AM I NEXT? THE HANDWRITING ON THE WALL AT WELLS FARGO -- MASS LAYOFFS AHEAD (updated)

Am I Next? Mass Layoffs in Wells Fargo future.

UPDATE: AUGUST 10, 2019 — REDUCTION IN FORCE IN SHOREVIEW, MINNESOTA.

The company has announced a reduction in force at their Shoreview customer service center which will see 400 employees laid off between November 2019 and January 2019.

According to information filed with the State of Minnesota 200 of the jobs being eliminated are on a phone bank. About 90 others are in customer-service roles, many of which are transacted via e-mail, chat and social media.

According to a company spokesperson, “The shrinking of the customer-service center will not affect other Wells Fargo operations in the Shoreview office. While we recognize some current jobs will be eliminated with this business decision, the work will be absorbed by other domestic contact center locations.

Original Post…

The handwriting is clearly on the wall for all to see as the Wells Fargo CEO, Tim Sloan, “shared progress with team members on the company’s ongoing transformation, which addresses industry trends and changes in customer behavior, during a regularly scheduled company-wide town hall meeting.”

In a release, Sloan noted, “Wells Fargo is continuing to make fundamental changes designed to make the company more customer-focused, streamlined, and better positioned for long-term success and operational excellence. This work includes strengthening risk management, simplifying operations, leveraging digital automation, divesting non-core businesses, and continuing to become a more efficient company.”

But the key take-away was that, “ Given changing customer preferences, including the accelerating adoption of digital self-service capabilities, the focus on operational excellence, and ongoing commitment to efficiency, the company expects headcount to decline by approximately 5 to 10 percent within the next three years. This decline would reflect displacements as well as normal team member attrition over that period.”

Since the bank currently has approximately 265,000 employees, the reduction would result in a loss of between 13,250 and 26,500 jobs.

It is time for employees to prepare for the future because we are betting that the layoffs will be coming sooner than later to improve share prices given the hefty penalties being assessed by regulators for various Wells Fargo misdeeds.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?