Thread regarding Wells Fargo & Co. layoffs

100 percent - there is attrition layered in nearly everything they do. My boss told me that, an Exec in HY.

OP did you do the advanced maths of...revenue/people? I am impressed.

News flash OP, EVERY STRATEGY from Hudson Yards is to get you to get rid of people. They call it many names, but it's nothing but PR spin and excuses to cover for the same plan, the extermination of the domestic WF workforce. There are many thousands of managers, directors, and high level ICs that think it won't happen to them. They are wrong. Unless a law requires your role to be internal and domestic, they are scheming to eliminate you.

@1lmy+1tYLx7gf ahh because it’s true. They want you to voluntarily quit so they don’t have to pay the severance.

The one point I don't think I have seen anyone address: why didn't the company offer a package to all who are 5 years or less from some magic number (like 25) years of service? Disregarding the ominous "they want us to quit without severance," I wonder why people eager to pack it up/pack it in were not given the option of an early retirement offer. (Even a cr-ppy one.)

"Layoffs are the net result of bad leadership. Nothing more. Chainsaw Charlie is living up to his reputation leaving chaos in his wake."

I take a longer view. ALL of what's happening now is the result of some bad actors that either contributed to the fake account scandal or covered it up. Those are the people we should be mad at. If that hadn't happened, we'd never have ended up with a Charlie.

That being said, Charlie is a POS CEO, doing what POS CEOs do.

Layoffs are the net result of bad leadership. Nothing more. Chainsaw Charlie is living up to his reputation leaving chaos in his wake.

@1jkd+1tYLx7gf,

Sleep all you want. functions in Head of IT are getting whacked, no matter the tenure, remote or in office.

People with 39, 25, and 20 years here were displaced...

Revenue per employee is useless unless you know how many outsourced functions each bank uses. WF is way behind in outsourcing operational functions. I'm not saying offshoring, I'm saying domestic outsourcing. Those workers aren't in their employee numbers thus the ratios look better.

@1yrs+1tYLx7gf

"They'll work whenever they're told"

Tell me you haven't worked with I&P without telling me you haven't worked with I&P.

I've been remote my entire tenure with Wells. We are now adding staff to work remote. I'm not losing any sleep. I'll be working remote long after the OP has been let go. Ignorant post.

WF is in business to make money. Why the heck should they pay an American who works 3 hours a day in their dining room $100,000, when they can pay an Indian $25,000 and get ten hours out of them? And they’ll work wherever they’re told. Would you? Would anyone?

Of course the Americans think they’re better. But they’re not. They’re lazier and more arrogant. They whine and cry when they’re expected to actually go to work. They think they’re entitled to their jobs just because they’re used to having them.

So of course WF wants to get rid of them. Who wouldn’t.

Keep your board happy but keep your employees happier or you will go down.

WTAF, every company is a multi billion dollar company over $100 billion so pay your fn’ing employees keeping afloat, seriously?!

You all still do not get it.

Improving our metrics increases stock performance and improves analyst outlooks on same.

Remember, we are a publicly traded company beholden to improving shareholder value

P1sspoor mgmt is not helping.

Well, considering real estate and payroll are the 2 biggest expenses. I can give you an idea of what they could have done to cut expenses before cutting people……

How will revenue per employee increase when new tech changes are constantly breaking and rolling back (aka postponing) new initiatives? Executives in this company have zero clue about where quality work is accomplished. They all look at a spreadsheet and find some clueless self-serving offshore manager to tell them what they want to hear, then make cuts and wonder what happened when everything breaks and teams can no longer perform the work they're employed to perform.

Whine all you want about revenue per employee, it won't change the failed path Charlie has envisioned for Wells Fargo. You believe he's doing the right thing, the rest of us employed to keep the bank functioning know the real deal.

Agree w OP except final two words. There have been repercussion and will continue to be some.

5 years in and Shart has been unsuccessful in getting the asset cap lifted. Perhaps we have too many employees, but shouldn't growth be his number one benchmark? We should start with him.

Firing everyone in Hudson Yards and unloading all our NY/SF office space would get us a heck of a lot closer to being competitive than firing the most efficient employees we have. You know how financial advisors tell people to pay off their high interest loans first so interest doesn't kick their rear end? Yeah, well, our execs are basically paying off the 0.0% loans first.

Nothing says as-detached-from-reality-as-WF-executives like posting about how lazy and non-working employees are on a layoff board during business hours.

Too many employees doing nothing

No one is safe.

they recently fired a spouse of an active duty service member. Why? because the person was remote.

OP imagining a conspiracy to target his demographic, sounds like DEI phooey to me

@dpo+1tYLx7gf,

This was an ADA suit because WF did not reasonably accommodate a disability.

But you see, they fired the person anyway and it was up to the person to hire an attorney and fight it. How many other people were fired like this and never fought back?

The revenue per employee comparison probably needs normalization, particularly removing the investment banking and other money-center bank stuff fir some of those companies.

https://www.msn.com/en-us/money/companies/jury-awards-former-wells-fargo-supervisor-22-million-in-ada-discrimination-case/ar-BB1qU5Uv

Yes yes once again the poor darlings with a target on their backs because they make too much money and have 20 years of coasting resulting in the current state of affairs are the true victims here 🎻

So comment this on the other post on this same topic made less than an hour ago instead of making a new one.

it is easier to cut low hanging remote worker and other undesirables .

Head of IT has a long-term plan to push as many roles as possible to India.

All of this results in a net long term effect.

Trust me, the non-personnel expense cutting is being worked on.

There is over 4 billion in non-personnel expense. Why not cut that?

does it need to be done? Yes.

do I agree with the way they are handling it? heck no. it is a horrible way to sc--w people over just so they can save money and save face to the "market"