORATION AND GREATER SYNERGY/INNOVATION AND EVERYTHING TO DO WITH HEADCOUNT REDUCTION.

I’m worried all of the fires lit by mgmt will make them rethink and I know I’m not in the wave next week. That makes me worried I WON’T get a package until next year or later. I’m almost out anyway, but I’d sure love to get 10 months PTO.

I know someone who thinks so highly of themself and thinks that they are invincible. Like this company would just evaporate without them. It’s laughable and I cannot wait for the comeuppance. I’m sorry/notsorry

That's fine...bring on the severance already!!!

all remote workers who aren't nepo hires

I'm remote and in a completely different state from my LOB. And I think just outside 40 miles from a location technically my broader business is part of. My days have to be numbered I assume

Elimination of the remotes is only the beginning. Once they are done with them they'll simply move on to the next group. Just a matter of time before they start shutting down the hubs that are super important to be at, because the reality is that Hudson Yards dreams of a future where there are almost no domestic WF employees. Just AI, automated processes, wage slaves in foreign countries, and an ivory tower in NYC with some executives. That's their plan. Being in a hub just delays the inevitable.

@xog - unreal isn’t it. Cutting costs supposedly but if some will relocate on their own, they aren’t allowed and have to post. You simply can’t fix stupid

Go to work for IAG. Mgmt is sleeping and the business development group does no work and never ever shows up

OP you can slob all over this knob.

My only remote employee was offered relocation.

That’s fine but why are they not letting remote people move to the hub? I have several coworkers asking to move and they have been denied and were told they are “allowed” to post for a new role. Total BS.