Thread regarding Wells Fargo & Co. layoffs

Unfortunate

I came to WFC via an acquisition.

I came from a top notch ethical company who treated their employees as assets and their customers as the golden goose. No fraud, no scandals, no forced layoffs (they offered voluntary packages), no assert cap imposed by the Federal Reserve, no CEO testifying before the Senate Banking committee, no forced ranking of employees, monthly 401K matches vs annual here, 401K match in cash vs company stock here, low-fee funds in the 401k vs high-fee funds here, 10% discount on employee stock purchase program, no Billion Dollar company stock buybacks necessary to manipulate the stock price higher, no offshoring of US jobs, no instability in the top ranks of leadership, no dividend cuts.

Yes - a good boss can make a big difference. I have a good boss, but he is cracking under the pressure to cut costs (no matter the consequences) and to pick which one of his loyal experienced employees must be laid off for no fault of their own. I also had an excellent supportive boss next layer up who was let go earlier in the year leaving my good boss under crushing stress.

Anyone who says this is a good company to work for is either:

  1. Young and terribly naive
  2. New and inexperienced
  3. Getting paid to say this is a good company to work for
  4. A Yes-man
  5. Doesn’t know or understand the facts about the company they work for
  6. Self-serving
  7. Thinks they are somehow special, and will be treated fairly where others are not
  8. Enjoys putting down people on a Layoff site
  9. Makes Executive pay
  10. Has zero integrity
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| 2752 views | | 22 replies (last November 16, 2021) | Reply
Post ID: @OP+1cvBTC8A

22 replies (most recent on top)

It was once a great company. But it slowly slid into unchecked corruption, unchecked egos, horrible adoption of everything DEI/anti growth/anti capitalism/and pro filthy lifestyles. And now we are paying the costs.

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Post ID: @1lhqq+1cvBTC8A

@nnm+1cvBTC8A
Nothing will put a stop to outsourcing other than an outright ban...but one side would scream loudly about that.

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Post ID: @1kphu+1cvBTC8A

You can love your job and not like what your upper management is doing at the same time. You wouldn’t give a cr-p if you didn’t like your job. Life is not a series of absolutes. You must be young yet or you would have learned that by now.

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Post ID: @2qwu+1cvBTC8A

You could always create fraudulent accounts and blame you were forced by your manager.

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Post ID: @2ued+1cvBTC8A

OMG y'all just need to hug it out.

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Post ID: @oat+1cvBTC8A

Post ID: @cok+1cvBTC8A

You are the one who said you like working here. You are wanting to work hard for a company who is in trouble with Federal Regulators. A company who is outsourcing American jobs. A company who is laying off 25% of it’s workers. What exactly does matter to you? Oh you like making a positive impact for YOURSELF. Sure. As long as it benefits YOU, all is good. Never mind all those pesky negative truths about the company. I get it more than you think.

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Post ID: @nnm+1cvBTC8A

@kuo+1cvBTC8A

You are the straw man executioner. I actually didn't say any of that wall of text that your attributed. Now get back to work and stop wasting so much time pigeonholing / bullying people.

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Post ID: @cok+1cvBTC8A

@zzv+1cvBTC8A

I guess you stopped reading before you got to the part of the wiki (joke of a source, but hey, let's go with it anyway, just for giggles) that clearly says "The term has also been applied to certain male behaviors". Did you just think that no one would bother to look or...?

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Post ID: @jua+1cvBTC8A

Post ID: @slt+1cvBTC8A

Well let me project your responses based on how I answer the question:

  1. Yes I quit. “How sad that are still on this site if you no longer work here.”
  2. No I still work here. “Why are you still working for a company you say is so terrible?”
  3. I’m holding out for my severance package. “ You’re part of the problem!” “Any one who would stay for the severance package is here just to get something for nothing,”
  4. I still work here, but have my resume out. “Oh, so you’re not skilled enough to find another job, but you’re still complaining about WFC.”
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Post ID: @vhy+1cvBTC8A

Post ID: @btc+1cvBTC8A

Karen: A racist white woman who uses her privilege to demand her own way at the expense of others.” --Wikipedia

Wake up to your own “unconscious” sexism. There is no make equivalent, unless you want to enlighten me.

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Post ID: @zzv+1cvBTC8A

@kuo+1cvBTC8A. Did you quit?

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Post ID: @slt+1cvBTC8A

Post ID: @tmz+1cvBTC8A

So you ENJOY working for a company that is under an asset cap due to fraud and lack of over site, you ENJOY working for a company who has committed to laying off 1 out of 4 of your coworkers, you ENJOY forced rankings (you’re a 4, but sorry - you’re manager has to give out a certain % of 3’s), you are A-OK with working for a US company laying off US employees and sending those jobs to India and the Philippines, you AGREE with a CEO who is spending $18 Billion on company stock buybacks rather than spending money on new technology and long-term improvement of the company you enjoy working for, and constant instability in the top ranks MEETS WITH YOUR APPROVAL. Got it!

Sorry, but you just keep proving me right.

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Post ID: @kuo+1cvBTC8A

Post ID: @ncg+1cvBTC8A

Op is just pontificating. Just another worthless post that proves nothing and benefits no one.

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Post ID: @mfn+1cvBTC8A

So with this list you are saying there is actually no positive reason for someone to like working here. Well, you are full of *hit. You represent the haters and not the people who are wanting to work hard and make a positive impact for themselves.

I am not young or naive but I like working here. I have been treated fair and worked hard to earn that. I am not paid to say I like it. I am paid to do my job. I understand the facts very well (which is where most of the comments here go wrong). They lack fact and contain mostly negative opinions. I am not special but I work hard and earn what I ask for. I do not ask for things and then not work to deserve them. I have a ton of integrity and I will never blame others for things that I can control or impact.

Not one fact in this list:
Anyone who says this is a good company to work for is either:

Young and terribly naive -
New and inexperienced
Getting paid to say this is a good company to work for
A Yes-man
Doesn’t know or understand the facts about the company they work for
Self-serving
Thinks they are somehow special, and will be treated fairly where others are not
Enjoys putting down people on a Layoff site
Makes Executive pay
Has zero integrity

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Post ID: @ncg+1cvBTC8A

OP here:

Correcting your statement:

My post doesn’t mention that today’s problems only apply to the new CEO. My intention was to point out the truth about WFC beginning with the John Stumpf era. (If you knew more about the firm you work for, you would have recognized that.) I am criticizing the firm as a whole, and agree with you regarding old -school problems regarding sexism and racism etc. Based solely on your comments - you do sound young and inexperienced (not your fault), and you enjoy coming to a layoff site to put people down (your fault.)

Thank you for responding, and thank you for proving my point. 😉

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Post ID: @ekm+1cvBTC8A

Post ID: @pqf+1cvBTC8A

OP did not call anyone “horrible and or liars”. Keep your facts straight.

Also no one respects the POV from someone who uses internet slang that is derogatory towards women.

Your comments unintentionally support the OP’s post.

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Post ID: @bfa+1cvBTC8A

Post ID: @pfv+1cvBTC8A

If you call citing indisputable facts “lacking imagination”, that means you do not know how to contend with the facts in an intelligent manner. Banks deal in numbers and facts, not fairy’s and unicorns.

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Post ID: @wqk+1cvBTC8A

The real problem with this company isn't the new CEO, but people who have been acquired from company mergers/buy outs. After working at Wells (before the new CEO came) it was clear the culture of the company was a problem. In my department alone I over heard do many racist, sexist, ablist, and homophobic comments from people who have been at the bank for 15+ years with no desire to improve themselves.

So the OP just sounds like another underachiever that I use to work with.

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Post ID: @tmz+1cvBTC8A

Sounds like someone needs to go work for a Wall St. firm or an aggressive start-up. This is just another monolithic American corporation desperately trying to figure out what to do about losing market share to Fintechs while running under an asset cap. Expense ratio is just low hanging fruit.

Based on my past experience with consultancies and banks, it's no worse and no better than most others. I'd be inclined to think OP is a 1 or 2 on his own list. Go and take a look around.

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Post ID: @qqk+1cvBTC8A

TLDR translation: if you don't agree with me completely, you're horrible and/or a liar!

Fantastic analysis. Back to work Karen.

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Post ID: @pqf+1cvBTC8A

I love my job and therefore it's a good place for me to work. Your list lacks imagination.

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Post ID: @pfv+1cvBTC8A

Seriously, I don’t think even Charlie would say, privately, that WFC is a good place to work under his leadership. (Unless you’re one of his buddies who came over for the short-term stint and massive salary bump.)

I’m sure he knows the impacts of his decisions on the employees. He is paid in the tens of millions of dollars in salary and stock options to makes changes despite the impacts on employees.

If I were Charlie and I heard someone rah-rahing about how much they enjoy working for WFC under his leadership, I would fire them immediately for not having any situational awareness.

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Post ID: @oft+1cvBTC8A

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