It’s June and our bank wide performance objective hasn’t been defined? Guess it’s not a priority.
Topics regarding layoffs at Wells Fargo & Co.
Planning is in progress to cut layers of management across the company in Q3. No less than 7 directs per manager. Staff cuts will be later.
So they're not considering it a hub no more? I just read the post about the CRO mandy norton saying that risk people in SF must relocate?
Wells Fargo’s C-Suite only cares about Wells Fargo C-Suite. They don’t care if they harm their employees, their customers, their shareholders, small businesses. It’s a fact. I can’t tell if they are highly incompetent or highly intelligent, but I do... — read more
Mandy must feel really elevated these days, considering the hour long calls she has with her risk staff lecturing us serfs on how horrible all of humanity is these days. Of course, she is above us all, in her ivory tower. Talk about white... — read more
Rumor has it......A and C are being leased; when and if we go back, whoever remains will be in Bldg B only; and will be customer facing employees in the office.....so either big layoff planned, or permanent work from home for some? Anyone know... — read more
Honestly, these executives are SO OUT OF TOUCH with what is going on in the trenches. First of all, the flex seating and hub strategy has led to less collaboration! Why? Because no one can get enough seats for their team to sit together in flex... — read more
I was forced off a project (reverse discrimination anyone) to let EGS take over. During the transition, it was so obvious what was going on. There was 1 out of 20 EGS that was worth anything, and most of the time these folks copy paste code... — read more
Assume with today’s announced restructuring of Risk that she is out or demoted.
Has anyone else noticed that Wells Fargo stock price is predicted to hit $20 per share or lower? We used to worry that it would drop below $50..then $40...then $30! PTO benefit is no longer worth the offsets... massive decrease in company match... — read more
June will be a bloodbath..
Stay off the social media and limit your surfing from your corporate laptops. Wells is tracking everyone while wfh. They know who is working and who isn’t... — read more
https://www.sec.gov/Archives/edgar/data/72971/000119312520074921/d864220ddef14a.htm The estimated annual total compensation of the median Wells Fargo employee (other than our CEO) was $65,931. We estimate that our CEO’s total annual compensation... — read more
I thought work from home was more or less permanent unless you're customer facing, and they're working on the details. I was hired as a telecommuter, I was told I'd be required to start showing up at an office prior to the pandemic. Now I'm told... — read more
I know of some pretty high level Managers at Wells Fargo that have told me they are diabetic. Looks like the government may force them to continue to stay at home and work remotely, if... — read more
Nice to see our “leaders” finding time to do press runs in the middle of a pandemic while their respective organizations are slowly rotting on their watch. I wonder if they took time to mention their relocation strategy or their policy forcing you to... — read more
Have some people already been called back, depending on their location?
If you don't think we're about to have major layoffs - probably one of the biggest rounds we have ever seen here - then you are choosing to be willfully ignorant. Get your head out of the sand before you are blindsided by something that was patently... — read more
Hello senior management. There is NO way Charlie and Scott that you are going to get out from under the consent orders in the next 2 years. Charlie you are way too focused on cost cutting, so you can show the board results, and by not approving the... — read more
Look at this hypocrite..... bragging to the press about how working remote is great, in the mean time he's screwing us by pushing the hub plan. You will be amazed at how many people can do their work from home. I was amazed myself to see that —... — read more
Wells Fargo is always looking for ways to get rid of as many employees as possible with as little consequences as possible. So I admit I'm shocked that we haven't had many, many more layoffs since the whole coronavirus thing started. I know... — read more
Should I accept a promotion knowing that there are potential layoffs coming? What’s the likelihood of me being let go since I am going into a new role. My leadership asked me to apply for it just curious for some guidance
Sounds like he is gassing up the chainsaw. How long do we have before the ‘expense management’ plan is revealed and 20% get sent packing? It’s commmming...
What a joke - applied for positions in the same group - each time it was "sorry but no thanks" yet the persons hired had credentials and experience far inferior to mine. Whats up with HR, they always say "declined" or "withdrawn" depending on what... — read more
They have built new buildings in Hyderabad, Bangalore and Chennai, including others. Massive new buildings, housing 10's of thousands of back office workers. And for what? To take American jobs. Why isn't this in the spotlight? Supposedly it was to... — read more
According to emails from HR, I'm now "retirement eligible". When they add my age plus my years of service it meets their threshold. I've maxed my 401k since day one, and now it is enough money that I could live off it forever. The problem is I'm... — read more
Will Warren Buffett Sell Wells Fargo? Will Buffett sell Wells Fargo? Wells Fargo certainly faces some challenges ahead as it fights lower profits and regulatory restrictions dogging its business. But I still think it would be unlikely for Buffett... — read more
We can't even give away the govts money during coronavirus without ripping people off. https://www.cbsnews.com/news/wells-fargo-paycheck-protection-program-loans-faces-government-investigation/ We didn't even deserve to be able to do it... — read more
despite Saul's location strategy being discontinued, as an internal employee, don't count on applying for any jobs as a telecommuter or otherwise if you live outside of the core hub listed for the job. HR is heavily screening and auto-rejecting... — read more
They are not backfilling positions and are bleeding regulatory staffing down to the bare bones. They are slowing the regulatory work down to a trickle. Nothing is getting done and key talent is fed up and jumping ship, because they didn’t sign up for... — read more
It will be announced in this morning's town hall. The relocation strategy is being cancelled. Details to follow, but expect hiring to still occur in focus cities with arguments accepted for people outside of the focus cities.
Will be announced in Saul's call. Team members will not be displaced, required to move anymore.
Is there a hiring freeze now? Are there any areas of the bank that are still hiring? Can’t seem to get any clarity from management.
Layoffs Effective Date: 05/24/2020 - Company: Wells Fargo - Location: Concord, CA - Contra Costa County - Number of Employees Affected: 357 - Layoff Type: Layoff Permanent Source:... — read more
Looks like WF is not in a good position: https://www.barrons.com/articles/wells-fargo-interest-income-margins-stock-coronavirus-downgrade-51588615992
https://www.yahoo.com/finance/news/remote-working-is-the-future-of-business-says-new-research-230008964.html Coronavirus: Half of managers say workers are more productive at home More than two-thirds of business owners and managers alike... — read more
Seems about two months ago the ability to leave comments were removed from teamworks articles. Any word on why? I’m assuming all the b–ching about pay/raises/bonuses compared to exec compensation. Note that this was mentioned as a team member... — read more
How quickly do you think they will start layoffs once the pandemic starts to wind down? I hear risk is on the table for job cuts despite the consent orders. They are waiting to pull the trigger because they don’t want the negative publicity. The... — read more