Thread regarding Wells Fargo & Co. layoffs

@10b "three senior members(around 10-15 years in WF) was kicked out on performance ground with no severance package."

More fake news. "Senior" members are getting kicked out, but its because performance and attitude problems went unchecked for years. One made someone cry they were so unprofessional; got an HR case lodged. It still took two years for them to get "displaced." That particular senior got severance, too.

Severance only exists so you wont sue the company. Its actually called "severance and release"

If someone does not get severance, its because HR feels their documented case is so strong HR is daring the employee to sue.

Notice that out of the tens of thousands of displacements, how few make the lawsuit news.

@bd - You are lucky . In our space I know three senior members(around 10-15 years in WF) was kicked out on performance ground with no severance package, Many more are just worried and nervous and waiting for their turn. Never seen this kind of atmosphere in WF before.

if they offer a buyout they have to pay severancce. Much cheaper for the bank to hand out hundreds of fake IM ratings and fire people. Fake ratings that lead to firings is quickly becoming the new normal due to the $$ savings. Get out before they kick out out

It is all by design. Every move is meticulously planned. Every single step the bank makes, is ALWAYS a business decision and is always about how to cut corners to make a profit. People post how they don't understand getting rid of good workers. Good workers cost money, and as long as someone overseas can do the same job for $3.00 an hour, what do they need you for? It's not just cutting you out, they do it with products and services. Taking away accounts customers had for decades because the bank no longer wants them having free checks, free money orders or free anything. Think of all the useful things they've taken over the last decade? Closing down drive through forcing customers into online services making it nearly impossible for seniors. They took away coin counters and creating cards in branch, ect. All to save money. They barely care about the customers and you think they give one squirt of pi-s for you? When they decided to put sanitary products into women's bathrooms in India locations, they bragged about it as if they were saints! They couldn't wait to post that good deed on their team members website. Pathetic. They won't stop laying people off, they won't stop trading your job for cheap labor or handing it over to AI, most of you will be gone in a few years. And I wouldn't be surprised if they eventually take severance away because they don't have to pay it. Leave while you can.

In 2019 I had manager offer to put me on the layoff list and I didn’t take it, now i could kick myself!

@bd HELLO DANBURY!!!

Took a package from WF @ 65. Best day of my career with Wells. Worked for First Union got laid off and accepted a Job in Charlotte with First Union. Found a job before the move. Collected my severance and told them no to the new job. Second best day of my career.

Bei has been pushing for this for years, to no avail.

It’s all by design or possibly incompetence since there’s a lot of stupidity in this company.

They want people to leave without paying severance.

If offered me a package to leave I’d take it in a heart beat. They could just offer older workers a severance package and that would leave slots open for younger people who might still have f@@ks to give.

@aj the top performers are doing your job, while you're busy being a malcontent on the internet. I foresee your future being fulfilled by a copilot prompt.

The do offer it for senior execs.

Because they think they are controlling who leaves and when. If they asked for volunteers, a bunch of people they dont want to leave would haul @ss out of here. And then they'd be embarrassed by the skid marks we all left on the way out.

They are quitting us, we don't get to quit them.

Tormenting people is free. Buyouts are not. It's really that simple.

@ah Exactly!!

1. It’s cheaper to Frustrate/PIP a person out the door.
   1. Quite a few of the people that want to leave are critical to the BAU.

@ag how many "top performers" are left at this poiny, after years of job insecurity and endlessly racheting RTO and toxic practices like stack ranking?

Cuz there’d be no one left

People who take buyouts are too often the top performers with job choices. Better to clear out the chaff and keep the top performers. Its difficult to "target" the right crowd with buyouts (you want to target the older, brittle crowd near retirement). People are complaining about "fake" ratings, but mostly managers were not managing, giving one sentence reviews, and letting a lot of poor performance slide. Those days are over.

@a4 i realize they are trying to encourage attrition,as well as more recently, manufacture reasons to fire people. But they're also still laying people off as well,to the tune of hundreds of millions of dollars in severance costs. I don't understand the logic of choosing to pay severance to people who may have been engaged and williny to continue working, while carrying the dead weight of people hoping for a golden ticket.

Simple. It’s easier to be cruel than it is to be humane and kind.

Greedy. Any dollar saved from severance package will be reflected in stock price, thus equity value for executives

@a2 sooooooo true

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