Thread regarding Wells Fargo & Co. layoffs

Steps in Layoff Process

What are all the necessary steps I need to do after being laid off? I can’t rely on calling WF HR because I just get the run around from reps in P&I. Everything I know is just from talking with others. A friend told me a should receive a link to watch a video about severance or being laid off & I haven’t received it.

  1. Sign the contract within 45 days to be able to receive severance.
  2. Send back equipment.
  3. Can’t accept a new job outside of WF within the 60 day non working period.
  4. I’ll be able to keep health insurance while on severance.
  5. Once I receive a new job & go with their health insurance call into WF & let them know I no longer need health insurance.
by Anonymous
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Post ID: @OP+1uK9z55w
Comment! It's anonymous!

10 replies (most recent on top)

Your manager will need to trigger in the system the equipment return process. Please make sure she/he has your correct personal email address on file: i.e., the same one you have provided in Workday for the purposes of layoff related communication between you and WF. It may be a good idea to confirm via email to your manager once you have shipped your equipment back.

I think PTO payout is at higher-than-usual tax rate, like bonus.

by Anonymous
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Post ID: @2trf+1uK9z55w

How would they know if you accept another job?

by Anonymous
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Post ID: @2dmt+1uK9z55w

Your taxes always depend on your bracket and what state you live in. You’ll likely be taxed at the same rate you have been previously unless you moved into a different bracket.

by Anonymous
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Post ID: @1yum+1uK9z55w

I am going to be laid off soon. What tax % is the PTO payout?

by Anonymous
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Post ID: @1fwa+1uK9z55w

@1ppd+1uK9z55w
Thank you for the heads up on the 401k contributions! I don't remember seeing that in any of the documentation they sent (I'm not the OP but was also 'displaced').
So very much appreciated!

by Anonymous
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Post ID: @1ign+1uK9z55w
  1. If you’re turning 55 this year, you can take advantage of the Rule of 55 to access your 401K funds without the 10% penalty.
  2. Update your 401K contribution if you’re going to be paid for your PTO to help minimize the taxes.
  3. If you’re paying for parking with pretax dollars, cancel the monthly subscription.
  4. Download copies of your performance reviews from Workday
  5. Take advantage of LHH - job placement services.

You got this!!

by Anonymous
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Post ID: @1ppd+1uK9z55w

They will send you a separate email with instructions on how to send back equipment. That takes a little longer, at least a couple of weeks.

by Anonymous
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Post ID: @1sgl+1uK9z55w

@OP Can’t accept a new job outside of WF within the 60 day non working period.

You can accept a new job -- just have them defer your wage until after the 60 day period. Also if you get a door dash, uber, or contract job you shouldn't have any problem.

by Anonymous
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Post ID: @1xxk+1uK9z55w

Check with your CPA or look up tax brackets online.. requesting a lump sum payout at year-end could bump you into the next tax bracket. May be better to wait until Jan 1 depending on salary in new job.

by Anonymous
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Post ID: @1ceb+1uK9z55w

After you get the new job request a full payout. This way health insurance will stop

by Anonymous
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Post ID: @fqa+1uK9z55w

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