Thread regarding Wells Fargo & Co. layoffs

@2uxu+1pU9XTss YES, wells will counter --- they threw a counter out to me and no amount of money would have kept me from a better job

Never, ever accept a counter offer. You are marked for the remainder of your days.

Besides, OP, you said they want you to stick around longer to train your replacement? Then what? That doesn’t sound like a counteroffer, it sounds like a request for more notice time - just say “sorry I am not able to do that” and be done with it.

All sorts of things to consider, especially if the new or old role is bonus eligible and how easily you believe you can land a new role. 15% bump in pay for 3-6 months typically isn't worth much.

Let's say that you end up staying until June and get a new job in July and both positions are bonus eligible at 10% and you make $100k (to keep the math easy).

Your salary increase will net you $7500 in extra income in your first 6 months. You receive NO bonus for the first 6 months. In your new job you get $5K in bonus for the back half of the year plus another $7500 in pay increase. Total comp would go to $120k.

If you leave now you get the same comp PLUS the comp for the bonus accrued for the entire year. That gets you to $125k. You also have control over your destiny.

The only scenario that I would consider staying is if I received a large cash bonus either now or at a specific date that was mutually agreeable and that the bonus would more than make up for any missing bonus I would have received in my new role. You are the one being inconvenienced. To give up an offer from another company you need to be compensated appropriately.

“Just landed a new job with a $15K+ salary bump from my current gig!
Gave my two weeks' notice, but now they are hitting me with the guilt trip and a counter...
They want me to stick around longer to train the new manager. I've been consistently expressing that I feel overwhelmed and need better compensation...
Any opeinions on whether I should consider their counter offer? What's your take, folks”?

Please give the readers here a break!
Your obvious phony “Oh woe is me, what to do, what to do? My boss wants me to stay, what to do” attempt at eliciting suggestions about such an obvious decision is pitiful. Anyone with a brain in their head knows the answer, why don’t you?

Regardless of employer, this is in general a bad idea.

do yourself a favor and LEAVE.

you owe them nothing.

Things that didn’t happen for $300

Take the new job! I just did, and love my new bank, a bird in the hand is worth two in the bush, as my old manager told me you are not going to retire from Wells! We are working ourselves out of a job. Wells Fargo = Offshoring at it’s finest

Just know that if they wanted to lay you off or fire they wouldn't bat an eye...

Don't take the counteroffer. Now that they know you are looking and could get a job outside Wells will mark you. You will spend the next 1/2 year training your Indian/Pilipino replacement and then they will shuck you off.
Someone said the banking world is small. Perhaps it was but not anymore. Don't let the fear tactics of the previous generation scare you. The fourth turning is here.

please leave immediately.

Doubtful.

Definitely take the job and not stay for the counter offer. They will sc--w you over and obviously didn't appreciate you before you were leaving.

That said offer a consultancy contract to bridge the gap you are making by leaving, obviously state it needs to be outside of your new jobs hours and put an serious per hour amount with a minimum number of hours to be paid. Assuming they really do need you. As another person said, it's a multi-billion $ company either they pay or don't but you'll be no worse off if they say no.

OMG. Just the fact that you would even consider it screams Stockholm Syndrome.

Remember, your captors are looking out for themselves. They will get what they want out of you, and then lay you off out of spite. They will. I promise. GO.

As someone who is laid off with no offers currently, I’d run. Even going into the holidays with no job is less stressful than continuing to wake up and face the inept leadership and it’s consequences at that place.
I’d helped take them through the merger, training their other managers in two different states and here I am. They don’t care about you more than the next replacement, sad to say. No amount of money is worth it. I’d take my chances elsewhere.

Don't burn bridges. At the same time, it is important to reject their counteroffer as politely, professionally, tactfully, and as diplomatically as you can. The banking industry is a small world, so you want to make sure you leave on a good note. If needed, you can say something to the effect that the timeline is already set in stone for the new role, so you need to stick to the 2 week deadline. In the interim, you will be happy to help train the staff to bring them up to speed on your job duties for a smooth transition.

Counter offers never prevail! Once you accept an offer, you can never go back, unless you are Sam Altman. If you stay at Wells or any other company, you will always be viewed as a treasonous Judas. However, you can leave, work for a year or two away and come back as a conquering hero. Getting hired back is allot different than staying through a counter offer. It’s called the Prodigal Child scenario. There was a reason why you looked elsewhere and prevailed, odds are those reasons are still in place.

Get this place off your resume. Move on. You interviewed, got the other job. Move in that direction. You wanted out for a reason. If the company was doing OK, reputation wise, I'd say "maybe", but generally "no".

Please move on to your next job. Do NOT stay here to train your replacement. That is their problem. Seen too many people get burned here. Do NOT let them guilt trip you. They will boot you out when they want to. You're lucky they still need you to put together a training plan for the new person, otherwise they might retaliate & show you the door before your 2 weeks notice is finished. Trust no-one. Do not even tell them where you are going. Document the training. Congratulations for leaving. Don't look back.

Counter offers just buy managers time to replace you at their leisure.

I accepted a counter offer and got a salary bump. I’m still here, but the they reneged on all other promises. Leave on good terms in case you want to come back, but I advise you to take the offer from the other company.

Counteroffers NEVER work. You have already decided to move on and if you accept a counteroffer at some point that fact will come back to bite you. The fact that they are unprepared for your departure is on them. You gave proper notice.

Is the counter offer retroactive?

I'm surprised they already have your replacement. On my experience, even if your manager is allowed to backfill your position, it can take weeks to months to get everything approved and the requisition open and then another couple months to get an offer accepted and someone brought in, assuming the powers that be don't cancel the requisition along the way.

If you are excited about the new job and feel it is a better fit for you. plus more money, take it and move on. WF wouldn't give you extra time if the roles were reversed so why give them any?

"They want you to train a possible replacement so they can kick you out at a later point. Why would you even consider it?"

This is all you need to consider. You already have the offer. What is to be gained by sticking around, so they can off you on their timeline?

Why show charity to a multi billion dollar company? It’s more money and less stress (face it, you’re getting out of the dumpster fire). I get not wanting to burn bridges and all, but they wouldn’t hesitate to cut you out in a second. Move on. Don’t look back. You’re FREE. FLY AWAY!!💸💸💸💸💸

If you've gone this far, then it's too late. You take the new offer. If WF wanted you here, you'd already be making that.

"They want me to stick around longer to train the new manager."

They want you to train a possible replacement so they can kick you out at a later point. Why would you even consider it?

Take the new job and train your replacement on your schedule. But, only with a WF retention bonus.

Fuuuuck NO

Do not make the new company wait. That could backfire on you, even if they said it would be ok. It’s easy for someone to walk in on a pending job not yet started and say let’s hold off on that. Much harder to do when a body is already on board.

While it may temporarily feel good that they countered and “need” you to stay….that type of relationship never lasts or ends well. And, WF is a sinking ship.

Do not stay any longer than the 2 weeks you provided.

At this point, most roles should have procedures for the tasks they are required to do. If not, you should document and provide that as your bridge for the new or temp replacement.

Sounds like your manager is going to have to learn until they can dump someone into the role without training. There is absolutely no one (except CS himself, apparently) who is immune to being replaced (and most likely by India/Philippines!!).

Just…no

Move on... They want to use you and squeeze you as much as they can before they can let you go. This is corporate. You are not adopted. You are hired. They do not love you. They like you because you are doing a job for them. Move on to a better opportunity. No one is enemy nor a friend in corporate. It is pure head counts and business. Keep that perspective in mind and enjoy your next venture in life. Good luck!

You won't burn any bridges by not staying longer to help out. Large companies like WF are not built on taking things personal; business is business.

For the majority of time WF maintains the upper hand, keeping employees at the bottom and making sure their necks are strained while looking up.

Take any sized win that you can, WF will be fine and you will be fine too!

Only consider if the counter is significantly more than the 15k bump you'd already be getting AND you are confident you could easily land an equivalent job and salary elsewhere 6m from now.

Long-term future at Wells is shot, but in the right situation you might be able to cash in over the short term. But if the counter isn't much more than the new role and you're optimistic about where the new job is, better to stick with your plan.

worse case scenario is you are just kicking the can down the road and will find yourself wanting to leave again in a year. If they valued you thru would have worked to keep you before it ever got to the point where you were looking. The only downside of leaving now is that if you are bonus eligible you will be leaving that money on the table. If your new employer is willing to let you hold off for a month then hand out a little longer assuming they guarantee your bonus and leave in early Feb, otherwise leave now. They don't value you so why shoukd you value them.

Run as fast as you can!

Move on, you made your decision. They will always see you as a flight risk and they do not like to pay more money (even they have to do it now).

You've crossed the bridge already.