This round is confirmed. The estimate number is 5% in Technology.
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Not in tech but 2 teams let go 12/10/24
Post ID: @1qwv+1vJndF3V- Two teams including managers displaced in VA on 12/10/24. Not in Tech. Can’t say more until I get all my money!! Merry Christmas 🎁🎄
All I know for sure is that a week from now we'll know who's trolling and who called it.
More fake news brought to you by a troll
Oh that’s weird, my sources say OP is getting laid off this week
Huh, well, tech only has 20k domestic employees right now. 5% would be 1k, so it is feasible that that number of layoffs could happen. We'll see. I'm skeptical just because CAO always has several hundred per round as well, along with other groups I'm not sure HR could handle the workload. We'll see.
Today is my 44 year anniversary. I am a remote worker in Tech. I closest hub city to me is CIC, which is over 200 miles away. I hope you are correct about 12/10. It would be the greatest Christmas present ever. I would LOVE a 14 month paid vacation. I have alreafy volunteered to be on the lay off list. Keeping my fingers crossed.
As has been posted many times, Wells Fargo only has the capacity to do about 1000-1200 layoffs per round. This has been backed up by the company's own data, some comments by CS himself, and from the company's quarterly reports about headcount.
The only way a business unit (Technology or otherwise) could have 5% layoffs in a single shot would be if that business unit only has about 20,000 employees and the company suspended all other layoffs for that round. That's obvious nonsense. They layoff people from all business units every round.
More likely is that if Technology is double-weighted or triple weighted this round, that could happen. The math looks like this:
Technology has about 36,000 of the company's 220,000 remaining employees. That's 16.3%. So normally of 1100 layoffs, Tech would have 180. If they double-weight technology, then that would mean doubling the 16.3% to 32.6%, or employee count from 180 to 360.
So then if you do 360/36,000 you have easy math of that meaning 1% of Technology could be laid off in a single round if they double-weight Technology in the upcoming Layoff Tuesday. Triple weighting would mean 1.5% of Technology would be laid off on Dec 10th. As for if this is good or bad news depends on how badly you'd love to have all the free time at Christmas, I suppose.
To me, it's the perfect time to get laid off. You get to relax for the entire holiday season, still get your 401k match, still get your annual bonus, still get full benefits and ability to do 401k contribution into 2025 for 60 days (set your contribution percentage to 50% if this is important to you) and then however many months of severance after that.
December 10th would literally be the absolute best time you could ever get laid off.
There’s potential for Tech Risk & Control being hit as well on 12/10, as I’m part of it (outside of the “footprint”). What a nice early holiday present! I’m done with corporate America. Just will do private consulting the rest of the way.
I thought they can only layoff 1000 folks a month? 5% seems too high.
I called Charlie. No one is being let go on December 10th. Case closed. Next complaint please.
Highly doubt the 5% number. HR is only capable of terming about 1100-1200 per month if past experience is any guide. Now maybe because no one likes to work in late December they combine two "Tuesday after payday" rounds into one big round on the 10th, but we'll see. How many domestic tech people do we have right now? The last month or so text layoffs have slowed down. For most of 2024 tech was right behind COO for layoff count, but right now it's 3rd or 4th over the last 60 days.
Any word on the Salem Oregon site date of closure for the credit card dept? Its so quiet.
Core / Hub / Non-Hub / Remote doesn’t mean anything… all are at risk.
Have they hit 960 million in severance yet? Of course there will be layoffs next month. While there may be a 5% reduction in technology I’d look to see wfh and non core city movements before I’d expect core city. The number seems high in one month but not too high in next four combined. All in technology should know tho. Are you RTO in a core city? If so then you are much safer than if not.