How they've convinced us they are a fact of life and we should accept them. And that might be true, but for occasional layoffs, every few years or so. Not constant layoffs that happen every single month. That is not normal and it shouldn't be accepted as such.
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Totally agree. Employees should not have to worry about being laidoff for 5 years straight every other Tuesday. We actually have layoff tuesdays, like as expected as getting paid or eventually not getting paid, every other Friday. Obviously, something is majorly wrong and corrupt with this regime. Also, some say we are not efficient as other banks so need to layoff, but problem is there are many who have no work all day and keep their jobs because they are in a "hub", while workers who are swamped with years of experience are getting the axe. Makes no sense at all. Can't wait for my last day to watch WF fail by getting rid of the wrong people and actually thinking that India can pickup these jobs. We all know, India is only sent the easy work because they can't think out of the box. Decisions on layoff have no thought behind them. But then what does one expect since Charlie and his cronies took over!!!! They have no concept of what is actually going on and what will really save this bank.
"There has been so much propaganda telling us we're lucky to have rich people giving us jobs, and it makes no logical sense."
When was the last time you got a job from a poor person? Unless you work for yourself, probably never.
And I hate how we normalized reading these livejournal entries posted here on thelayoff.com; We are not the same.
zkv+1p7r4LYD: Let’s do the math on executive pay. Reduce executive pay by $20 million changes the number by .02%. Not 2%, .02%. Wells Fargo needs to reorganize for greater efficiency.
@qhe That just tells me that our "big g-ns" ain't pulling their weight. Maybe chopping a few million off of executive compensation packages would up that number.
Bank of America revenue per employee is $430,000; Chase revenue per employee is $416,000; Wells Fargo revenue per employee is only $310,000 per employee (data right off Wikipedia). Wells Fargo is bloated and needs to reorganize its operations.
The only people normalizing layoffs are the ruling elite.
Nobody else thinks they're normal. Studies show that the only motivator for industry-wide layoffs is FOMO from the executives after one company starts doing them.
Stop talking about unions and find a union organizer who knows what they're doing.
This is not just for Wells. People who say we need to go back to the good old days are talking about the time when 30% of the USA was in a union and the marginal tax rate on the very wealthy was 90%.
The GI bill and unions built the US middle class and America propered.
Hollywood actor turned POTUS stopped enforcing the Sherman Anti-Trust act, and along with the choice to make ROI for shareholders the supreme mission for American corporations, has given us a stagnating middle class since the 80s.
CEO's used to make about 40 times what the average employee made, now it's 400% or more.
The wealthy are not job creators, we are when we spend money. Some billionaire rocket boy can build a factory (and FYI, they usually do that with other people's money and tax breaks, often even with tax money) but if we don't buy the product, the factory closes with the jobs.
There has been so much propaganda telling us we're lucky to have rich people giving us jobs, and it makes no logical sense.
American businesses used to have some sense of oblication to their community, but now, everything is owned by hedge funds and Wall Street and the money all goes back to them.
I am a fan of capitalism, well regulated so it doesn't eat itself. We don't need to go back to the 1950's, we just need to get some balance back between shareholders and the communities that our wages support.
It was normal at my prior companies, which were Fortune 500. I think WF was an outlier with so much retention during prior mergers.
#wellsfargo shitshow
@hgl+1p7r4LYD
Thanks for your thorough, well rounded, well thought out opinion.
Now, stop using ChatGPT and tell us what you really think.
Well, CS is not going to change. He is just like the rest of those in the "ruling class" around the globe. They exhibit the dark triad of personality traits. That is how they made it to their level. For every successful CEO, COO, etc. you have people with stories about how they mistreated people to achieve their status. They did not get their level because they were friendly and agreeable. Yeah, they might have been hard workers, but in doing so they were highly disagreeable people that were good at politicking the right people! What have we seen from the majority of them? Most make it a few years and get pushed out under the "wanting to spend more time with "family" excuse.
In assessing the current situation at Wells, it's evident that the organization has been grappling with long-standing issues, with employees enduring suboptimal leadership, which can be likened to inept facilitators. These management and architectural inefficiencies have persisted for an extended period. The arrival of new management, drawn from JPM and other leading banks, has highlighted the pressing need for change. The fresh leadership is keen on collaborating with a newer generation of talent, irrespective of their origin, including the possibility of hiring H1B visa holders or offshoring positions.
This imperative for change has led to layoffs, a move advocated by the incoming management and supported by various stakeholders in the business community. The rationale behind these layoffs is the pursuit of enhanced business efficiencies. While this may hold true, it's crucial to consider the frequency and scope of these layoffs. Constant, monthly layoffs are far from conventional practice and should not be normalized. Rather, they should be viewed as an exceptional strategy, only to be deployed periodically, every few years, or under specific circumstances.
At the heart of this transformation lies the imperative to overcome the persistent scandals that have plagued Wells. Despite previous efforts, these continued scandals underscore the inadequacy of the existing processes and reflect negatively on the management. To rectify this, it is vital to eliminate the old, disorganized, and unprincipled processes that have proven error-prone. The introduction of innovative, efficient methodologies, such as Agile, has been attempted but not successful.
Agile into the process was attempted -- but more was needed. This is now being replace by the opportunity to revamp the architectural framework, incorporating AI-driven banking models to ensure a more resilient and forward-looking organizational structure.
In conclusion, the Wells organization must embrace change, focusing on eradicating inefficiencies and continuing scandals. This can be achieved by periodically addressing staffing issues, promoting business efficiency, and consistently upgrading processes and technology to create a more agile, scandal-resistant, and effective organization.
Very true and very well said. But, I also think they are doing it this way to affect morale in the hopes to drive attrition so that they don't have to pay out as much severance. It is really sad.
Post from TheLayoff.com
Very well said 👏
Agree. Businesses routinely evaluate expenses and look for efficiencies. 100% get that. But most everyone I talk to at WF in various business groups now have a constant fear (or hope) of a layoff. This affects productivity and morale. A good business would be able to plan to do layoffs at an annual cycle or something similar vs every other week. It has been an awful way of work life here at WF under CS!