Wells Fargo Layoffs 2020
Anyone has insights which groups/teams will be impacted? Heard some rumors on some groups having all hands calls regarding significant team restructuring. Any thoughts?
Cringeworthy posts. Enjoy
And being a judgmental prick makes you so not cringeworthy! 👏🏽
Wells Fargo. Lol
"Well Johnny, that's as far as you go"
We had this convo yesterday amongst my team. No word on who is going to be impacted, but expectation is upwards of 20% will be cut. Ouch.
Which group are you in? Was it a formal comment from leaders or was it just a casual discussion?
EFT. Casual discussion with our leaders. They said we know layoffs are coming, we don’t know when, we don’t know who, but direction from the top is they will be significant.
I think retail branches will get hit the worst. There could a be a move like the one made back a couple years ago when WF pulled out of upper Mid West region. I’m in SoCal not sure how our market will take the hit. There are certain neighborhoods here with multiple WF locations within a mile of each other.
That has been pretty much a long term conversation happening since Tim’s time. I have the same hunch as you!
Most likely middle management will be hit hardest. If it's a classic ploy to cut costs (what else would it be?), middle management is the most vulnerable. Along with underperforming groups, etc
Haven't heard anything. Kind of annoying since we've been in expense cutting mode since early 2019
Business teams are bloated big time. Tech is already very lean.
Financial services in a nutshell
What do you call a business team? We have a different problem. Business teams (revenue recognition staff) are pretty lean. I think most of glut is in some of the support functions. Risk management/compliance or thier affiliated tech teams.
Saul should do something. They should get rid of old mentality of not able to transform to latest technologies. Influence young minds from other big companies to change the culture. Unless they do this, Wells Fargo will become like retirement center!
It’ll take at least 2-3 years for certain depts to transform. Maybe this will light some fires to accelerate
Bank of America is also a retirement center my friend. What are you doing about it? 😂
Every single BOFA person I have interviewed - rejected. LOL
lol good for them :)
Let us know how it goes