Thread regarding Wells Fargo & Co. layoffs

They owe us nothing, and likely will pay us nothing when it comes to severance during a time of MASS layoffs.

Severance packages would be more likely during SMALL layoffs. But we are not in that situation.

A likely scenario (tech guy here) is that they outsource certain functions (thinking IT units), but that is pure speculation - I have no interal knowledge of what the "leadership" is doing. Just what I have seen similar large companies do in similar situations, and thinking that WF will act in a similar manner.

• * If I'm cut, I fully expect I will receive absolutely nothing from this company. They have no obligation to pay a severance to anyone... except Charlie who probably wrote it in to his contract, along with his penthouse in NYC and his ability to work "remote" in a location that has historically not been a key location for Wells.*___

Sadly, this is true. They are NOT obligated to pay any of us severance at all. It would be nice and helpful, yes. But we are not owed it.

@osl, I agree. Then, OP says they don't know how anonymous this site is and blah, blah, blah... Just let us know if they are reducing the two weeks for every year worked to one year or is it something else?

Since those that make over $250k had to have a hissy fit and complain about the 401k match, it wouldn't surprise me if WF makes cuts to severance. At the end of the day, WF will still get to its $10 billion in cuts...

@rpj+17Aop8oF. I believe you. Can you please provide more details? I doubt any1 would know who is posting if you are using a personal computer or cellphone. I don’t think Wells has you personal IP addresses stored in their DB. And if they did it would be a violation and more lawsuits. Anyways, when you say changes are coming, do you mean they will reduce the severance from 2 weeks per every year worked to 1 week?

Actually the August 2020 handbook calls severance “salary continuation pay” and this has been the term at Wells for a long time. It’s just difficult to believe someone who doesn’t even use the correct terms but claims to be directly involved.

I just don’t think HR should be doing anything to employees at all until the asset cap mess is lifted and several years have gone by where the bank hasn’t committed fraud. Employees have been through enough.

OP- as long as you're not using your work computer to write this, you'll be fine. What are some details you could share? How significant are the changes? To be honest, they were already pretty crummy unless you've been here longer than 10 years. If they're cutting those payments (especially 15+ I would say good) no one should get a year of severance from a company.

OP here – it is separation pay and it is in the handbook. Hardly any companies refer to it as severance anymore.

And I didn't say NO severance. I said changes (significant ones coming). It's sad people don't take the time to read anymore.

I would post the details of the plan changes, but am not sure how anonymous this site really is.

Believe what you want. I'm just trying to inform on this site.

Fake post – file it with all the other phony posts claiming "I am a vice president" or "I work in HR."

Not sure if this post is real. Wells Fargo doesn't call severance pay this term nor does it use the term separation pay. It is a benefit that you can read about in our Benefits Book that gets updated annually. So, could it change? Is it likely to change? Yes to both.

The OP seems to be encouraging attrition.

That would help Wells.

Even if true, this is a very suspect post.

Risk vs reward, cutting severance is not much reward for WFC but is high risk. Reputation, lawsuit, attracting talent, dumping of sensitive information, etc.

If I'm cut, I fully expect I will receive absolutely nothing from this company. They have no obligation to pay a severance to anyone... except Charlie who probably wrote it in to his contract, along with his penthouse in NYC and his ability to work "remote" in a location that has historically not been a key location for Wells.

@tHeHEcklerActual I do hope that a lot of people expose this place on their way out the door and do as much damage as possible, but I mostly liked the Star Trek reference lol

tHeHEcklerActual
BS

• so, from a risk perspective, why would Wells Fargo cut severance? Here’s the breakdown. 60 day notice (30 working / 30 not working.. with the possibility of callback), and two weeks severance for every year of service. Modification of either or both of those attributes will, of course, equate out to less time to find new employment and land on ones feet.

Like everyone else, I’ve been working from home. I work in risk so I have access to shared drives, databases, and Sharp reviews and findings that aren’t widely known about outside of management and their handlers. Do I handle this data? Nope.. but my entire group stupidly has access to it. All 1250+ of us. It’s not password protected. No way to tell who’s seen it, copied it, taken pictures and video of it. What happens if you start laying off people without a safety net? Crazy stuff! Like untraceable data dumps with information so damming that It sends stock prices screaming to zerO. Won’t that be fun?

It’s a balancing act, for sure. A balance of terror. No severance means nothing to loose. Always plan ahead. The sky will always fall eventually. Always quietly collect the unpopped kernels of corn.. they hurt like Hell when they get stuck between teeth. Leverage (some call it extortion) is always a valid form of workplace insurance. What do you know? How much do you think it’s worth? Cut severance? There’s no incentive to not blow that whistle if they do that and you’ve done your due diligence. You can’t be expected to sign an NDA if there’s nothing (a severance) in it for you, right?

Wells Fargo isn’t that stupid.. but if they are, blow that whistle and watch it burn.

I heard it was going to be cut.

Fake news

It is easy to see through this. Someone who knows anything either would be more specific or not say anything at all.

Let’em cut the severance. Remember the reason for a severance payment is so you go away quietly and sign away your rights to sue the company. The current severance plan has been cut twice before and I seriously thought about not signing it. If WF mgt thinks cutting it further will work, my bet is most wont sign the agreement and will chose to retain their rights to sue.

Details???

“The 2021 changes will likely jump start the sizable "organic" attrition WF is seeking” Is it possible to have a not organic attrition?

@via+17Aop8oF, if you were hanging out for a severance package and oops, the severance package went poof, maybe, just maybe, you would reach the end of your rope, say screw this, and quit.

Particularly if you were putting in 60 hours per week to cover the work previously done by people already laid off.

Maybe.

Are you in HR?

Were you involved in the now reversed 401k changes?

You guys should really call the Fed before you do anything else, it doesn’t seem like you have any adults in the room.

Right, because less money is the onus more people need to quit.

If you’re going to troll, at least troll with something that my 7 year old couldn’t see through. #Weak

Now that reversal on 401k has been done, those funds will have to be made up elsewhere.

it only makes sense that OP is right.

Lol whatever dude