Any layoffs today? Which groups?
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About 175 people let go on Tuesday. Lot of remotes, and some people with fancy job titles. Not executives, because they don't get downsized, but mismanagement and high level individual contributions. Relatively small wave, but that's no consolation for those that got purged.
True, but they also don't report on some others. All the rest of the financial crimes guys were termed recently in Oregon, haven't seen a peep about it. The truly giant wave in 2025 the media did cover.
@e1 There are news stories about Wells layoffs all the time, frequently posted here too
In most cases warn notices aren't e
required and I'm not even sure the media cares anymore. It's old boring news when it's been happening every quarter for this many years. Not exactly a scoop.
Next month will be a bloodbath
@bx Zero news stories or WARN notices, not even the usual dubious claims on here, and the long-established pattern of trolls lying about this every time? I'm sure SOME people were coincidentally let go, but very clearly it was not "the big one". And it will remain the case until proven otherwise- extraordinary claims require extraordinary proof. Believe what you want though.
I heard 20% across the board got whacked.
How do you know, exactly? Maybe YOUR group has no downsizing and some other group got absolutely slayed. We won't know much with detail for a couple days, unless you work in HR and are willing to divulge.
@bd was there a big impact/count in CBL?
@aq Only Consumer Bank & Lending. They already had a lot of reorgs. Not sure what’s going on over there. Probably HR driven or bad management.
@am “best of the best” aka privileged people who are well connected. “Bottom of the barrel” aka intelligent, capable people with less privilege and less connections, and more likely to be from a marginalized and economically oppressed background.
At some point, all this emphasis on “meritocracy” is going to backfire, the “meritocracy” is simply a disguise for classism, ablism, and oppression.
It’s embarrassing to have ever worked alongside people that think the way that you do.
Oh get out, it wasn't "the big one" after all. I'm sure the troll will be right about the next date he gives being a bloodbath though!
@aq Long tenure managers are retiring left and right and high producing FAs are moving to Finet to keep Well's insanity to a minimum even if all overhead is on them now.
@an Anyone in WBS or PCG?
6 in legal
CAs are coming soon. End game is for the AI enhanced version of Advisor Gateway to do 80% of the grunt work CAs do when it launches Q1 next year. Wells will only keep the best of the best for million dollar FAs to have physical support and a few for an RCAST like setup at WBS/PCG , RSC locations. Huge article in Advisor Hub talking about it a few weeks ago. Initial layoffs going on now are CAs that are hard to get rid of due to ADA or protective classes. Current management is annoyed that WBS and PCG was basically a bubble room for ADA and protected class employees for the last decade due to fear of litigation. Basically collecting a 70k salary for doing next to nothing aside helping bottom of the barrel FAs and spending most of the day on their phones watching videos, eating and drinking. Many of them have had a sweet deal for the last 5-15 years. All good things must come to an end. They should apply to Goldman if they have an office in their respective city. Goldman basically pays to have ADA employees on payroll to meet Federal govt quotas for being a federal contractor. Easiest money ever. Just mention it in the interview (your disability) and be fully licensed and you will get it.