Wells Fargo Rumors about Firing People en Masse without Severance
Rumors are spreading across the bank that management was forced to hand out negative, mid-year performance reviews in preparation for firing people en masse without severance.
The root cause is that Wells Fargo cut their budget for severance and pushed down the cost burden to the lines of business. And since the LOBs don't want to foot the bill, they are looking for ways to fire people without severance. Hence, the mandated negative reviews.
I'm trying to understand the most likely outcomes and how to strategize. Quite frankly, I am thinking of just leaving. It is a cesspool of incompetence and declining morale and my manager is a busy body who is more concerned with giving the appearance of work than actually accomplishing anything useful.
Or do I stick around a bit longer to get a package? Can they legally just make up fake reasons to fire people? I figured I would crowd-source intelligence before acting. Knowledge is power!