What is the estimated or projected number of lay offs for 2026?
18 replies (most recent on top)
Right around 10,000 this year. Down vs last year, but proportionally similar to the prior few years.
Mass layoffs can get the bozack, but I must acknowledge that the WFC stock price is performing well - even with all of those departues and disruptions. I've made a buck or two this year with it.
WF needs to layoff those parasites undermining the foundation of the company. Bad managers who have no management skills and technical skill needs to be fired because those bad apples would do everything in their power to keep their positions at the cost of the company. One of them is over 300-pound unmarried woman without kids who works at home playing with her dogs in her bedroom everyday. She is taking advantage of the company and other hard working employees by kissing her boss's butt and blaming everything to other people.
More and more each week is my guess, 🏦 banking is a dying industry and career choice, I did it for many years and happy to be out.
Best to everyone impacted and hope you find employment 🔜..
Do not forget the 100s or more now being fired for fake performance reviews!!!! HAPPY Holidays! NOT! It should be criminal what Charles Montgomery Burns Ebenezer Scrooge Scharf is doing! I pray he gets visited by the ghosts of future, current and past so he sees the damage he has inflicted, and the blood on his hands from those who have died young.
With all these responses citing headcounts at various points - you have to keep in mind ALL the hiring from JPM (and even sometimes elsewhere). The actual # of WF people being laid off is much higher than the total headcount.
@c8 this tracks, especially when you consider that we have heard the most layoffs HR can process in a cycle is 1000! With layoffs being the week before every pay period, so 26 layoff cycles a year, and a max of 1k each, there's the ~26k per year. So sad.
You don't need to estimate, go look at the earnings reports where headcount is reported every quarter. By mid January all of 2025 will be available.
@aw say its 15K is the target. But there might be more targets. Let me explain.
Going from 290K to 220K employees describes the Reduction in Force (RIF) target. Does this mean that 70K US employee or ~15K per year, get laid off in 5 years? It doesn't. Something more is going on than an US RIF -- and that is US Employee replacement. US Employee's are being replaced by India/Philippine based employees and/or contract -foreign personnel and AI. What does this mean? First lets take AI replacement out of the picture. This bank is so far from replacing employees with AI compared to other banks. Without a BE surprise coming out of the skunkworks in Columbus I don't see AI replacing employees at this bank for several years. CS will "study" AI and make sure there are no risks -- typical of a fear driven bank.
The real scandal is the non-US Ratio increase. So lets say we have 290K employees - 5 years ago. Say 29K were non-US based so the 10% were non US. This leaves 261K US employees Now during the time there is this RIF but there is also an increase in non-US base employees from 10% to 30%.
So five years later there is 220K employees, 81K are non-US, 139K US. So in 5 years we have gone from 261K to 139K US employees. The US RIF is not 15K/year but more like 25K/year ((261-139)/5). Chainsaw is not only eliminating US employee jobs but also replacing them.
Now all of these figures are guesses. And I am sure one of those bully managers that troll this site will try to cast some shade. The fact remains -- efficiency has been sold as a simple reduction in force. It is not. You need to consider non US citizen job replacement.
Q4 severance will spike
Charlie in 5 years brought it down from 290K to 220K -15k each year seems to be the target and in 5 years we shd be 150K plus AI
Indeed shows 3,328 jobs available in India and 21,323 in Manila. Why do you need lawyers? Cost of living is 1/4 or 3/5 is less than the states depending on venue.
We should start a class action against WF malpractice in employment https://www.classaction.org/search?q=Wells%20Fargo
Found an existing one but it is for a specific location at Winston-Salem, North Carolina
Not sure if the location matters for a class action.
Wells Fargo WARN Act Investigation - Strauss Borrelli PLLC https://share.google/mYdfqwD0GSUIIB8o2
Thousands this year .. we need one more.. guess who the lucky winner is chuck?
100's can't even keep up.
not as many as they should have.
100!
Not sure 🤔 but I bet a bunch, in the thousands.