Last week of the month could be the peak. Blood bath.
18 replies (most recent on top)
March 29th is the date....tech in PA, CA and AZ will get the brunt of it.
Run.......Run!!!!!!!!!
March will be a large group of the special underwriters. Mgmt is keeping it tight lipped, but we all know what’s going on here. My bet is 3/15 for half the group, ppl will be shuffled among teams, and then a slow trickle into summer. Sept will see the rest of the layoffs.
Any Tuesday layoffs?
While the total numbers across the bank on any given week might not seem like a bloodbath, when it is your department’s turn to be hit with displacements it may feel like one. I know what is coming soon for mine and it’s going to be a figurative bloodbath. One would have better survival odds flying a B-17 in WWII.
210k may be the goal for this year, but they won't stop there. Not even close.
We're at 226K now, with 45K in India. If the 24K FTEs on U.S. Remote status and those not in an identified Hub are the focus of next rounds of cuts, Schart will easily hit his ~210K FTE goal with 30% India and be in-line with the other Banks.
Also, there's a footnote in the Q4 filings about them expecting lower severance costs in 2024. So, the gravy train may be drying up for those not in a Remote status.
320k of employees is not nuts as was said. WF very simply did everything themselves. Outsourcing operational functions one removed from customers wasn't done as much as our peers. I have worked for several of WF peers and if you count the people doing outsourced work for them WF was not far off.
"for the last couple years bigger layoffs have been on the Tuesday following a pay day."
Well, I dunno if that is a hard fast rule, I got whacked on a Thursday.
for the last couple years bigger layoffs have been on the Tuesday following a pay day. while that can change, doesn't seem to have so given this week is a pay week we will likely not see any significant layoffs until next tue 3/5. They will have another on 3/19. These two may be significant given end of Q1
Nothing major is happening this week. 3/5 is the day of interest, but I personally think layoffs will continue in small spurts all across 2024.
It's all subjective, I generally consider 900 people getting laid off in a month as a blood bath. They will continue until a large majority of US employees are gone.
Bloodbath in Des Moines for sure
There us no war in Bah Sing Se.
Get a life.
There are no, blood baths. WF will do what it has been doing now for over 3 years. Lay off roughly 900 people per month until their goal is accomplished. Some of those laid off will be backfilled with people in India, etc. Some, short term contractors. Then there are the people that retire, leave, and the one offs every day that they lay off, etc. Those also adds to that 900. HR and the company they use after to help with getting canned, can only handle so many getting let go per month.
When I started 12 years ago, I'm pretty sure WF had 320k employees which is nuts. That number is now somewhere close to 250K, or something like that. It's hard to get a number based on where the users are now with India, I think having the second most employees behind the US. US numbers will only drop, India will increase. I'm guessing 200k and they will then stop, laying off in mass.
Won't be the peak.
Troll