https://www.ustopbank.com/2024/01/wells-fargo-layoffs-2024-what-we-know.html
18 replies (most recent on top)
Mass Retail Banking is rapidly becoming commoditized and electronic....it will become equivalent to nothing more than a Tech Support Call Center setup enabled by Websites and Mobile Apps.
So yes, Virginia, 90% of Banking jobs CAN be done in India.
Wells Fargo is a non-stop shitshow in all areas.
I still find it fascinating that we outsource to india. They are not a US Allie they are allied with Russia but don’t like china. India would like to think that they can take over all US work. They can take a lot but they will always be “SECOND” and export restrictions will play a role on “what” goes. They are never going to replace a US bank which by the way they have no banking in india. BOA does but not WF
@1his+1qMGvk4T
I heard California remote workers are all safe. I think Texas is on the chopping block then Arizona..
I will go out on a limb and understand you live in Texas. However, remote CA displacements have been going on since early 2023 and will continue unless you are super special or HR accomodation and close to hub anyway.
AZ is low cost of living and big owned campuses that they are still completing. AZ is a hub especially chandler but likely close to capacity. Texas - i don’t know. What leaders are there (Execs) is it the cheapest cost of living. A data center is geographical. Staff is not required for a HUB there
Another big wave of “strategic” layoffs is coming this year for employees that were grandfathered into non traditional footprint locations for the company.
There are good initiatives in the bank that are being gutted to just enough to check a box for regulators. These cuts will increase risk to the bank and customers. But the cost savings has been decided more important. The regulators will have the wool pulled over their eyes as what they were promised was under development has been scaled back to barebones.
A reporting change and you can make it look like you are delivering on what was promised.
Be careful what you wish for. It’s going to be brutal by end of 2024 when the so called “dead wood” are gone and those left behind are going to have to pick up the work of those laid off.
TX is cheap, biz friendly, and checks DEI boxes. Dallas hub and data center isn't even open yet, but they are coming soon. Eventually all the hubs will close, but TX will be one of the last.
Is there any truth in no lay off's for remote California workers?
The employee headcount is still too high. Many more are soon to be let go but this is not news and has been public information for a long time. A lot of corporations are now in the process of eliminating jobs so WF is not alone in the process. That doesn't make it any better just harder to find new positions once the bad news hits home. This will continue well into the next few years so plan ahead with the new America that is coming your way.
I heard California remote workers are all safe. I think Texas is on the chopping block then Arizona..
2024 will be double that at least, and even then Hudson Yards won't be done. Not so long as any of us are left.
your numbers are way off. More like 25,000. At least according to what I’ve seen and I work in DLP.
11,300 India Hires in 2023 and much more to come in 2024. God Bless.
Can all of marketing.
The bank of doing?
Lead the Well life?
Seriously? Who comes up with/approves this stuff? And how much are they getting paid to make us come across like English is not our first language?
Too much. My dog could come up with better ideas.
Don’t click on this 3rd rate IP tracking website made in India.
Praying I am one of them.
Not enough! Lots of dead wood in this place.