Does anyone know what areas will be affected for this go round of layoffs? Still mortgage, underwriting, etc? Or will other areas like risk, control, etc be impacted?
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SP's group will not be affected
We're seeing some movement here (tech). Multiple meeting cancellations from different managers went out within minutes of each other. Our managers all stopped sharing their calendars at the same time. They're showing Out of Office, yet they just sent these cancellations. Also, the "Celebrate our Realignment" meeting isn't there anymore. And - drum roll please - I got a strange invite to a meeting on the 21st, with no details provided.
Hoping beyond hope that I'm one of the lucky ones!
As March 21 grows closer, or March 23 or 28 or 30 or whatever, I can barely contain my hopes that there really is a big chop and I am included. I don't think I would be included in the purposely small layoff waves for quite some time, so I view this as my best chance. This is in my self-interest only and I am sorry if there are others laid off who don't want to be. All that said, I will have to mentally pull myself together if I am not laid off this month.
Are we near 210K employees yet?
If not, there is still fat to be trimmed in management eyes.
I'm in one of those 'control' groups and won't bore you with the tales of the various ways we've pointed our focus in the last two years to stay relevant: policy and strategy, reporting and analytics, operations 'support', back to analytics and risk 'support'., etc.
What do we do? If one looked at the group's compensation - in summation or at mean/median level - we do not own, create or improve anything that produces anywhere near the same value in return.
sheesh.....how much leaner can we go? we've lost so many in all LOBs--will the middle mgrs step in and start doing the day to day work? ha! will WF hire on contractors?
I think there is plenty of dead weight across all parts of the company that can be removed from employment. Happy to see them go. Bye.
What exactly does “Control” do?
No idea about March specifically, but past communication from CS indicated WF would look at expense reduction across ALL business groups.
Baaed on conversations with peers in different business groups and org chart/asset relocation discussions, that seems to be on point.
If it’s actually going to be a “mass” layoff, where multiple thousands are affected, then I would imagine they take the opportunity to cut in literally every area they can. If there’s going to be bad press for a giant layoff, they might as well make it fully worth it, right?