et tu, Wells?
eligibility: age + service years >=70
27 replies (most recent on top)
@dz Yes. They want to fire and pick the Pennies off the floor. 30+ years and you forced to leave by being told you are a terrible employee for the first time in your career. They don’t want to pay severance, much less a buyout sweetener.
@bd what makes you think that's going to happen? The only ideas Scharf ever has are ones other battle-tested CEOs have decided to implement. The guy is absolutely a follower.
@dq Not 10% of employees, but 10% of the targeted population. The ultimate impact on EJ employees was less than 2% of their total workforce. Not nearly enough to hit the kind of numbers Charlie wants to hit. Aside from that I agree with you, treating employees like adults and offering a dignified exit path just doesn't jibe with Charlie's hatchet man approach at all.
@dr I think the executive team has already run up against the reality of the current job market when it comes to chasing attrition. That's why they're shifting strategy to manufacturing reasons to fire people for performance instead. That's not to say they won't implement more days in office or other painful monitoring tools, but at this point its less about trying to spark attrition and more just about flexing on employees
@bd More days in office and reduced benefits are coming to WF regardless of what other companies are doing. Executive leadership has demonstrated (repeatedly) that they have no respect or empathy for US workers. They want you gone, and they'll make things as nasty as they have to in order to get you to quit. They. Don't. Want. Us.
10% of employees would be more than HY is downsizing per year, and since that's "worth doing" every year, the voluntary approach seems valid. Doesn't matter anyway, buyouts go against everything Shart believes in. He'll never do it.
@cm+1kpxnw2dg if HR is in India, we need to make that go viral. Not that I doubt for a second, after all they did put a CCP asset in charge of HR for a while. And now she's moved to DLP of all things.
@b2 that's because HR is mostly in India too. I've had to call a couple of times, even the recording is of someone with an Indian accent. They never answer the questions, they dance around the answer because they don't know anything. They just read from some FAQs script and hope that it sticks.
We should be careful on asking WF to follow other companies. Because it'll be 5 days a week in office or reducing benefits.
I had 15 years over 70 and got inconsistently meets performance objectives on last review and they hope to boost Charlie’s option price without paying severance or package. Meanwhile hiring in India at 10 times rate of US.
Wells Fargo HR department is the worst. They can't think for themselves. Maybe they will see what Microsoft is doing and get a clue.
India social media scrubbers have entered the chat
@as I would bet this firm would have higher percentages taking it. I know people who are only in it for healthcare and having to make up for having a decent pension wiped out mid-career. Meet them in the middle and it’s a win/win.
Pick me, I meet that requirement with a 5 year buffer.
Ed jones offered voluntary separation packages last year with the rule of 70 eligibility. Less than 10% of the people offered took it. Most are not old enough to retire & but too old to start something new. The financial industry job market su-ks.
@ab look into shared health plans! I never knew they existed until recently. Much cheaper option.
They are way too cheap to do this. They will continue to sell out to the lowest bidder (India) and make life as miserable as possible for those that are still here.
@a6 Funding the cash balance is a tax advantage to the company and a win to eligible employees. They should look into doing what IBM did.
@ah people *aren’t leaving
@ag Because people are leaving and you can only fire so many people before the lawsuits start coming. Offering this type of buyout would cost the company less over time and they would make the shareholders happy. Just off the top of my head.
@ab so, pay more? Why would they do that?
Only Sr Mangers are offered these perks
Please 🙏
If I could get health care that is realistically affordable l would leave tomorrow. Maybe they should do something creative like offer subsidies for health insurance part of the package and let you buy into the work plans.
https://www.cnbc.com/2026/04/23/microsoft-plans-first-voluntary-retirement-program-for-us-employees.html
With the sour job market likely halting attrition in its tracks, this has to be a more and more attractive prospect. You can only push the "manufacture reasons to fire people" strategy so far before risking legal trouble.
Would be nice to work for a company that viewed its severance commitments as an actual obligation, rather than something to be dodged as much as possible.
They should consider it. Make the pension whole back to when it was frozen and subsidizing healthcare until Medicare —-I know I am dreaming—and poof, I am gone! Could save them on lawsuits not to mention the positive PR.