Thread regarding Wells Fargo & Co. layoffs

fpg+1itpWuv9, wtf???? They can MAIL the birth certificates to you. They do it all the time!

I want it know that our CEO announced every one of his high level hires EXCEPT the con of Jpm's CEO. First into a special consultant project, now running his own area. NO announcements, no explanation, no comment on this very real conflict of interest.

How badly the Transformation is going.
Failing model of the new way to work
The farce of a CIO winning an ORBIE for doing nothing .
The layoffs
The offshoring of jobs
The operations debacle
The failing HR organization
The Toxic culture
The tone deafness of cio and his buddies

WF is intentionally making employees lives as difficult as possible so they quit to avoid severance.

How about the regulatory issues we will be facing as teams are being forced to identify 30-50% of employees to offshore to India and Philippines? Regulators already had a field day when our division was moved from Corporate Risk to Operations - imagine what will happen when they find out about this...
This bank is not too big to fail. It's too big not to be regulated effectively, and it's too big to remove so much income from the U.S. economy (especially in the face of a recession).

@hyi+1itpWuv9 Dude, the sales practices thing was astronomically worse here than any other bank. We said it OURSELVES when we announced in every quarterly result how much BETTER our cross sell numbers were. No one made us disclose that. We couldn’t wait to BRAG about how we were ripping off John and Jane Public.

THAT is what put the target on our backs. And, if we were brazen enough to brag about our own bad dealings, what were we NOT bragging about? Turns out a whole lot more anti-customer behavior. You can google the list of scandals.

It has very little to do with political grudges and everything to do with how our former CEOs thought they could get away with a whole lot more than their peers.

I want it known that the media are a bunch of lying hacks that routinely sell out We The People so they can get ratings. GTFO.

All you fking crybabies should just find another job! None of you know anything beyond the fact you want more money. Ok - find another job then! WF doesn't need you.

Of course most of you don't work there anyway.

Thousands upon thousands of Americans regularly train their replacements in India. It's sick.

I joined Wachovia Bank and Trust when John Medlin was CEO. He worked his way up through the ranks. He made a point of knowing every employees name and he would remember your name. He did not join the executives for lunch in the executive dining hall. He would walk over to a table and asked if he could join you for lunch. He wanted to truly know what employees thought. Wachovia was a very conservative bank. In the 1980’s, Wachovia did merge with a few banks in Virginia, South Carolina, and Florida. Legacy Blue ( Wachovia ) was a top financial institution in the South. When Mr. Medlin left, Bud Baker was named CEO. A few bad choices were made, and Wachovia and First Union merged taking the Wachovia name, but headquartered in Charlotte under Ken Thompson. However, Wachovia was still some what conservative, was not political, and cared about their employees. Ken Thompson made a few bad decisions, and in 2008, Wells Fargo bought Wachovia. Senator Warren was not happy about this decision. She wanted Citi Bank to buy Wachovia. Citi would then sell off all Wachovia assets. I truly don’t think Senator Warren ever got over WF ending up with Wachovia. Other banks had the same selling practices as WF, the other banks just wasn’t “caught”. The last 5 years of my career with Wells Fargo was the worst experience I had in all the 42 years. A financial institution primary concern should be their employees and their customers. Regardless what side of the political aisle a person believes, a financial institution should never express their views. Focus on banking.

If I recall, the only reason Charlie is the CEO is because no one else wanted that position after the news of the scandal broke.Correct me if I’m wrong.I’m sure he’s just biding his time until he lines up another gig. Next, he’ll be on CNBC talking about what disaster he took over and that it’s not too big to fail, any more

So Wells Fargo needs us to verify all dependents. Hospital birth certificate will not work. Must have certified birth certificate from county child was born in. I called that county. Only open Mon thru Fri. $40 fee for each birth certificate. So I have to drive 8 hours one way during the week, which means missing 1-2 days of work, plus paying $200 for the 5 birth certificates. I called HR to inquire if I can be reimbursed. They put me through to EAC who put me through to WECARE. No help whatsoever. I can’t even pay my monthly bills due to the increase in energy prices and rent. Now I have to figure out how to get gas money to make a 16 hour round trip and $200 for county fees plus a possible hotel stay. All while knowing next week I have to return to office and gas budget will be through the roof. 0% raise past 3 years due to “no money in budget” yet there’s plenty of money for Charlie to get a 20% raise. Inflation has skyrocketed while my income has remained stagnant for the past 3 years. This is truly an economic hardship for me and I have no idea what to do. I’ve been here 28 years. I never thought the company would treat us with such disregard!!!! Terrible!!!!

Buybacks and executive compensation at higher levels contrasted with the time passed and non reported progress on asset cap

Well -written past post:

Our subversive CEO is “slowly boiling the frog”. Charlie is gradually selling off profitable pieces of the bank, downsizing parts of the bank which were profitable before he took over, and appears to be investing little in to the bank’s future. (Technology is backsliding. I don’t see any visionary “competitive advantage” transformations happening.) He is offshoring every job imaginable. (Ask your manager about the e-mails pressuring him/her to specify every possible position to be sent to India.)

There seems to be no movement on his “#1 goal” to get WFC out from under the Federal Asset Cap.

Charlie is slowly destroying our ability to compete amongst the top US financial institutions. He is actively cutting our product mix and damaging our ability to serve our customer’s comprehensive needs. He has created a toxic culture which is is unable to attract and retain the right talent.

One has to ask the question: Was this the plan at the onset??? Dismantle the bank without putting shareholders on high alert? Charlie gets to walk away with his personal retirement fully funded and everyone else is left holding the bag…hmmm.

The only people profiting from these 3 damaging years are Charlie and his executive cronies. Who’s not benefiting? Wells Fargo. Our shareholders. Our employees. Our customers. Our communities. American workers.

Before some else says it, let’s get rid of the entire BOD while we’re on the topic. They are the jokers who picked him and who, not only let him keep the job, but gave him a 20% raise. That is an insult to shareholders’ and regulators’ intelligence. Board members are supposed to be stewards of the public trust.

In conclusion: WFC stock is 7 points LOWER today than when Charlie took leadership of the bank, while the DJIA is 5000 points HIGHER. The dividend is 40% LESS than it was before Charlie slashed it. We are still not out from under the Federal Asset Cap, and there is no ETA in sight. Scandals continue to unfold. The needle is pointing in the wrong direction. What more clarification does anyone need?

OMG agree with @iih+1itpWuv9
do this one
This recent post about an alleged coverup of regulatory violations seems like a good place to start…. https://www.thelayoff.com/t/1ioatj4c

this place treats whistle blowers the way women were treated in the 60s slap 'em on the A$$ and tell them to shutup, or else

I am HR posing as a journalist..what do we need to get ahead of

We're too lazy to work our backlog of complaints and the annual survey is just for laughs...what do I need to actually get of my square, HR bu++ and exert minimal effort to keep the scam afloat?

I am HR posing as a journalist..what do we need to get ahead of

We're too lazy to work our backlog of complaints and the annual survey is just for laughs...what do I need to actually get of my square, HR bu-t and exert minimal effort to keep the scam afloat?

Getting story ideas from a site used by disgruntled employees/ex-employees.

If I were a journalist, I would dig deep in to the money our Senior Leadership has wasted on Company stock buybacks. (Present and past)

This year alone, Charlie and Board have wasted $20,000,000,000 on buying back WFC stock, much of it at higher prices than where the stock trades today.

The self- serving benefits are:

1. Charlie benefits gets rich via his stock options package.
2. The upwards trajectory of the stock (at the time) misled investors into thinking “good things must be happening at the bank.”

Smoke and mirrors

@unf+1itpWuv9 “ Chainsaw is worst leader in company history.”
I’ve been a peon with the company for over two decades and couldn’t agree more - and that’s really saying something considering who else has led this place in those 22 years……

I think a great angle for an investigative article would be the tax incentives that Wells Fargo reaps as a result of keeping buildings open and how those incentives don’t translate as meaningful cost of living increases for it’s employees. It’s a story about exploitation by a “To big to fail” bank, and how it treats it’s workers as a disposable resource to enrich it’s board and executives. It’s all a Federally regulated pyramid scheme.

@ohs+1itpWuv9 Yet we were inundated with heavy messaging about all the “enhanced cleaning” that was supposedly happening in our offices now. Meanwhile my first day back there were rat droppings on top of the desk and a rotten apple sitting in the drawer of my hotel cube that had been there since February 2020.

How about the new job description project. Moved everyone to new titles. Told verbally compensation is not being impacted. Then when asked for salary information for new title the min, med, and max salary is considerably less than previous job title. We are now doing the SAME job, with a NEW title, and our overall compensation for our role has gone down which will make our raises even less and now the max we can be paid has been reduced. What happened to “no change in compensation”?

The big RTO story that the media keeps overlooking is the fact that thousands of us were full time work from home prior to the pandemic and we took substantially reduced salaries because we were told that we benefit from reduced expenses of no commute. When the company started pushing RTO we were told we had to “return” to an office we never worked at but our reduced compensation was not adjusted up to compensate. Then to add insult to injury our CEO gives himself a 20% raise and the rest of us got 1%-2%

RTO is a joke. Went in office to see what equipment was still on my desk before we return next week. The building is gross. Desks covered with dust and dirt. Carpeting filthy. The two cubes near mine have food and drinks on them (and probably inside desk too). There is a strong odor of rotten something. One of the desks belong to a team member who passed away not long after we were sent home. Why has the building not been cleaned in 2.5 years? Why are they having us go back to such disgusting work environments? It’s not sanitary and I’m betting there is an infestation of mice. Do better Wells Fargo!!!

There is zero training happening in the risk roles, lots of bodies with inconsistent communication and no direction yet they get to make big decisions. Vague explanation but that’s all I will say.

This recent post about an alleged coverup of regulatory violations seems like a good place to start…. https://www.thelayoff.com/t/1ioatj4c

I heard that Charlie is looking for a buyer. There is a rumor circulating that Morgan Stanley is looking at us.Has anyone else heard the same rumor?

Diversity equity and inclusion would be a story for this bank. Affirmative action 2.0 is in full force these days. In all my years, I’ve never seen so many white leaders retire or get displaced in such a short span of time. Is there a correlation to be drawn?
In other words, so much talent went out the door. This is not your mom and dad‘s bank, anymore.

Chainsaw is worst leader in company history. Destroying this company. Nothing about him indicates he has any vision of value just chaos and swapping of newbies that are faking their way through decision making. A recent townhall meeting discussed an outgoing leader’s book recommendations. The question rebounded to chainsaw and he had nothing. That is where I realized, we are on a leaderless ship.

What @xpf said:

Wells Fargo says they want to go green however they’re requiring us to return to office where we put more vehicles on the road. It cost them nothing for us to work from home. They didn’t pay for my Wi-Fi. Having us return is costing them $ when they say they are trying to cut costs.

And I’d add I can take back-to-back, all day calls from home just as well as (actually better than) I can from another location that costs WF more to run. They will eventually drive so many of the good employees away (and already are) that the bank will no longer run.

ew...first of all...never say "or the like" it sounds sophomoric

The compliance risk org is heavily bloated with former customer service agents given officer titles in order to attempt to fulfill government requirements.

Paper is dead. Please find another job. Try to be a YouTuber too !

Those of us that worked from home for 10 years were asked to return to the office. Not feeling valued, trusted or appreciated. Wells Fargo says they want to go green however they’re requiring us to return to office where we put more vehicles on the road. It cost them nothing for us to work from home. They didn’t pay for my Wi-Fi. Having us return is costing them $ when they say they are trying to cut costs. Moving jobs to India / Philippines like crazy!

Racism against Whites is real at this bank

Wells Fargo Compliance is the biggest sham in history. Everyone is looking the other way

They may take this bank down. Hopefully not

The most momentous threads in recent months:

https://www.thelayoff.com/t/1i4QXkWn

https://www.thelayoff.com/t/1gClZ2JW

Your choice, https://www.thelayoff.com/t/1indkGL2 or https://www.thelayoff.com/t/1ioaBqJH -- the culture is bad. Regulators turn a blind eye.