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Topics regarding layoffs at Wells Fargo & Co.
Market keeps going up and down, there is a ton of uncertainty and people are talking about layoffs in San Francisco.
Wells Fargo 2017 third quarter revenues and profits plunge: https://uk.news.yahoo.com/wells-fargo-profits-miss-estimates-132412842.html Wells Fargo (Swiss: WFC-USD.SW - news) reported a sharp decline in third-quarter earnings Friday due to $1 billion... read more
I just heard from my HR friend that WF is preparing to cut many project managers as a way to save money. She said the cuts will be announced later this year and be implemented in early 2018. The enterprise is still finalizing the amount of money they... read more
This is a sign of collapse, demanding employees to take time off without pay. Years ago, I was in a company that did just that. In other words, the company was struggling to pay its workers, cashflow was not good. Eventually, the place shut down... read more
I'm a contractor at Wells Fargo and last week I was told by my staffing agency that i would be getting a 2% pay cut because WF demanded a cost reduction. This week, there was a company wide note that went out to all people working in EIT (team... read more
Don't kid yourself. Cuts are coming. Not trying to scare folks but it's the only way to save $4B. Some of that will come from the sale of some businesses like insurance. But most of it will come from employees being let go. Even if you think your job... read more
Anyone watch senator Warren grill Sloan today? She asked him to explain how many people will be cut to save the $2B. She asked him if he would guarantee there would be no job cuts and he said NO! Anyone that believes there job is safe is looking at... read more
Anyone heard anything about consolidating teams in WFEF now that the lift and shift is complete?
the bad bankers became managers and dm's, rp's....a lot of discrimination. .if you don't know anyone that could help you move up in the company then forget about it. .you won't become a manager because your fit for the job you will only get it if you... read more
..the employee knows what is coming.
The security planning functions for IT is consolidating this means all the IT Security staff are being transferred to the Corporate Information Security department that is under Mike Loughlin who runs Corporate Risk. The amazing thing is WF has been... read more
For all of you who are still claiming that we do not have layoffs, take a look at the CNN Money Coverage from last Friday (link below). The writing is on the wall and this will be massive - I am not saying all groups will be affected equally but the... read more
Look the bank is downsizing all over the place. Given the bad PR, the bank willl NEVER say anything about layoffs and everyone let go will be under gag orders to not divulge anything without risking their severance. Over the next 18 months, about 10%... read more
Last week I was summoned into a meeting for HR team members. Long story short, Wells Fargo is letting go about 40% of us. From what we were told in, Wells Fargo is discontinuing phone support for team members and managers. All support for the bank... read more
It's all true HR staff are specifically targeted for layoffs. http://www.charlotteobserver.com/news/business/banking/article174894971.html Wells Fargo is laying off more employees in Charlotte, announcing cuts this week that affect human resources... read more
Process to determine who to layoff is based on how much money a person is making. The higher your salary, the more at risk you are. So guess who those folks end up being? Your long time employees and older employees. It really ends up as disparate... read more
I’m tired of people talking about they were laid off but not stating what department you are in! How is that information helpful?
Email announcing layoffs in processing, underwriting, closing, product support and production management. No mention of specific locations. Realignments in Charlotte and Des Moines to home equity. Has anybody else seen or heard of this email? Is this... read more
The last time that happened John Stumpf the CEO lost his job as well as other senior executives so more attrition expected.
Marketing was informed in an all hands call last week that layoffs would commence in the next 2-3 weeks. No numbers were given. When asked if current employees would be hired first to fill new job postings, the presenter laughed and said no -... read more
WELLS FARGO IS A GREAT COMPANY TO WORK FOR---THEY CARE ABOUT THEIR EMPLOYEES--LOVE MY JOB AND I HAVE BEEN WITH THE COMPANY GOING ON 10 YEARS.
More layoffs coming but it's likely to be in little dribs and drabs as operations areas are consolidated and outsorced to India and the Philippines. I'd be concerned with loan operation areas being downsized next. Im in the loan center and we keep... read more
Anyone that thinks they will be first inline for job opportunities once they've been let go is dreaming. Yes your manager can mark your profile as retain but many don't. Even if you have a great manager, hiring managers give little to no... read more
Massive layoff announcements started this week (9/11/2017). First of 2-3 waves of layoffs. Official announcements and new org charts being released this week in two Town Halls and All-Hands Meetings. WF needs to cut $3.9M (nearly doubled from... read more
Fort Mill mortgage folks are being let go by WF - about 120 will be let go, this group is being dissolved and the business is outsourced to a third party company.
That is who they prefer the young, eager, nieve employees. They coach them how to commit bank fraud then bully them around to continue day after day. Experienced Bankers 25+years outside of Wells Fargo are told that they don't think they can do the... read more
We keep hearing how transparent senior management is yet we have to hear about the layoffs on the internet. Wish they would get to it already and hand all the pink slips. They will let all of the employees who have outside banking experience and keep... read more
Ok so they grossly under estimated the number of fake accounts. But I wonder if they also under estimated the number of people that were let go because of the pressure to sell. As I recall. Some 5,300 people were fired nut I'm guessing the real... read more
It's a permanent closure - 60 people will lose jobs. Good job FB
http://www.latimes.com/business/la-fi-wells-fargo-accounts-20170831-story.html Wells Fargo & Co. potentially opened 3.5 million accounts in customers' names without those customers' knowledge or consent — far more than the 2.1 million that were... read more
Is WF letting go of contractors to reduce costs there are thousands of contractors inside the bank, especially in IT so just curious.
if ya really wanna see how badly wells fargo businesses are doin, dont read the quarterly updates from tim sloan. instead read the financial websites like cnbc. theyll show you the real picture, not the fairytale that wells fargo senior management... read more
You all are sore losers. Wells Fargo is the BEST company to work for. You all are just upset that you were not deemed important or valuable enough to help take Wells Fargo to higher levels. As our great CEO Tim Sloan said, we're building a better... read more
Let's see probably on the payroll! http://www.marketwatch.com/story/where-was-wells-fargos-auditor-kpmg-while-the-funny-business-was-going-on-2017-08-17
but we all know that nothing will change so long as those executives at the top who remained silent for all those years are still around.
2017 incentive plan was presented and then along came net loyalty. The math does not even make sense. Just another way to NOT pay Incentive to employees. Maybe some attorney ought to take a look at this practice!! Processors carrying piplines of less... read more
they both believe that lions don't concern themselves with the opinions of sheep think about that the next time your asked to take a team member connection survey