Has anyone heard if they will be operating status quo, or are they on a longer-term chopping block? With all the hub strategies for LOB's, as of now, you are fine if you are in a specialty market. But the way things go, I'm wondering if they will close them down and cut us all eventually.
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"specialty" market designation is because those markets have specific talent pool concentrations that are relevant to specific functions and/or LOBs.
what that means for the long run... who knows.
@f8 420 is being emptied out and readied for sale. Anyone still in that building will be relocated to 333 market and the official HQ address will be changed to 333 market.
Yeah, Columbus is definitely a fake hub. Just like HY. Made up for the personal benefit of very specific executives. Once they are gone, they can "go away" and no one will shed a tear.
talking about 420 Montgomery... Has Wells closed its stagecoach museum? This article said it would be closed after the 1st quarter Ge-z that's last year! whoops. So was the museum closed last year? https://sfstandard.com/2024/12/08/wells-fargo-history-museum-closes/ I wonder when they will change its logo. Compare it to other banks.... Its really old! No fancy script just blocks. I agree with all... this core hubs/ location strategy is all false narrative. Didn't they create a new hub (or location) in Columbus Ohio? During earnings report MS says the bank is going to continue improving its services for fee income. Isn't that specialty markets? but what do I know...
Some of us remember when there were large numbers of WF employees in Portland, El Paso, Albuquerque etc. a "hub" today is a closed building tomorrow. It's how WF works. Look at how many people are at 420 Montgomery. If they can hollow out the HQ of the company, whatever building you're sitting in is on the chopping block as well.
The whole point of a specialty market is that the current people don’t get displaced because of location strategy but they also rarely hire in specialty locations. So people in those locations are basically stuck in their current roles. Over time, location would get smaller just due to turnover. As always, LOB dependent.
Here is the secret. Location strategy is BS. They will hire wherever the talent is. Preferably in a hub, but they make exceptions.
Location strategy is just an excuse to lay off people and limit discrimination lawsuits. Some small offices will be closed. But if you are in specialty you won’t be let go just because of your location. It’s an excuse.
Same with remote. If they want to keep you, they will. If they want to lay you off.. easy excuse. Location strategy has hardly made a dent in the remote workforce.
@b2+1jrg8m42r Because a core hub is only a core hub TODAY. You must not have been following the Trade Winds the past 7 years.
How can you honestly say Corw Hubs will be eliminated?
I'm in Raleigh which is a specialty market. We hope we will stay around for at least another 5 years.
Plenty of markets deemed speciality not posting jobs - obviously it is specific LOBs but if you’re in a speciality and they aren’t hiring no one - that’s a clear sign.
Setup a job search for the hub you are interested, watch it for weeks or months, you will know exactly what is happening at that point.
I expect my lob specialty market to be eliminated in the next 2-3 years. If I want to stay with WF I’ll need to move to CIO or some other tower.
Non-hub: downsized this year.
Speciality hub: downsized in the next couple years.
Core hub: downsized within 5 years.
Well headed into a recession and once this strategy location is over they’ll focus on hubs and specialities. It’s not going to stop it never does. Big companies always looking to cut cost.
Location strategy was just an excuse to reduce staff to move overseas. Now they’ll just focus on hubs/specialities to look for “efficiencies”.
In WIM, they are there to die out. Not hiring or backfilling, but not exiting completely either.
I think they will continue to layoff and folks into hubs ultimately.
Some yes, some no, some will be added. It is all LOB dependent m.