Thread regarding Wells Fargo & Co. layoffs

Frustrated and depressed

It’s been over 4 years where I came to Wells Fargo from Morgan Stanley. Over these years I have excelled at my job, done a lot for the firm and also had the ability to change roles and move between teams in the CIB group with the risk and controls groups. Thankfully I have had good managers.

However, as I have moved between teams, I have noticed that the culture of Wells Fargo is really bad, especially at the senior management level.

There is no drive to compete with the larger players, most of the “senior” recruits that come to wells are usually at the tail end of the career who are looking to relax/retire and the overall expertise and knowledge is fairly limited, expect for a few folks in the firm.In addition, with the constant threat of layoffs it dosent get any better.

Searching externally has become challenging as I feel most of big banks don’t want folks from Wells Fargo knowing that they have limited experience and skills especially for CIB roles. I often get rejected inspite of having strong credentials. Not sure if this is due to the overall economy where all banks are trying to cost cut.

What is the best way to battle this constant state of depression/anxiety? I partly blame myself for thinking too much but at times I feel that this is directly correlated to the poor work environment, people just cursing and collecting a paycheck and the lack of morale and the excitement to learn/do new things.

Any tips would be appreciated

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| 2170 views | | 14 replies (last June 25, 2023) | Reply
Post ID: @OP+1ngqIfFa

14 replies (most recent on top)

I never wanted to work for WF because of the reputation. However, an opportunity arose and I now find myself here. All of my fears and anxieties about this place have been accurate. I would never recommend working here to someone at the beginning or middle of their career. It is a truly toxic environment. If you are close to the end of your career, you may be able to ignore the toxicity and make it until you pull the plug.

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Post ID: @2loa+1ngqIfFa

Tip number one. You should have stayed at Morgan stanley

Tip number two. Go back

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Post ID: @2mxe+1ngqIfFa

Go back to morgan

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Post ID: @1iuu+1ngqIfFa

I have worked for Wells Fargo for 2 decades and despite a couple of very uncomfortable years here in a previous role, this is by far the worst the company has ever felt to me.

But, like Deadpool said, "Here’s the problem with round-the-clock torture, is that you can’t really step it up from there."

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Post ID: @1nxz+1ngqIfFa

OP, maybe look to transfer your skills to another industry like Technology. You arrived right when things were slowly going downhill. You can outlast the CEO & hope things get better or look for an exit plan. When I couldn't plan my life (like buying real estate, etc) at the company I knew things were bad. You need to be secure to feel good.

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Post ID: @srq+1ngqIfFa

@vre+1ngqIfFa You must be one of them.

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Post ID: @kmq+1ngqIfFa

Post ID: @ijh+1ngqIfFa

Thank you for your service.. LOL

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Post ID: @ahk+1ngqIfFa

@vre+1ngqIfFa. You obviously don't know how these people operate. Stay in your lane.

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Post ID: @ijh+1ngqIfFa

OP- try to look for an exit strategy- if it is at another company or starting a business. The negativity will only grow. It is systemic. Add to that the bad senior leadership you describe. Normally in toxic companies at least you have decent leaders- not here. Don't confide in ANYONE as they will divulge to others. I've seen so many C---s here literally destroy someone's reputation just with idle chat or gossiping or going out of their way to bad mouth someone to their manager just out of jealousy. It's usually the women.
Try to move out & move on. I've never seen or been privy to as much toxicity & power hungry hubris as I have seen here. Don't think it will get better as it won't. WF is good for lower level people without critical thinking skills. They hire & manage according to mob and herd mentality. Just stay quiet & get out when you can even if it means a pay cut.

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Post ID: @gsn+1ngqIfFa

Try to compartmentalize. When you’re at work you’re at work. When you’re not at work don’t think about it. I know it’s hard. I know it’s easier said than done.

But every little bit helps.

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Post ID: @gkr+1ngqIfFa

You are not alone---
I'm so close to retirement is the only reason I'm staying......learned NOT to raise my hand to take on any more work when mgr asks... as that gets me nothing in return (merit or bumped to next level) I'm done venting and complaining to friends and family because it seems to keep me in the negative vibe. I know I'm lowest paid on team but its enough to pay bills and some guilty pleasures.
Apply to as many jobs outside of WF that you think you'd enjoy...you have more talent than you give yourself credit for..

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Post ID: @dkw+1ngqIfFa

I'm a lifer here and feel the same way. Over the past couple of years I've let my negativity consume me (and also radiate), but I've been working lately to focus on the positives and one doing no more than necessary. I keep my head down and try to ignore everything I can't control. I've stopped contributing to the bank's initiatives that I feel are fake window dressing, such as DE&I, though I support it in theory. Just biding my time until I can retire or get canned and cash in on that sweet, sweet severance.

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Post ID: @qnj+1ngqIfFa

It is not you, it is WF. The place has sucked bone dry all the energy, excitement and hope many employees had - both long time employees and newer employees.

I look at my paycheck and jot down a few things that I’ve been able to do with that money. I took a nice vaca last year and my pay certainly contributed to being able to do that. I’m not saying my pay is fantastic, but it’s not awful, either.

I (now) acknowledge and accept that WF will not be the place for my next career move or where I eventually retire from. This one has taken me a long time be honest with myself about.

I (now) give only what is required to do my job and so it adequately. At the end of the day, it’s still my name on my work and I do want it to be something I feel good about. But with stack ranking and the political BS, I will not be rewarded with anything above that level so I will not set myself up for disappointment, again and again.

I (now) never volunteer for anything extra or give my input or expertise on anything that will not directly influence my work. I hate it because I don’t feel like a “team player” that I used to be and feel but that’s the point I’m at with WF.

I (now) try not to talk much 1:1 with other employees about anything other than a deliverable because most everyone seems to be in the same place and quite frankly I can’t expend the energy that I do have remaining on their equally cr-ppy situation. Downfall of my personality!

Good luck. You’ll figure out what works for you. Survival here forces that.

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Post ID: @nic+1ngqIfFa

OP...no offense--but you need to work that out yourself!

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Post ID: @hal+1ngqIfFa

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