So our area (about 500 folks) had a reorg but no layoffs. However..... they created a lot of attrition on the reshuffling, causing everyone to be uncomfortable. Most of us in this area have been with Wells for 5 to 10 plus years. Is this a new strategy to make people quit so they don't have to pay us severance? Joke is on them, we're not leaving. Reshuffle all you want, most of us long timers want the package.
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Over 20 years with the company. I've personally been a part of maybe 15 major re-orgs in that time. In just the past 5 years my team has moved to 6 different leaders (including moves between technology and the business).
The cynic in me believes that a big part of it makes it difficult for employees to move up in role. The promotion process takes time. If you are constantly being shuttled around between groups, having responsibilities adjusted making a case for promotion is near impossible. I'm sure you are right as well that it also increases attrition.
The other part of me thinks that is just giving WF leadership too much credit. It's chaos for other reasons and the stifling of promotions is just a side benefit they receive.
We are re-orged annually at minimum, maybe more often as they lay people off. It depends where you sit in the org.
But that is the Wells Fargo way. Similar thing happened on a large team I was on. They announced layoffs would happen over the next year but at the time, they would not know when, or how many. Then not another word for the rest of that year.
People left in droves and we began the following year severely understaffed with dregs like me. 😀