Thread regarding Wells Fargo & Co. layoffs

@wja answer is accurate except for the duration of severance. Minimum of 8 weeks. So up to 4 YOS get 8 wks. After that, 2 wks additional for each YOS

OP doesn't say whether the job he's waiting on is internal or external. If it's a WF job, nothing is impacted - you get made an offer, take the job and go on your way. Bear in mind that if you are offered an internal job and you decline it either during the notice or severance period - it can nullify your severance.

If it's an external job and you start working somewhere else during the notice period, your severance will be eliminated. Lots of posts on here with people doubting that WF can find out... but they can and do.

Can anyone share their experience with displacement from Wells Fargo. We’ve been given our last day of employment but there has been no discussions regarding severance. Our last day is less than a month away. When will we receive our 60 day non working notice and severance displacement packet?

WF su-ks

@1hmj+1rog5c8F It’s 60 day notice period where you get regular paychecks as if working. Full normal deductions, etc. After the 60 day notice then the Severance period starts. Paychecks at that time would be mostly normal save for no 401k contributions. Also, as noted, 8 weeks is the MINIMUM severance period given regardless of your employment length. Otherwise it is 2 weeks per year of service up to 52 weeks of severance maximum. If you worked 3 years or less you receive the 8 weeks of severance.

"Can one apply for unemployment benefits while on 60 day non-working period?"

During the notice period? No, because you're technically still employed.

@1hmj+1rog5c8F

8 weeks is the minimum. If you have 5 YoS or more, it's 2 weeks of pay per YoS with a max of 52.

Addressing some questions:

If you are still an actively working employee search for the Severance Plan on Teamworks. It will answer most, if not all of your questions. If you've been displaced the Severance Plan is provided in your displacement "packet".

My final employee paycheck, which included my PTO balance, was paid the Mon after my last day as an employee on the previous Fri. After that, my severance pay was paid biweekly with the regular payroll cycle.

Hope this helps.

Both notice period pay and severance pay is your normal biweekly pay amount right?

I don’t get it is severance pay (after the 60 days notice period pay) 2 weeks per year worked or does it start at 8 weeks? People here are saying contradicting things

Is your severance full pay or only a portion of your pay? Does it include insurance or are you on cobra?

I git fired today too, and there are several days for PTO that haven’t been used, anyone knows will unused PTO get paid? Thanks

@OP+1rog5c8F, all the best to you.

Please note that your years of service is dependent on your anniversary date. The good news for you unless different in 2024 is the minimum number of weeks paid for severance is 8 after your 60 day notice period, regardless of years of service. You can confirm that in the severance plan document that you received.

I strongly encourage all who are displaced to check payslips every pay period. I experienced several "never should have happened" issues that were very time consuming to resolve and required multiple escalations.

@zaa+1rog5c8F, depends on the state. If you live in NC you cannot collect unemployment until your severance is paid out.

If you get the job, wait 60 days is over before starting. And with that, enjoy your severance and new job.

Can one apply for unemployment benefits while on 60 day non-working period?

The sad thing is that many of your questions will need to be answered by the packet you received or a call into the HR number for displaced employees. Reason being is that each circumstance is unique. That said, here are some general answers to your questions.

1. Most displaced team members will get the 60 days non-working notice. During this time you are considered a WF employee. As such, if HR or your boss asks you to do something - do it. Failure to comply can cancel your severance. So, don't delay sending in equipment/badges, etc. The good news is that you can't really do any 'work' due to your limited system access.

2. You get 2 weeks of severance for every completed year of service. A full 3 years will net you 6 weeks. That is tacked on to the end of the 60 days non-working notice. Your packet will have the specifics though on your severance period.

3. The packet can be emailed or mailed. Your manager should have advised you to enter your personal email into Workday before access was cut off. If they can't email the packet you will get a mailed copy (it's possible that you will get a mailed copy regardless). There are some very specific things in that packet that you will want to do by the stated timelines. One of those is that you get a special OKTA password that is time-sensitive. One of my displaced employees did not active that in time and it caused huge headaches. Like 3-4 hours of phone calls to HR and technology so that he had access to TW at Home. I had to get involved and join calls with him. Total nightmare and depending on your former boss they may not be very helpful.

4. Being displaced doesn't impact your interview process for now. For the next 60 days you are treated as an employee with very limited system access. Once your non-working notice is over you are considered an external candidate. If you want to stay at WF, apply like crazy for the next 60 days.

Sorry to hear about your displacement. It is very rough and it isn't stopping. There are about to be thousands and thousands of employees displaced due to remote working. Lots of talent drain at the bank.

you are still a wf employee for the next 60 days so if you take another job in that period and tell WF you did ( which you are supposed to) you won't get severance.

Do NOT start a new job until your 60 day notice has ended or you voice the severance agreement and will get nothing. If you are offered the new position negotiate your start date.

If you want to collect severance you can’t take a job until your “notice” period is over, which is the 60 days. The date will be in the document you sign off on. You can also keep your benefits during the severance period as long as you continue to pay for it out of your paycheck.