Yesterday afternoon ~15 long tenure coworkers showed the dreaded "zz" email addresses. They were from both small business deposits and digital, some but not all, worked remotely. WF is in a downward spiral cutting loose TOP TALENT to reduce expense. It's painful to watch the impact on our friends, right? I can't wait for "the meeting" to start a new life chapter.
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Citi is cutting deep as well, just like all the big banks. Banking is transforming, and it's going to have dramatically fewer on-shore jobs going forward. The best bet is to take your skillset and transfer to another industry, or to pick up new skills in a new industry entirely. Banking is largely done via software these days and as time marches forward, all banks will be virtual and not require hardly any employees.
C-suite's plan is to wreck this company slowly and before the total implosion is done, they leave with millions and leave the mess for someone else to clean up. They don't give two f--ks about it they already got paid.
would love to see "zz.charlie.scharf@wellsfargo.com"
Well, we can always apply for jobs at Citi.
More #wellsfargoshitshow from Charlie.
Fun fact. if you know you are getting let go and keep your computer from lock screening, you can see yourself with a ZZ in front of your email and even keep on sending with the ZZ for a while. Of course they eventually flip the Killswitch and that goes away. Worked for me in 2021 at least.
They are cutting many middle to high management jobs. Yesterday they announced several layoffs in the wholesale group including folks from specialized industries, global advisory and credit teams.
It is very hard to watch your friends lose their jobs. I don’t even like to think about strangers losing their jobs.
No group is immune in the end, they'll get around to every demographic before they are done.
Whoa! Don't you know top $$$ titles are the new black?! Talent?! We don't need no stinkin' Talent!
They are cutting the older employees