Thread regarding Wells Fargo & Co. layoffs

Pay cuts and unpaid days off

I'm a contractor at Wells Fargo and last week I was told by my staffing agency that i would be getting a 2% pay cut because WF demanded a cost reduction. This week, there was a company wide note that went out to all people working in EIT (team members and contractors alike) stating that all contractors must take 10 days off without pay (excluding holidays of course) between Oct and Dec.

This is how they are going to start making up the savings.

Did anyone read about the $98M they are going to refund to approx. 110,000 customers who paid so-called “rate-lock extension” fees from Sept. 16, 2013, through Feb. 28, 2017, and give refunds to customers who don’t think they should have paid. Looks like they have to find more money in the sofa cushions.

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This is a sign of collapse, demanding employees to take time off without pay. Years ago, I was in a company that did just that. In other words, the company was struggling to pay its workers, cashflow was not good. Eventually, the place shut down. This is ominous here at Wells. I agree with another poster that this also means full time employees will be laid off, given this situation with contractors. And those remaining will have to pick up the work of the contractors on those day-offs.

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Contractors are doing the jobs at WF that employees are either too stupid, lazy or unqualified to perform. I doubt that agencies are getting hundreds per hour and paying contractors high rates I know because I was a contractor at Wells and they were VERY CHEAP.

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100 mil is a drop in the bucket. squeezing contractor rates is our standard operating procedure, it happens regardless of what's going on with our cash flow, macro economy or any other event.

the agency placing you should be taking a haircut, not you - they have made their money anyway, all fees they collect now is just gravy.

I am not saying it's fair, I am just saying that's how the game is played.

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WF is full of animals. I was working there over a decade ago and the people who were responsible for information security were stealing, embezzling, and s-xually harassing and abusing other employees. It sounds outrageous but true.

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