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.

by | Post ID:
1159 views | 4 replies (last )
Comment! It's anonymous! Reply to this post anonymously by submitting the form near the bottom of the page!

4 replies (most recent on top)

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.

by | Post ID:

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.

by | Post ID:

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.

by | Post ID:

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.

by | Post ID:

Post a reply


Related pages

samson tulsaprogressive inc arlington txhoneywell washingtonteradata stock pricelayoff targetparametrix companytake me to the nearest bank of americaintuit historythe hollyfrontier companiescenturytel linkemulex stockpepperdine law bookstoredallas semiconductor maximamzn market capcricket wireless locations san diegointel nsgapache corporation rumorsbp headquarters addressnordstrom denver locationsmacerich companyenterprise winchester kywhole foods work daycentury link tallahasseemcdermott houstonschlumberger legal departmentwhen does cisco report earningscapstone brokeragedevon oklahoma cityoge inchalliburton in williston ndsears panama city floridacabela's waco texasxilinx longmont coslb jobstaylor morrison scottsdale azrac hhgreggkmart in kearnyinfosys firingfayetteville whole foodsapple stores in manchesterzagg financialsmicrochip technology tempe azverizon store fort collinscompucom help desktomball regional medicalkohls companychase call center san antonio txparexel international indiadevry rossverizon communications historywww catalent commckesson medical imaging grouphoneywell company reviewget laid in tulsaralph lauren jobs nycpapyrus recycled greetings inccashier at whole foods salarykohls closeavnet azmonsanto st louis missouribarnes and noble jobs chicagoperimeter mall apple storeat&t store rochester nypepperdine bookstore west laaccenture jobs ukmckesson the woodlandsportola pharmaceuticals layoffsdanbury hospital addressvalir okcpepsi directbeaulieu of americajourneys in florence mallbakery jobs houstonwyndham worldwide corpgeneral electric greenville scverizon fios employmenttmis whole foods market