Thread regarding Wells Fargo & Co. layoffs

@pa says "and the OC recognizes they're not introducing any risk by laying off and hiring cheaper, younger employees." well, they are introducing risk.

@cf you are an id--t.

I've said this before and will repeat it; I'm senior enough to know how the OC thinks and the facts of life about Banking in general.

1. The OC doesn't care about talent retention. What they consider 'talent', are just those who have kissed their a-s the best.
2. For 90% of the jobs in Banking, you don't need tenured, top-performers. Wells is overfilled with these types of people and the OC recognizes they're not introducing any risk by laying off and hiring cheaper, younger employees.

The OC has no problem making our collective lives he-l to save a penny or two so accept this immutable fact, and hold out for a package (until they reduce the severance benefits) or find another job.

I remember when I first joined the company. I inquired of my manager what it takes to achieve the highest ranking. A manager said, only God could achieve the highest ranking.

@ca this is definitely a thing in my group and my stellar manager makes a point to remind me of it in nearly every 1:1. A bunch of people have already been laid off as the offshore presence continues to increase. Up until about early 2024, this was a completely foreign concept to me. I honestly think it a symptom of the JPM / BofA cucks they are bringing in.

I hate what WF has become.

In order to effectively rate your directs you have to have defined KPI. In order to have defined KPIs you have to know and defined your processes in an objective measurable way. Now at Wells Fargo have you defined your processes? Do you have objective measurable KPIs? At GE they used six sigma processes to defined this. Even there rank and yank was disbanded. (and look at the GE/GEV stocks!). At fearful WF (where bullies thrive...) . At this bank there is only the bully process. The result is a toxic environment. The future. You can only Yank without the rank for so long.

Illegal?

The only reason this admittedly imperfect ranking system exists is because incompetent clueless managers would literally never hold any of their poor performing employees accountable otherwise.

Every year I hear this. There may be groups where it's a thing, but not in mine. I rate my people and provide justifications. Sometimes in calibration and exceeds will get dropped or they will demand a lower rating for a person with a corrective action than I recommend, and these things can be BS, but I have never been asked to rank my people relative to each other. All the meets are just meets. Sure, if you read the review the metrics differences between one employee and the next might suggest which one is performing better, but there was no stacked ranking or forced ranking or whatever people call it. I have no knowledge of other groups, maybe they are doing it, but not all.

@OP “ Between layoffs and firings departments got rid of low performers ” you have no clue on this part. First, most are getting laid off. Low performers get fired that is true. Laid off is location based, political, and lastly performance based. Know the truth before spouting.

Ranking is an old idea from the 90’s that was proven not to work. Other companies saw that a team of high performers would split up and go work in teams with bad people so they could guarantee a good rank. Microsoft and Motorola dropped it but we are so far behind that this is the cool new idea.

Decades of exceptional performance reviews in the past are not any indication of any entitlement these days. They are now a farce.