Thread regarding Wells Fargo & Co. layoffs

Excellent advice

I think banking in general is simply a bad industry to be in these days. While WF's US-based layoffs have been among the worst of all the US banks, all of banking is in decline. Whatever your specialty is, I'd suggest looking for some other industry to apply your specialty to.

If your skills don't transfer outside of banking directly then I'd strongly suggest looking for a way to get new skills or at least transfer to a regional bank or credit union where layoffs aren't so massive.

I got my ticket punched already and although it was emotionally hurtful for days, it wasn't even the end of my 60-day period before I'd already found a new industry and another couple months when I started my new job. I was still in the severance period, even.

Don't stress. Just look for a new job now and keep building your rainy day money in case you get your ticket punched before you get out voluntarilly.

Bumping this so more people see it. OP is @hde+1w6bEKdn.

by Anonymous
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Post ID: @OP+1w7WbjGH
Comment! It's anonymous!

3 replies (most recent on top)

The Banking and Insurance industries are the most corrupt industries. I would look for a job in other than those two.

by Anonymous
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Post ID: @5kvb+1w7WbjGH

Regarding the post below, I think OP is talking about banking as a sector. I couldn't quickly find a rollup of 2024 job cuts, but here's the 2023 figures:

https://www.reuters.com/business/finance/us-banking-giants-shed-over-17000-employees-turbulent-year-2024-01-12/

I found other articles that were similar and sure enough, every bank in America has been cutting back domestic employee counts. Banking doesn't seem to be anywhere near as labor intensive these days and I think I agree with the OP that it's not a good industry to be in.

by Anonymous
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Post ID: @1fcd+1w7WbjGH

I disagree. I think banking in general is NOT a bad industry to be in these days. Before WF, I was in IT management and in engineering roles at an Insurance agency, supply chain management, commodity trading, logistics, and bank servicer companies. Before my 10+ years at WF, I had been in successful and failed agile implementations.
I have had plenty of time to reflect. Since I left WF I have been exposed to IT workers at supply chain companies, other banks, and wealth management firms.
I have been out a few years (laid off then retired). I am a part-time trainer now as well as a trader -- which I do mostly for fun. This is what I say to my students.

  1. Every place is unique
  2. Consider your employment as a trade. Only accept offers from places that are in a PD bullish trend. Analyze the product design (PD) strategy/method of the new place of employment.
  3. Get out, perhaps take a small loss, when the trade goes against you. You have to weigh the situation.
  4. always learn. stay up on the tech. (here I go into the history-trends in IT -- OS's and networks with their corresponding UIs, data, Object Orientation, agile, AI)
  5. the "silver bullet" of system development methodologies and tar pits.
  6. Fearless development - the ethics of management and artistry
  7. You are a business, know your customer
  8. Product design -- Where do you meet your customer? What do you have to go through to meet their needs?
  9. Dealing with and hiding from management.

I am convinced that WF is a unique bank set up with the financial crisis then the mergers, then the account scandal, and then trying to get out of the asset cap, and now the big "catch up" to JPM. Wells Fargo is the Fearful Bank of the day.

by Anonymous
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Post ID: @ljq+1w7WbjGH

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