Thanks for the info on this site - parting thoughts - post regarding Wells Fargo & Co. layoffs

Thanks for the info on this site - parting thoughts

Yesterday I was laid off. I actually am glad this happened because I was ready to quit even without another job - I hated this job and this company that much - the worst in my career. The role and the company were far different than I understood when I took the job and I found the environment to be very toxic and the constant threat of layoffs sapped my morale and motivation. Based on information I received on this site, I held out a little longer hoping that a layoff would catch me, and luckily for me, it did. This gave me 4 months of pay I was not expecting between nonworking notice and severance and made me eligible for unemployment if I don't find another job by the end of my severance.

I found that the toxic environment and layoff threat was similar when I was at BofA. I left there voluntarily and vowed to never work at a bank again. After a number of years I was recruited at WF and broke my vow. The role seemed perfect, and the pay was good. When I was at BofA, folks considered WF the "good bank" because BofA was in the news getting fined left and right, and I was hoping my experience would be different at WF. It wasn't. Same toxic environment, same constant layoff threat, but in addition WF was way behind BofA as far as technology goes - so hard to stay current and relevant in the marketplace. Folks at BofA had the same attitude as folks at WF - nobody wanted to leave without severance. Even though I was lucky to get severance, I would have left without it. Too many people endure the cr-p that these companies dish out all for the sake of not wanting to lose the severance they earned. Everyone knew how much severance they had at any given time. Severance is a set of golden handcuffs. Life is too short. If you hate this job, go elsewhere, even without severance - just not to another big bank. You will not regret it in the long run.

Anyone wanting to work at a big bank, or really any large corporation, needs to have thick skin and not worry about layoffs, reorgs, selfish or seemingly incompetent CEOs, tone deaf management, illogical RTO requirements, etc. All of these things are out of your control and worrying about them won't result in anything except making you unhappy. I am not built that way, so could not endure it.

I know, this is not an airport, no need to announce my departure, but I hope that this info might be useful to someone struggling at WF or considering taking a position at "the firm", and gathering my thoughts was therapeutic for me. 🙂

Comment! It's anonymous!

18 replies (most recent on top)

@1uyd+1rphZBhh

Offshoring to India saves way more than 40%. The Indians get paid 20% as much so you need to hire twice as many to get even close to as much work done. However customers then start leaving the bank. With fewer customers, there's less work to do and you don't need as many workers.

Eventually, the Indian initiative will result in 100% cost savings when every last customer has left the bank and they can fire every single employee and liquidate the company's own funds to the Hudson Yards gang.

Does the 40% include the 2:1 required to perform the same task effectively?

Offshoring saves about 40% labor costs net of severance etc. what left is a broken bank.
We already moved our $ to other bank. I hate this bank and CS & Co. that much! The greed from CS is disgusting!

Good post OP. Coming to work here was the most expensive mistake I ever made. When you consider all factors, besides financial.

What area/careerpath would you like to focus on next, OP?

Your post resonated so much. As another poster said, a very Charlotte career path. I'd add backstabbing, uncooperative coworkers & insecure middle managers to your list of the work environment. Banking is not the place for genuine, consciously aware people. However, if you want to walk over & punch everyone down for a bit more money than can be earned in other industries, it's your place. Good Luck in your next endeavor.

What department is this?

@opx+1rphZBhh - Same boat. I'm using my severance to go back to school, and change careers entirely after 20yrs. I might have to wait another year or so, but that's fine. I don't see a bright future for banking.

@tef+1rphZBhh

"Trying to get context of when WF was the "Good Bank."

When it was called, 'Norwest'.

So your last job was toxic, and this job was toxic. Huh…

Best of luck. Interesting that your last job + this job was toxic.

Well stated. Right there with you. Praying for layoff even though I know it may be a long time to get another job. I won't work again in financial services if can be avoided. Career change is my next step.

Wells Fargo was considered “the good bank” around 12-13 years ago, at least from the perspective of folks at BofA, as BofA was hit with fine after fine and their reputation was tarnished. This was before Wells Fargo‘s fake account scandal in 2016 when WF proved there is no “good bank”.

Just out of curiosity, OP - when did you start at WF? Trying to get context of when WF was the "Good Bank." The last time I think you could say that was maybe 2015.

A very Charlotte career path story.

Best of luck OP. My problem is that I love my job and the people in my group, I really do, but I despise Hudson Yards and every BS plan they come up with. If I was the next CEO of this company, I would close HY and term everyone in it. There's no redeeming that group.

Best regards and good luck.

Excellent post.
Best of luck going forward.

Thread regarding Wells Fargo & Co. layoffs

Thanks for the info on this site - parting thoughts

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