Thread regarding Wells Fargo & Co. layoffs

IT people are safe ? H1Bs

I heard there won't be layoff in IT services ? It's huge count in IT

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Post ID: @OP+15Sshx79

13 replies (most recent on top)

The IT C levels have been open about wanting 40% of our operations to move to India. You dont need people with Visas if jobs are actually going overseas.

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Post ID: @3qyc+15Sshx79

@1jpo+15Sshx79, CapMkts IT are really one step below the front office quants. If we don’t pay them that salary, we will not only have no talent within CIB and cannot trade effectively, but we will have serious risk, operational, finance and audit issues. Why don’t you actually consider applying to be under CapMkts rather than complaining here?

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Post ID: @3fzy+15Sshx79

Should look at the Cap Mkts IT group. They have their own brand of titles all making about twice as much as the standard titles with insane bonus structures. Their engineers do similar work as your normal ASE, but since they are listed as Cap Mkts Engineer they get 190k salary with 40%+ bonus. I’ve had to partner with quite a few of them and their knowledge nor skillset is out of the ordinary that would command that pricepoint.

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Post ID: @1jpo+15Sshx79

I agree, Agile is supposed to help, but the SDLC processes and Proj Mgmt org is very bloated and delivers little to no value in an Agile context.
Risk teams that do app documentation and internal audit are a waste of time / money too, granted they seem like mostly contractors they pay to fill out spreadsheets

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Post ID: @1lvp+15Sshx79

HaHa thats so funny. Cisco guys to India? Only if you have their exact steps mapped out ahead of time. No one in India has come forward with an original idea or thought when it comes to network implementations. They all hold back and wait for instruction. So if you or anyone else thinks India staff can take care of the network or any other item requiring original thought, or even imagination, give it up! Of course, management may not figure that out UNTIL its been moved to India...go figure. But those of us who work with our counterparts know the story...oh yeah we sure do. For years.

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Post ID: @1lvh+15Sshx79

I think this very much depends on what part of technology you are talking about. Some of it is overgrown and worse than a Gov contract where 7 people watch 1 person working. Since EIS is part of Technology, I think a lot of them will be safe(r). But IT as a whole will definitely feel some pain.

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Post ID: @1rrl+15Sshx79

Remember audit is no ange. If IT were to trim so is IT Audit.

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Post ID: @1pyk+15Sshx79

If they weren’t safe at his last company why do you assume it would be granted “most protected status”? He’s going to offshore as many jobs as he can ‘except for himself and his cronies” of course.

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Post ID: @hnq+15Sshx79

IT has been a joke - lots of money with nothing to show for it. The only thing they are good at is saying no. Tech and their counterpart DMI are not going to be on the sidelines. I don't think any group is safe except maybe Corp Risk.

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Post ID: @uks+15Sshx79

Nope, not safe. Like @ada said, IT costs money.

When things are going well, management wonders why they are paying so much money for IT.

When things are on fire, they then wonder why they are paying for incompetent IT.

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Post ID: @pwl+15Sshx79

Not safe- the tech org is huge and very inefficient. Agile is meant to help but think about all of the people you work with and how many people get involved who bring little value to the table. Tech control is also very bloated.

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Post ID: @ate+15Sshx79

No exemptions in this one. IT cost a lot of money. We are seeing tons moved to India. So depending on your area of IT if you can’t be moved to then you are safe.. but most likely let’s be real, what can’t be moved to India ? Devs? Yup. Cisco guys? Yup. How about the hard to find cloud op dev op guys? They can be moved in two seconds.
So what matters is how they slice it. That goes for everyone. Next question.

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Post ID: @ada+15Sshx79

That's a generous assumption or statement. A lot of my peers have been telling me, "my group is safe." Determining who is safe or not is impossible, just be ready and aware of your surroundings.

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Post ID: @fmt+15Sshx79

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