Thread regarding Wells Fargo & Co. layoffs

Life After Wells Fargo. relax and enjoy your new life

I wanted to summery my experience after being laid off from Wells Fargo on Dec 1st 2020. Its been 2 years so I would like to pass on my perspective of my experience through the event. I was notified in a brief ad-hoc meeting with my manager where he read through a script as quickly he could get through it . It felt like it was being recorded. I did not get mad or anything. I was told my access would be turned off before the end of the day. I would have no regular access and perform no work for 60 days of notice period. (This is not generosity, a 60 day notice period is required by law). because I held a sensitive position they didn't want me to have access durning this period so I didn't have to work out my notice period. That was 8 weeks paid notice period, just like I worked there with insurance and everything. Then came my severance period for 32 weeks , I would receive a paycheck just like normal and I would get insurance like normal however i was unable to contribute to my 401k nor would wells. I was informed that I could choose to stop this at any point and my remaining weeks would just be paid out in cash. I could leave my 401k where it was and manage it outside of WF. I had a cash balance plan worth 15 k that was a forced pay out but I found out I could just roll it into an IRA so I did that . I was during the pandemic so I didn't even look for work until after 11 months and then I filed for unemployment and started studying for the CISSP exam which I passed in December 2021. Because of unemployment , I had to apply for jobs but I didn't actually want a new job until January 2022. I had some interesting interviews in January and got a great offer by the first week in February. . At wells, I was a technology manager in information security managing a team of 10. In my new position I became an individual contributor as a lead Risk and Security analyst in a FinTech company . The company is self run but owned by a larger company that provides great benefits. I have nearly the same PTO and better healthcare that costs me less and I receive approximately 27% more pay than when I worked at wells. I really enjoy that I no longer manage a department and 10 people and I feel like I am doing something important and fulfilling working for a company doing something important . For me , it not just a win, its a big win in my opinion. I wrote this for the people beginning this same journey because I have read many other just like me, you will get a better job and have a better life . Yes i had a LOT of self doubt and some anger and a lot of soul searching along the way worrying about what will happen to me? So if you are coming here worried about being laid off or have recently been laid off , please take heart that it really is going to be better in the end. You will see that the job market is overflowing with good employers looking to hire , you just have to find the best one for you. You might be worried that the economy might have changed and the jobs are not there now, but that is not true, my inbox is stuffed with interesting positions daily still so nothing has changed this year. my message to you is: If you get laid off, please relax and enjoy your paid time off work , enjoy your time and know thst there is a good job out there when you are ready

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| 2023 views | | 9 replies (last December 3, 2022) | Reply
Post ID: @OP+1jW46jGN

9 replies (most recent on top)

Very nice post. Glad you had some marketable skills when you left + the cert you got while out of work. My biggest fear is I don’t have the diverse set of technology skills/experience most other companies are asking for in job posts.

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Post ID: @4fuy+1jW46jGN

I was just laid off today after 16 years and read your comment. I want to thank you for writing it. I’m struggling today.

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Post ID: @2xrd+1jW46jGN

Thankful for your post!

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Post ID: @1fzi+1jW46jGN

Thank you for the information
I've had friends that have been laid off and feel like I'm asking personal questions about the navigation portion.

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Post ID: @1jwq+1jW46jGN

Thank you OP! What a kind post - really helpful and inspiring!!! You gave many people the gift of hope by painting a brighter future.

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Post ID: @1eus+1jW46jGN

I can’t tell how much i love this post. I have been wrecked with anxiety and stress. Part of me is angry with myself for getting to comfortable with where i was at. With all the layoffs happening everywhere with just not Wells Fargo. The outlook for a new job looked bleaked to me. Reading your post help me realize that it will be okay eventually

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Post ID: @qgq+1jW46jGN

Sending a big high five Your Way. Congrats for getting through the process.

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Post ID: @zmo+1jW46jGN

I love this post so much! Congratulations, that’s wonderful to hear. :)

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Post ID: @tal+1jW46jGN

@OP+ - Thank you for the information, seriously. There are a lot of people who just come to this site to vent frustration, but we all initially found it because we googled "Wells Fargo Layoff". At some point we were either concerned for ourselves or heard rumblings of something happening (which is another form of concern). It's good to know the process and what it actually looks like so we can navigate it more clearly and hopefully with a sense of calm should we be impacted.

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Post ID: @esf+1jW46jGN

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