Thread regarding Wells Fargo & Co. layoffs

It's bad at WF. Executives have secret meetings referencing Project 90.
Shush and talk down to us and other leaders.
Can't explain AI or direction of what we are doing to increase revenue. ALL upper management has been mainly replaced. If you point out things wrong and probably illegal, they don't care. No complaining. No putting it on social media. Automation and giving it to Microsoft is what they did.
Said we were gng to the cloud, get certified. We did and no one is going to the cloud. No job openings and barely any promotions for a few years. Said next few years before Jan 1st was gng to be difficult. Odd to say with recors profits.
It's BAD. The bank has outages and not organized. They layoff people and don't replace anyone except maybe in India. Do more with less. It's their friends and family from Chase and Bank of NY. It's a scam, where they give lots of stock shares to the executives and drive the price UP.
Workers get nothing.

@rck+1ny67MCa. When your "waiting time" is up, will you come back here & fill us in, or hint at what is going on? Thanks.

Until our severance is done we risk Wells Fargo cutting our severance off speaking to the media. I wish my severance was done as I would fill you in on all the corruption I have seen under his leadership. Moving all the jobs to India is bad enough. Laying off 30 plus year employees is horrible. He has zero empathy and does not know what loyalty means. He brought with him his crooked cohorts and together this group has single handed Lu destroyed mortgage. Worst CEO ever.

There are several times when one can point back to WF history and bad practices and ineffective leadership, things that have gotten the company where it is today - but through all those troubling times the team members rallied and came through because they believed in the company and in one another.

What Charlie did upon his arrival was immediately say "you aren't a TEAM, you are EMPLOYEES" and that set the tone for almost everything he's done. His overall message is "You aren't special, you better work really hard to prove you deserve a mediocre rating and bonus/raise and be more than grateful for it, and you should be thankful we allow you to stay employed which will require you to work even harder next year for the same or lesser acknowledgements. We will always choose cheaper labor over qualified labor and while we are pushing so much if our work overseas be prepared to have 3am meetings to accommodate them".

The challenges to the company have been here for a long time, but the atmosphere has plummeted with the inception of Chainsaw Charlie!

Managers are forced to monitor if employees go into office. If they do not they will be reprimanded. If you do not go into office, your end of year review and bonus will suffer even if you are an outstanding employee.

Then get rid of people after short term disability often for some bogus reason.

They have completely gutted multiple areas and laid off so many. People are afraid to speak up to management or make positive change.

Every week there is a new outrageous demand for some new process. It changes with the org change. We are not getting any work done just spinning and waiting for the next organizational change.

Wachovia is still very prevalent at wells in their older leadership.

Charlie turned Wells Fargo into a horror movie. Everyone is depressed and afraid to speak up.

Our stock is plummeting and our retirement accounts are suffering

There is not 5 rated review at the end of the year. If you are not liked by all of the managers in your group, you will get a meets and 2.5 percent increase.

They changed the bonus structure but our bonuses remained the same.

We feel hated by this company.

We have mandatory learning that wells didn’t pay for at first. There are no refunds for certifications. Now they have a college so that is the only good thing that came from the new leadership.

None of the people Charlie brought on made things better. EVERYTHING got worse when he arrived. Before Charlie people were happy, now everyone is sad. I dread going into office

Wells Fargo is a Financial Services Company
We make our money through selling financial products and services to our customers. That’s it. Serving our customers and providing high -quality products which best serve our customer’s needs is the totality of our business. Our Mission Statement reads: “We want to satisfy our customers' financial needs and help them succeed financially.”
And yet the goons on our Board and in the C-Suite put all their time and energy in to figuring out how to reduce customer service, cheap-out on technology, remove all specialty products and specialized services, and eliminate the experienced employees who take care of our customers.
Essentially, we are destroying our business model by cheating our customers in order to afford to pay excessive compensation packages to the goons at the top whose expertise is cheating customers.
Did I miss anything??

You start out doing a good job in a regular 8 hour day. Your boss sees you are less trouble than the slackers or ill-skilled on the team. So you get a few “extra” tasks you l, at first, get a boost from. You’ve been recognized! Your boss trusts you! You have an opportunity to show off even more of your good work.
Then you are taken for granted and, if you pull back on what’s now a 12 hour day’s worth of work YOU become the problem. Your work USED TO be so good. You were ONCE so dependable. Now you’re just like the people whose work you were given back when this cycle started. If you have a good boss - odds are against you - they’ll take some accountability for the burnout your in and rebalance responsibilities. Chances are better your boss will now start riding you for your drop in performance.
Start showing up to your 1:1s with a list of tasks and prioritize them by what can get done in an 8 hour day. Get your boss to agree to them or reprioritize them and reassign what can’t be done in a normal workweek.
Bring it out in every 1:1 and send it with YOUR notes after the meeting. Start looking for another job if you’re able. It su-ks and it’s initially more work but you can’t work those hours sustainably and keep your sanity.

Just want to clarify that I think the right BOD with the right CEO can clean this place up if they are honest about what needs to take place and have their priorities straight. You can’t right all the many wrongs and cut costs at the same time. Get the ship’s direction corrected and then start cutting costs.
Charlie and this BOD are just setting us up for ongoing failures through:

1. Spending Billions of $ on corporate stock buybacks rather than technological improvements (falsely manipulating the stock price isn’t doing right by the shareholders.)
2. Offshoring work (and customers’ sensitive information) to third-world countries when we’ve already proven that we can’t even manage the work properly with people sitting down the hall.
3. Cutting jobs, leaving departments dangerously short-handed, before effective technology is in place.
4. Rewarding employees and departments who generate profits (while looking the other way) vs. rewarding employees and departments who speak up about what they need to do their work properly and legally.
5. Creating a toxic atmosphere and disincentivizing employees from giving their best. We could accomplish so much more if we worked for leaders whom we admired and trusted.

We are afraid to talk

Hahahahaha what efficiency? He just lays people off and breaks more processes in the meantime by chasing the latest shiny thing or industry buzzword. There is no actual effort to streamline processes.

Can we talk about how the company now values employees in hub cities more than those it hired in non-hub cities? And how those very employees are also working hard to get the company out from under the asset cap? And how management is screaming DE&I from the mountaintops while preventing these team members in unfortunate zip codes from advancing or moving around within the company?

So much for Equity...

If this is for real -- I hope you put this place on blast with what they (CS, board of executives, etc.. ) have 'accomplished' over their tenure.

They have absolutely destroyed this company from a morale and financial perspective. Absolutely disgusting what their actions have cost employees.

Consent orders, asset cap, etc.. It's allegedly the sole focus, but still remains after 5 years. At some point - it might not be just the lower people causing the issues.

@vicswezey - just shot a twitter DM and email to you. happy to chat.

It’s nice that someone is trying to shed light on Wells Fargo’s shady practices. My favorite one is when managers are required to rate performing employees with a low or poor performance rating under quotas instituted in 2020-2021. I quit because of it after my manager told me she wanted to rate me high and her boss (we’ll call him Mike S) made her give me a low rating AND made up scenarios where I “sounded like” I wasn’t communicating information clearly. Trust me, the people at the top in Wells Fargo and their incompetent middle management is the reason the stock is in the 40s and not the 60s. F Wells Fargo!!!

Victor

A good place to start is investigating “who prospers” vs “who pays” from decisions around how costs are cut and how money is spent. Follow the money.

How money is spent: company stock buybacks - an astonishing $37,000,000,0000 since Charlie became CEO. A significant portion of Charlie’s (and other C-Suite execs) compensation package is in stock options.

vs

Who pays:

• Employees: via layoffs and a very aggressive push towards offshoring
• Customers: banks short-staffed, experienced and knowledgeable staff being gutted, clients pushed in to managed money (Wells benefits from higher fees and regular income), a history of customer exploitation for profit, specialized services and products cut in the name of efficiency
• Shareholders: short-term profits emphasized above long -term growth and stability; mislead regarding (lack of) progress on Federal Asset Cap and chaos within the bank; stock is down since Charlie became CEO despite market being significantly higher; and despite the $37 Billion wasted on buybacks; dividend still half* of what it was before Charlie slashed it in 2020 purportedly in the name of the pandemic when other banks held steady.

https://www.myvisajobs.com/Visa-Sponsor/Wells-Fargo-Bank/594177.htm