In 2026 WF is moving the cost of severance packages to the line of business. LOBs are not funded for this cost and will instead force terminations through low performance reviews. Displacements will be delayed as each LOB works through this process. This is so sad, many good people will be forced out due to 'low performance' who truly deserve a package.
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@aj I had 2 ICs out of nowhere. Previous to that I had a spotless performance record for the last 10 years. I was terminated. No PIP. No warning. No severance package. It’s very real. I’ve spoken to have to several others. Same situation.
@c0 he-l yes
@br Elimimating salaries and severance is what counts
@at I’m with you and being bullied do I quit. It’s so toxic
@b3 yes the budget has been set. But it’s nowhere near the $$ needed for the size of cuts that are being asked for to achieve “efficiency”
It is real. They are pushing at all levels for terminations without severance
There are 15k-20k more left to go to hit the headcount goal. Talent retention is a pre-pandemic construct. Revenue generation is what counts.
@OP
You people are so full of it
@aj "lots of fear mongering on this board" -- agreed. Its actually only one person. I had AI review the sentence construction. The severance amount for 2026 has been budgeted. The executive management have explained this cost to the bod and to the public. If the amount couldn't be handled they would decrease the weeks or do some other things -- they have not. A bank that encultures fear, creates people like the OP.
Seems to fit what seems to be generallygoing on. As one of those that got tagged with inconsistently meets, the entire attitude from my manager has changed out of no where. Seems to be coming down from the top.
I can see this for IM, but it's very hard to do with IC. You would need at least two annual IC's and even then, I'm not sure its possible without a PIP or some kind of corrective action. Lots of fear mongering on this board.
@a3 It's not just retention, but recruitment also. Then there is the overall optics of it. Throwing people into homelessness becase you want to buy more stock back and juice your compensation is risky for reputation.
Half this board is comprised of people bragging about doing nothing and hoping they get let go for that sweet severance package. You really think WF is worried about "retention of talent" when thats a common sentiment among its workforce?
Companies generally aren’t required to offer severance packages, but the practice is widespread for a reason. The concept of the safety net helps with retention of talent. It figures into the risk/benefit analysis each one of us needs to perform for ourselves when we gauge whether it’s “safe” to try to ride out this transition period at Wells. If the firm is now cynically manipulating the concept of performance reviews to dismantle this safety net and toss people onto the streets, the calculus has drastically changed. It’s all the more urgent for the risk-averse to pull the plug and leave ASAP.
@a1 This wont work at WF, complaints to HR, Manager Advisory, Ethics are not actioned and are explained away.
File a report with ethics.