Displacements - what's your take? - post regarding Wells Fargo & Co. layoffs

Displacements - what's your take?

I will say that the layoffs on 9/30 are "convenient" from the employer cost perspective. Yet, so were the earlier ones throughout the year. It is hard however to stomach losing bonus and 401k match so late in year. Would be better to just get displaced on Jan 1 - where the emp is not giving up anything.

IMHO, it seems that WF is getting rid of the "undesirables" as well as the ones who don't fit the new location mode. Its all over the board. Yet, we, the displaced pay the price.

The only benefit is, we are gone from the toxicity of the environment, we are gone from the daily worry "am I next...!" thoughts. Is there something better? Time will tell. Will I miss my coworkers? YES. That is an unequivocable answer. YES.

The Wells Fargo today is not the one I started working for years ago. It is completely different. Cutthroat. Conniving. Political BS. Pitting co-workers against each other at review time. Yep. Totally different. I think there must be something better out there. Better for the career, better for the soul, better for learning. Just......better.

Thats my .02 for the day.....working through the grief process and separation process and everything that entails.

Its real.

#Layoffs #Bonus #Severance #Culture

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@aq+1k6k77e

HY doesn't really care about that, they don't want newbie American workers either. Automated, AI, I&P, contractors ok, domestic American workers? They want them all gone. Long tenure, short, doesn't matter.

I spent two years fretting over an impending "location strategy" displacement. I was constantly stressed, wondering when it would come, and thinking that if I went the extra mile (and then some), maybe it wouldn't happen. Then it did. It was abrupt, I was sad, and I was pretty angry about it. But by the end of the week, I just felt pure relief - no more waiting on the other shoe to drop. Just a few months of being paid to not work while I figure out the next step.

I'll move on. I will be okay.

@aq I used to work at wf. I think you are spot on. Especially if the old timer hasn't progressed or changed roles. On the other hand the newbs think they have a new idea and are being creative repackaging the same old ideas in a new shiny wrapper. Sadly, its just cyclical.

No matter how you swing it, Wells has to cull the herd. I’ve seen metrics. It is astounding the number of staff who are 20+ years.

Proponents will say that is good and show of retaining institutional knowledge. But realistically low turnover like that is bad for actual business.

You end up with deep Tribal Knowledge, an over-reliance on specific individuals, lack of ingenuity and creative thought, insider threats, and worst of all retention of bad processes and actors.

The only unfortunate part is good people get caught in the mix.

The people who have it the hardest (and increasingly so) are the ones still there.

The old Wells Fargo has gone the way of its stagecoach.

Thread regarding Wells Fargo & Co. layoffs

Displacements - what's your take?

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