I have worked at Wells Fargo for a number of years. My skills have receded as well as my hairline. My energy level is still strong but my mind is no longer sharp. Others can do my job. Ever since the "efficiency" statement from Charlie, I do think that my days are very numbered. I am in a position where if I get let go but then thankfully find another job of a similar capacity I may not be able to retain it. This is very simple, I will do my best and leave it in the hands of my maker.
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lol, if you think the layoffs end with the cap, you don't know Shart. He'll keep downsizing until there's nothing left (in the US) or he's shown the door. It won't stop for any other reason.
The layoffs will continue until the asset cap is lifted because layoffs are the only way for CS to improve the efficiency ratio and thus get bigger bonuses every year. He isn't ethical enough to get the asset cap lifted, so layoffs are his alternative to doing what we thought his job was supposed to be.
Turns out he thinks his only job is to get bigger bonuses every year by improving some arbitrary stock market metric.
Poking fun at the creator of the universe, good luck with that
"It's actually not WFDS because all of these things WF is doing is material and actually happening "
Your quote above indicates otherwise. These things are happening and from reading the original posters description, Wells Fargo Derangement Syndrome has the potential to make one mentally unsound. The classic description of "Derangement".
The really sad part is it appears many of the WF workforce also exhibit the same symptoms as their postings on this site are quite similar to the original poster.
Just look at all the negativity being posted on what should be a happy workplace event. The awarding of a 6% match on the 401K accounts. Recipients are not happy, in fact, they are quite outraged. Not a good sign coming from a workforce that seems to be screaming out on a remediation.
@pok+1qjAA59Q It's actually not WFDS because all of these things WF is doing is material and actually happening e.g. India, RTO, reduction in benefits.
It's more like FWF. F-WF!!
What ever happened to growth in revenue to improve efficiency ratio? Do we really have to slash expenses if we are growing? Oh yeah, asset cap…
We used to be a strong revenue growth firm (yes even without the phony accounts), but the HY crew doesn’t know how to run that kind of firm. They only know how to cut expenses. They are running this “firm” into the ground. It’s a shame.
Yeah, efficiency is obviously just code for layoffs because Hudson Yards doesn't even consider any suggestions about how the various LOBs might become more efficient. If you've worked here more than a day you've seen something that you know is a waste. When you escalate, does anyone care / fix it? 98% of the time, no.
"Keeping the Faith
This is very simple, I will do my best and leave it in the hands of my maker".
It is clearly evident from this posting that Wells Fargo Derangement Syndrome has severely affected you. The symptoms are all there. Lack of confidence. Low self-esteem. Feelings of hopelessness. Signs of despair. Uncertain future. Impaired coping abilities.
Unfortunately you are not alone. From my limited time reading the postings on this site many of your WF co-workers are also suffering with WFDS. The title of your posting is encouraging. Faith and hope are important in fighting back.
All my best wishes go out to you and all of your many colleagues for a brighter future. What must it be like working in an environment that does this to so many people?
I never want to find out.
We even have a new efficiency group who wants to understand impacts of new initiatives - it’s too bad we don’t have baselines or metrics to compare against. I guess they will use PowerPoint to measure their impacts.
They've been talking about "efficiency" for years as a management buzzword. Stay the course as I haven't seen a comprehensive plan yet. Just making it so bad that most of the really good people end up leaving or getting pushed out by the insecure back stabbers. Lay low & you may be OK.
Efficiency is another way of saying layoffs
Same here! What efficiency statement is that? Can the link or statement be posted here?