Is there even a small chance that there'll be no layoffs this month?
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there is zero chance there will be no layoffs in June.
The machine keeps chugging along.
No one on the banking side should expect stability until the company is more profitable on a profit per branch basis, and no one on the technology side should expect stability until 2027+ when the migration to the Google and Microsoft owned datacenters is complete. Even then, it could be a year or two after the physical migration is complete before they wrap up the deepest cuts to application and support teams.
But hey, most people get a new job every 6 years or so anyway, so most people working at wells today in 2023 won't be there in 2029 anyway, so why worry about it? Build your skills, and jump ship when better offers come along. Don't wait to get laid off before you start looking for a new job at a company that's growing rather than shrinking its workforce.
Look at B of A. They’re 3.4 trillion in size. WF is is 1.9 trillion. B of A has 217k employees compared to 240k at WF. They have 3,900 branches and WF has 4,900 branches. WF’s 240k employees are not nearly as profitable as B of A’s 217k. WF needs to boil down its size to be more in line with similar competitors. Yes, there will be more layoffs.
Layoffs will be ramping up big time. They are moving everything they can to india
Not a chance.. Things are going to ramp up significantly over summer and next year. Some enterprise initiatives need to finish up and CS needs to get some of the past regulator issues settled.
India is staffed up and ready for work in many areas, hiring substantially in others and all business groups have a goal (aka quota).
You are dreaming if you think there will be no more layoffs. This is only the beginning. They will be moving thousands of jobs to India and the slums. Chainsaw Charlie is going to cut 60 percent of our work force by year end. He needs to finish off mortgage and start axing the bank. Get ready!
chainsaw has plenty of backup chainsaws to help take care of it. he has no mercy
No. We have 6-7 more years of layoffs. Many in tech have roles now that will just not exist under the new cloud and data center architecture.
If you don't know the long term road map of your team (beyond the next 6 quarters), you should be upskilling and polishing your resume now.
They will be consolidating branches and laying off branch managers in mtg at the end of the month.
We hope so babe! What tf else do you think keeps us going in this dark place to work? They better cut that severance check on the way out though.
No, there will be layoffs every month for the foreseeable future.