Everyone just sits around feeling unsettled all the time week after week just pull off the damn band aid and do all the layoffs at once the bad press will pass and WF will just rebound as they always do cuz they are too big to fail
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@a5 what was the botched technology rollout in risk? I’ve been at WF a year now, but I don’t know what you’re referring to.
As soon as they offer up that years worth of severance, I'll be on my way. Not before. I laugh at their pathetic attempts to torment. It's so transparent. I just don't care anymore. Just start writing the checks.
It's the #wellsfargoshitshow. Like it or leave it guys. Nothing will change just corporatism.
Your suffering is the entire point of the strategy.
@a5 which risk technology project are we talking about? Vasara? Minerva? Something else?
They can’t figure out who to layoff and they can’t rely on biases of corrupt managers. It has to be more methodical but it needs to start with reducing management count. We are so lob sided with legacy management.
@az I imagine, and I could be wrong, that he has oft brooded in an ivory tower above the Hudson, staring west to where the footprint is. He has su-kled on his own experience and hubris to believe this is no more difficult than building a ship inside a bottle (yes, his hobby, and that alone should say a great deal). He thinks it is all just numbers and widgets, and inconveniently many of those widgets are humans. A house divided cannot stand. Nor can a house of Scharf’s.
@az yeah shart couldn't care less about morale. same with the board that keeps paying him crazy amounts.
The fatalism and apathy are getting more deeply ingrained every year this continues. I think shart had this fantasy that he could just get rid of all the old dogs and the newbies would worship him and his plan, but even people that have only been here a couple of years are coming to the realization that there's no future here. He can never downsize his way to greatness. My guess is, he'll get us down to 100k domestic employees and then pull the rip cord on the golden parachute so a real leader can come in and actually grow the business. At this point, it's impossible for morale under Shart to improve.
@ae same and using the term coasting is generous. I don’t see anyone working because everyone I’ve talked to is completely fed up. Never seen anything like it.
@a4 As a multi-decade employee who used to take pride in never making mistakes, I now give what the current management team has given me, nothing.
I'm coasting in wait for a package, or a better offer from another company.
WF wants us all using AI, so I've been training myself to use AI to help me find the next role with a company that actually values its employees.
What a novel idea
The company cant afford it. Severance is running 650 million a quarter.
Its worse than the layoffs. The Global Employee survey was used to correlate Employee responses with RTO (no: the survey is not anonymous).
Plus you have the performance ratings where 70% get meets and 14% automatically get IM.
So now the culture is communist: Say nothing. See nothing. Do nothing except the minimum. Wait for the boat to take you away. 10 million dollars on a botched technology rollout in risk, comrades dont get fired so long as they tow the party line.
I really wonder about the effect that rolling layoffs for 24 quarters straight has on employee engagement. Hard to be invested much in the success of the organization with the sword of damocles hanging over your shoulder for that long. Anecdotallly, everyone I talk to is just in survival mode. Its going to take years for the organization to get back on its feet once charlie finally meets whatever target size he's aiming for.
The argument always made here is that WF doesn't have enough capacity in HR to handle that volume of layoffs.