Thread regarding Wells Fargo & Co. layoffs

Second wave is before end of Q3 (end of September). Announcements were made today and I believe have to be done before end of week.

OP , its not today.

Wells Fargo location strategy is to offshore all jobs to India. You can't understand them, they think they know it all and they work for pennies. Some strategy. I hope they fall flat on their Stagecoach face !

Wells Fargo is a terrible place to work. They just do not care about their employees. Lay me off, I will take my severance and leave, and will wave Goodbye on the way out the door...Never going to reopen that door again.

Its all f***ing liberal policies making most of the jobs go offshore and making americans poor and live in small appts and/or govt benefits

Does anyone know, when is the May Day?

This thread seems to be sharing the correct info on layoffs.

Wave 1 isn’t March, it’s May. And Wave 2 is Q3. Managers are already supposed to have let everyone who is affected by Wave 1 know.

If you haven’t already been told you’ll be impacted by location strategy in May, then you aren’t.

Any further details @OP ? Your original post was true.

Chuckles, the top clown, is the CEO and he is not located in the WF corporate headquarters in San Francisco. No wonder the man of um, ah gets so little respect. Do as I say, not as I do. The ultimate hypocrite. Get with the program Chuckey.

All LOB's are moving to Hub strategy. I am in CIB/CL the "Phoenix" hub is Chandler, Tempe, Scottsdale, etc. Basically AZ locations in PHX metro area. All LOBs have different HUB cities, but PHX and DesMoines seem to be consistent through all LOBs.

I'm not affected, but 75% of my team is...the time it would take to find new employees with their skill set would take years. We are considering "specialty" but if you aren't near a Hub you cannot get promoted and I'm sure eventually they will be replaced. We have lost and will lose so many talented people.

I have been with Wells for over 25 years and this entire relocation strategy is just a smoke screen to justify getting rid of a lot of employees without having to pay a severance. If you are slated to either relocate or have to now spend 2-4 hours on the road each day you have only one option leave of your own accord. Because I can guarantee no severance will be offered.

Wells Fargo, just like most companies and particularly banks really only care, about one thing the bottom line. Every study done during the height of the Covid-19 lock out showed no decline in worker productivity from remote workers. In fact it increased. So why the BS saying the move back is to the improve synergy and opportunities.

In 2 years when the upper management team cycles away from the Morgan Stanley crew that jumped over to Wells moves on, yes have seen this happen time and time again at Wells roughly every couple of years, I am willing to bet the pendulum will swing back somewhat the other way.

To the OP- great scoop. This is why I come to this site and ignore the trolls. I’d love to know how high up the OP was. The call is coming from inside the house!

Sad day boys

Eventually all the remaining Tech jobs will move to India. Jay Shree Ram!! (will take your jobs)

Well that's sad, what a sh-t company.

News is out and it's not good. The original post is accurate.

No news is good news.

is any news out folks?

@5nxw, unfortunately this isn't a Troll post.

The amount of talent that will be displaced by this is staggering. In my group, many hard-working people will be displaced while many of the folks doing no work (not exaggerating) will get to stay. I can't speak for all teams, but that's what's going to happen on the team I'm on.

I know the purpose of location strategy is to get people to quit. But I have to wonder what the long term ramifications of this will be. The people who currently aren't doing any work today aren't going to suddenly start doing work tomorrow (I thought RTO would help fix that but it didn't.) And the people who are currently doing the work will be gone.

I've tried and tried, but I can't wrap my head around how id--tic a decision this is. It's like someone looked at RTO and the mess that it created and said, "hold my beer."

I stand to be negatively affected by a Technology Location Strategy.

It will be interesting to see if this post comes true tomorrow or soon there-after, or will go down as one of the greatest trolls on this forum I've witnessed.

"They have prioritized the displacement waves by the number of Wells Fargo tech employees in your city. Those with the fewest will be in the first wave and so on."

Is there a way to check number of remote workers in different cities? I'm not out in the sticks but am worried I might be in the first wave.

@1ivp+1rbK9mhO

The only reason Columbus is on the go-forward list is due to high amount of JPMC sycophants/cronyism hires..

It looks like tough times ahead for those in tech looking for a new job:

https://www.cnbc.com/2024/02/24/why-widespread-tech-layoffs-keep-happening-despite-strong-us-economy.html

They have prioritized the displacement waves by the number of Wells Fargo tech employees in your city. Those with the fewest will be in the first wave and so on.

This site will be wild on Tuesday. Looking forward to reading.

Asked my manager directly about this in our one on one today and they confirmed that communication is coming 2/27. Said managers haven’t been given much more than what we’ve seen here, basically just support documentation for impacted employees, but that they are at risk as well so haven’t been given a lot of insight. Take it for what it’s worth.

think about it... if every single one of us from the one of eight campus offices poops in the second floor bathrooms, and don't flush... well, Charlie WILL get his bonus...

This is such a cr-p strategy and very short sighted. WF is willing to lay off excellent talent just because of where they don't live!?!?! Ridiculous and I'm still trying to figure out how this benefits the company overall. Ridiculous

@2brp

SVB was not employed by WF in 2018

Concord falls under San Francisco hub?

Faster faster, why wait so long for wave 2!

@2pky+1rbK9mhO

I heard tech is affected.

Do we know if tech is affected?

@1mcv+1rbK9mhO Chandler is obviously the hub in AZ. Think about it bro.

Medical accommodations will not need to be renewed or re approved. They go through an exhaustive review process and if it is a permanent disability unless the accommodations can be made on prem to change that they won’t be touched

Chandler AZ is missing from this list. chandler is not Phoenix. I find it hard to believe Chandler would not be a Hub

: @1qpe+1rbK9mhO TK has 70% dotted line is in India. After this regorg, she probably alone here and good plan to move over there.

Someday, "core location" will mean charlie and his toilet. Rest in India

Someday, "core location" will mean Hudson Yards, maybe Charlotte and Dallas, but mostly I&P. Everything else goes, and even Charlotte and Dallas won't last forever.