Anyone affected along the entire east coast should know by now. Of them, a fraction would have made a post here...yet we have barely seen a thing. Has it been delayed?
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@ion+1lKFE51Y Good luck to you, went through a similar situation before landing at WF. Which LOB were you in?
More network engineers? That org was butchered with the loss of some quality engineers two weeks ago.
After 21 years with WF, got displaced this morning. I know of at least four other system engineers in hub city let go. Along with a couple network engineers and field techs as well.
@vgh At least Texas is finally good for something.
Our whole processing team laid off We were remote and not located within the required 40 miles to One of the 4 hub locations even though Venable stated that did not matter a month ago. They did not care how long you have been here. Teach your children it is not a good idea to be a lifer with a company. Company loyalty is out the door. To those of you left just know you are one meeting invite away from getting axed too
I haven't heard anything internally yet - I work in corporate risk, but a lot of my meetings are being canceled including a town hall. Not sure if that's coincidental or not.
Mine was 2 weeks ago. 8:30am. It’s been a great 2 weeks y’all. Great.
That is a good point about getting lost in all the other news. Disagree about the potential for a run though. If everyday depositors get jumpy, something headline grabbing like a stock plummet or a mass layoff could absolutely trigger a run. Everyday depositors who don’t work in finance don’t necessarily think in terms of nuances like “Layoffs happen all the time and have nothing to do with liquidity. And anyway the FDIC will insure my deposit.”
They just see in the news that some banks have failed due to runs, and then when they see their bank is laying off people they might panic. Especially right after we were already in the news for that glitch where some people didn’t get their direct deposit. Bank runs can be a self-fulfilling prophecy.
Is it unlikely? Probably, but it’s definitely a scenario the c-suite would at least discuss right now before pulling the trigger on layoffs. If you don’t believe me, go to any social media and search for posts about taking money out of the bank. You’ll see plenty of people spewing nonsense right now about it.
@ysq+1lKFE51Y Which LOB?
Sitting in the Irving Texas Hub. No work. No shirt. No shoes. No layoff. They could literally layoff half of us in Corporate Risk for Auto Finance and still be looking for things to do. I swear the only reason we get “spared” is because it’s Texas (and Texas is awful).
Still waiting for an invite from my manager….don’t think its coming. I must want it too bad.
If you are remote (like me), Thursday is still in play for being laid off. I'm just sitting here twiddling my thumbs in Charlotte with nothing to do.
Remote, tech and no call yet. No idea wtf is going on, other tech layoffs today were not remote workers.
Yes, tech is affected. Just lost six people in our engineering group. Four different locations, so not location based.
Coworker laid off in front office CIB from a hub location. Good performer and well liked. Not diverse.
Give it time. I'm sure the folks canned have other things more pressing to wrap up before they can vent here.
wells doing layoffs is nothing new and will not cause a run. I'd say it's the perfect time. lots of other companies doing them and we would just be caught up in the noise, plus with everything else going on the headline would end up buried in page 6
Plea to all who post about being laid off today, please also state whether you are in a hub, other main location within your LOB or function's footprint, or neither!
The last two rounds of layoffs in tech that affected my team happened between 10-10:15am Central. Still a little time to go here today.
This is pure speculation, but just like Covid may have pushed back a big reduction to avoid poorly timed negative headlines, it’s possible what’s going on in the banking industry right now could cause another delay. Maybe they’d be worried the headline “mass layoffs at Wells Fargo” would trigger a run. This is assuming there ever was supposed to be a large layoff today in the first place. If the company-wide town hall that was supposed to be today had in fact been intended to be a “rally the remaining troops” speech after the axe came down, then the quiet indefinite postponement of it would fit with this theory.
My notice came at 11:15 Eastern on 3/7. I believe this was so they could notify everyone affected at the same time, coast to coast. Probably will hit very soon IF it is to be today. Hang on…….
Thinking the same, one manager suddenly takes PTO, another cancels our team meeting last minute. Something has to be brewing.
Yes, and it is location based entirely!
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