In case you haven’t heard, severance is no longer funded by the company at corporate higher level. Organizations have to absorb those costs now. Those orgs are not going to be as willing to lay people off vs just firing for whatever reason they come up with.
14 replies (most recent on top)
@ea is correct
@bv there won’t be money leftover. Targeted reductions exceed available severance dollars. Hence - termination with cause is the new lever to pull.
I'm wondering if the LOB was given a pot of money and then told to "make it work". Would be nice to understand if they have extra money left over, what happens to it. Meaning, they will be incentivized to fire, not lay off if my supposition is true.
All hands call and Layoff call every 2 weeks from LOB head . You will invited to only one not both. So don't complain.
Ok, so CSuite level makes layoff decisions with McKinsey and the bill for severance goes to the department impacted by said displacement ? This is WF defined.
I am a tw--k who was hired in 2024. Who will sever me timbers?
My manager confirmed this is true
Source of this information?
Yall aren’t understanding. It’s the source of funding for the severance. It used to come from so-called top of the house. Now it comes from org/lob budgets.
Okay. So if that was true the target population would be:
1 Newest Employees with little to no severance. Lifers are safe. California is safe due to generous severance period
i dont think it's true. package should be aligned across wells fargo since in such a big company.. no matter you are vp or a teller.
how ever i heard they are considering to cut the package to half for ppls let go later this year..
So organizations are going to decide what severance package looks like then?
Source?
Class lawsuit awaiting