A flurry of layoffs happened in Strategy Digital and Innovation group. Managers Manager set up meeting on Tuesday and let people know that they were given 60 days notice to look for internal positions while they are in LOA status. After than their severance will kick in depending on their tenure at Wells Fargo.
Most were given few hours before the system shut down for those impacted. Interestingly, we heard that many Managers and their Managers did not know that it is coming and they were told from higher ups to implement the layoff with a list given to them. The primary reason for the layoffs as per what we heard were FUNCTION and LOCATION. But if rumors have to be believed it was based on hub strategy and anyone who was not in a hub was put in the chopping list. Additionally, few in the hub were also impacted. But majority were either remote and non hub. Their skills, qualification and experience were not considered. The reason was parroted to be "cost cutting and efficiency" in the Bank. I suspect there is more coming in First quarter of 2024 and they will eventually make New York City the main hub with Charlotte NC their secondry. Everything else including SFO will be another office location. The leadership is brining in many former J P Morgan employees for a reason. This is the world we live in and it is always better to keep updating one's skill set and keep looking. And the managers and their managers are shocked because they have been telling the team all is good in the right spirit based on whatever was told to them. Expect surprises because it is all about cost cutting and big BONUS for Executives.
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It's the information age, face to face comm hasn't been required for many years. Actually, I take that back, if you want to break the law without there being a record of your misdeeds, then face to face is definitely required. Otherwise, no.
Every scandal in WF history has been the direct result of in-office work.
AGILE as a tool to dis-engage you. "Agile" MANIFESTO requires face to face communication and that by default requires hub locations for your teams. So all you "Agile" nerds, how ya liking it?
You know "location" is a BS reason for a term when they refuse to allow you to work in one of the allegedly 'approved' locations when they tell you you're being downsized. 99% of the time they will not allow the person to relocate, even on their own dime. It's not a 'location strategy' it's an obvious lie that is really a 'termination PR strategy'.
"Oh noes, we're closing your building so we have to let you go, Charlotte is the only approved hub for your group..."
"Ok, I like NC, I'll move to Charlotte.
"Ummm, yeah, that's not going to work either, but don't forget your 10 year cube and banner on your way out the door. Here's a cardboard box to carry that stuff in..."
😐
"I suspect there is more coming in First quarter of 2024"
You don't have to guess. Google the stories from Wells Fargo's CEO himself:
https://news.yahoo.com/more-layoffs-branch-closings-ahead-161053819.html
"Wells Fargo & Co. has shed almost 50,000 workers under a major cost-cutting effort, but the bank’s leadership says there are more job losses ahead.
“This company is not efficient — like, period. End of story,” CEO Charlie Scharf said on the company’s Oct. 13 earnings call. “Even with all of the reductions that we’ve made, it’s not surprising because as you peel the onion back, other things present themselves.
“When we sit around as a management team, we feel great about the progress and there’s no clearer way to see that than in the headcount numbers, which ultimately drive the expense of the company,” Scharf said."
How much more proof do you need than the CEO himself saying 50,000 laid off is not enough, or that you're merely the layer of an onion to be peeled back and thrown away, not a team member anymore?
It’s made up by some nutcase who’s his own “reliable source” for the conspiracies he thinks he’s savvy enough to see
dont see any zz under SDI (technology) under Chintan..which EVP or MD are we talking here..?
Post ID: @ynl+1pUFL6Vx
💯 spot on!
Why does this site attract paranoid lunatics
Hub strategy is not a secret. Though Chainsaw Charlie denies its existence, look no further than SVB's AMAs. I disagree with the message but I will credit Saul for being semi-transparent.
I'm in a position that knows enough of what's going on big picture. There are two things at play, and they aren't entirely unrelated. There are two methods being employed to reduce headcount. One is "typical" downsizing. 2023 isn't unique in that aspect, though the severity of the reductions is unprecedented. You could call that BAU, in some manner. The hub strategy is the other tool. The fact that Chainsaw Charlie denies it is telling. He wants plausible deniabilty. Ask yourself - from what? The primary strategy of the hub strategy is to increase attrition. He WANTS you to hate your employer so much that you leave. Again, just listen. The truth is there. CFO readily admits attrition is not happening as quickly as they hoped. Again. Just listen to what's being said. SVB has been very clear. RTO and the hub strategy is near implementation.
Lastly, expect early to mid February to be big numbers.
Ive seen it at this company and others where the decisions are made at the top and lower level managers find out at the same time or if they are lucky a few hours before.
The decision was taken at an EVP level. The head of SDI, HR and the direct reports were involved. The next levels were given the list of non hub and remote employees. Additionally, it might be that the managers manager had no choice and let go additional to hit the numbers. But what we heard from a reliable source is that the managers and their managers (M4 and M5) levels were asked to execute the list. Some of the M4 did not even get a chance to say good bye to their direct reports. M5 took care of it without even thanking any one of them for their contribution or hard work. It was like a mechanical process without any emotions. And some of the managers were visibly shocked and probably worried about their own survival. This is what we hear. But no one should be surprised if a big layoff happens in the first quarter of 2024. It is better to be proactive and start looking if you think you may be one in the list. Just trying to share all that I heard from reliable sources.
"I find this very difficult to believe."
With Charlie Company? I find it very likely, actually.
Managers not knowing is total BS. Come on guys wake up to management tricks.
OP stated:
Interestingly, we heard that many Managers and their Managers did not know that it is coming and they were told from higher ups to implement the layoff with a list given to them.
I find this very difficult to believe. Could any manager here confirm? 🤔
Interesting. Our manager told us we as a team were all safe for 2023. Manager was then displaced very shortly after. We are all waiting for our turn now as we’re in what doesn’t seem to be our long term home.