Thread regarding Wells Fargo & Co. layoffs

Wells Fargo will lay off more staff in the following months

Look the bank is downsizing all over the place. Given the bad PR, the bank willl NEVER say anything about layoffs and everyone let go will be under gag orders to not divulge anything without risking their severance. Over the next 18 months, about 10% of the entire staff will be let go and that assumes revenue growth continues. If there's a drop in revenue then that percentage will go up to offset lower revenue.

If you are worried that your department may be downsized or you let go, then it's time to update your resume and get searching for a job now or call a headhunter. Don't wait to get called into a last minute meeting because after that, everyone in your department will be looking for jobs. Don't let this bank's problems control you. Take charge and get out of the day 2 day fear of job losses.

Posted by . This might not be what we want to hear, but sadly, every word is true.

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The bank should not be paying the executives legal fees. They need to pay their own legal expenses. The regulators need to fine them and investigate each one of them and hold them accountable. Executives and Board Members. They all drove this Bank to the ground. We all know that you all knew about the gaming for years and stood by and let it happened. The investigation report completed by the Board is another waste of money and time. Lisa Stevens kept her job because she said she repeatly went to senior management about gaming. She also profited off the gaming. Does she know how to use a phone? She should have contacted the regulators period. She needs to be fired. This Bank will never change until they all get fired. Top to bottom. Regulators note all sales departments all have issues. Particularly the Business Banking units. Review the employee turn over rates in that department. They also have unrealistic sales goals. It was common knowledge that they were not interested in relationship banking but in transactions. They would hire used car sales people to push customers to get any kind of loan and bring anything to the department to see if they could book the transaction. If the bankers loan portfolio was rated substandard they would let it slide and chalk it up to doing business. It was their culture. Experienced Bankers applying for the position were turn down for non experienced Bankers that they could train. All of the managers are still to this day are running that department. Job postings everyday for a Business Bankers; Senior Business Bankers; now pushing C&I products. Main focus _sales

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Yes, we know there will be massive lay offs. You are a troll telling us to start looking for a job before we get laid off so that the Bank can keep our severance packages. I am going to stay and do my job to the best of my ability like I do everyday until I get my pink slip. Yes, I will get another job but on my terms.

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Is there also a hiring freeze? A coworker thought so but my manager couldn't confirm.

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It's baloney ! Now that profits are down from illegal selling, they ship jobs out of the US to cut costs and keep their bonuses. Unfortunately it's us, the hard working employees who will suffer.

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yet, executive bonuses are going up

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Absolutely its true there are billions in regulatory fines and attorney's costs to stay out of prison. The criminal investigations are just starting and will take tens of millions just to keep the executives out of prison.

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