Wells Fargo slashes about 400 jobs in 2 months in India; more may follow
Wells Fargo’s technology centre in India has slashed about 400 jobs in the last two months, two people familiar with the matter said. This comes at a time when the fourth-largest US lender consolidates its operations in the country.
https://www.business-standard.com/companies/news/wells-fargo-s-india-tech-centre-cuts-about-400-jobs-more-likely-to-follow-125071300516_1.html
@b6 my job was replaced by four Indian workers, during the training sessions, to my surprise, their skill set is lower than the college kids. I have been tutoring my kid for her college computer science courses, their level is much higher than many Wells Fargo workers I was working with , and some managers knowing little about the technology or AI but got promoted rapidly, but sadly, many of new college graduates with CS could not find jobs in today’s downturn market. I cannot image what will happen after 10 years.
400 down, 45,000 more to go.
From the beginning I've been telling people why on Earth are they putting any Wells Fargo jobs in india? That country is notorious for fraud and scamming people and they have full on call centers full of people that occasionally the cops will fake bust. Don't believe me go check out pierogi (scammer payback) on YouTube. Not sure how to spell his name but whatever. Anyways as somebody who is trying to get into an anti-money laundering type rule please explain why the he-l all of those jobs are in India and only a few of those jobs in management roles are in the US. Rhetorical. So upset that this company is willing to risk their customers personal information to the hugest scamming country in the world.
They’re going through spans and layers. Reducing headcount
Working with offshore resources is like working with preschool children that speak their own language.
They seem ridiculously bloated. I can’t tell you the number of touchbases I scheduled with just a single person from India on a very narrow topic and three or more showed up. They are like Minions.
Fake News. Noboby Is getting cut. More corporate propaganda to control the diminishing US workers.
@at what is the reason for that? Why onshore is pushing work to offshore voluntary?
Is there severance pay when they lay off offshore workers?
Wellsfargo is slave to outsourcing. It cannot survive without India / philliphines. Don’t dream for the jobs coming back. The middle manager are su-king the wellsfargo India leaders to take more work.
Does this have anything to do with them going through their own location strategy? From what I understand, WF is getting out of a city or two and consolidating just like we've been experiencing in the US
@aj true. India has funky data regulations. If the data moves to India (like, it gets stored on a device in India), then it's considered Indian data, subject to Indian rules and "owned" within India.
So, manipulation of US data through the virtual desktop is the convenient way for American companies to offshore the work without losing control of domestic US data to an Indian subsidiary.
"Everybody's doing it!"
Your data technically isn’t in India. It is in the US. Those outside the US can access the systems in the US that store it, but with VDI it never leaves the US except what they can see on their screen.
India is not a stable country if Pakistan decides to rattle its sabers. I don’t want my data there. They need to go back to scamming senior citizens like always.
Why's that good, that doesn't translate to US hires it just means they laid people off.
I believe they have also drastically cut back hiring there as well.