Thread regarding Wells Fargo & Co. layoffs

Hmm... I highly doubt SF will be going away - ever! Sounds like you have something against SF. Jealous?

Really good power grid in Texas... NOT

Why would you leave Homewood for Dallas? Homewood is almost certainly cheaper. They may both be area 2, but it's a range and I'd guess Dallas costs more, especially if they are talking about building a big new building from the ground up.

Dallas = Area 002 (been here almost 5 years)

I don't think people understand 400,000 square feet of office space is not that much.

If they packed everyone in like sardines it would hold maybe up to 4000 employees. That is not counting any extra space for offices, meeting rooms, communications closets, HVAC, a cafeteria, etc.

Project Falcon was created simply because we lease 2 very small low-level buildings (2 and 3 storey) and we want more space and consolidate Dallas staff. We are also thinking of creating a Technology Hub in Dallas area. The Stage Coach is anchored deep in SFo, we won't be able to move that for a headquarters, that's for sure. WFC's history is anchored in West, not the cow lands.

@wgi+1clOGSCb
I'd like to think that you are correct. But I fear what happened to other California out - migration states like Oregon and Washington will be the same result in TX. Remains to be seen.

"Another example of what Governor Newsom and his leftist high-taxing policies will do to large California companies. You can be damn straight Wells Fargo is looking at TX. And with no state income tax, many Wells employees will ride the big stage coach over to TX."

Sure, high taxes are driving a lot of companies out of California, but Charlie would be making Wells Fargo an East Coast bank regardless.

The bank is looking for new space in Dallas because they need to build a giant new operations site to get out of Portland, Jacksonville, Roanoke, Homewood etc. It’s not going to be much of a staff site.

So many better jobs in Texas, why would I need to stick around to hang from Charlie’s ball bag?

@wgi+1clOGSCb

Counterintuitive perhaps, but immigrants to TX are more conservative than the natives so things appear to be headed in the opposite direction.

I welcome the increased speed with which Texas blues.

Isn’t Dallas a location 1 for salary scale?

Another example of what Governor Newsom and his leftist high-taxing policies will do to large California companies. You can be damn straight Wells Fargo is looking at TX. And with no state income tax, many Wells employees will ride the big stage coach over to TX.

@gew+1clOGSCb

Been under a rock the last decade huh? Tech / dotcoms have been swarming to Austin as fast as they can. Dallas has been attracting a lot of data center work as well. The bay area has been a tech hub for a long time, and that will likely continue, but there's more than enough growth in the tech world for Austin go be one also. Heck, even SLC is leeching tech off of the bay area. Amazing what a shoe box sized dump of a house costing $1M will do.

If there is a company that can afford to stay anchored in the high-priced market of SanFran it would be WF. So the scandal must have hammered someone's accounting figures, past and forseen, a bit harder than what has been revealed?

Move or lose job, simple decision only 2 choices.
Whats the problem?

Let's face it the most creative, most intelligent people are all in the bay area, not in places like Texas. There's hundreds of cases of where trillion and billion dollar companies were created over night. Do you see that in Texas or even NY, nope. You want brains and talent, it costs money.

Rubbr Chucky, you’re the one
You make Wells Fargo so much fun
Rubbr Chucky, we are in love with you

Rubbr Chucky, you’re cleaning Stumpf’s mess
Some claim that you’re truly heartless
Rubbr Chucky, we are in love with you

On The Layoff they say that you are la……….zy
But we know those people are all cra………zy

Rubbr Chucky, you’re the guy
Cutting jobs while pushing DEI
Rubbr Chucky, we are in love with you

Rubbr Chucky, keep trimming our staff
We’re only happy when you get a good laugh
Rubbr Chucky, we are in love with you

On The Layoff they say that you are la……….zy
But we know those people are all cra………zy

Rubbr Chucky, some say that you’re mean
Employee count keeps getting lean
Rubbr Chucky, we are in love with you

Rubbr Chucky, you’re so fine
We want a place in your firing line
Rubbr Chucky, we are in love with you

On The Layoff they say that you are la……….zy
But we know those people are all cra………zy

Rubbr Chucky, we’ll have a ball
When you host your next Townhall
Rubbr Chucky, we are in love with you

Rubbr Chucky you’re so cute
You’ll retire with tons of our loot
Rubbr Chucky, we are in love with you

On The Layoff they say that you are la……….zy
But we know those people are all cra………zy

Rubbr Chucky it’s time to go
But we really want you to know
Rubbr Chucky, we’ve had enough of you!

Another short term boost for our corporate overlords. When companies move to these areas the expenses in the area skyrocket - for the people who live there.

The companies move to these places to take advantage of lower costs of living so they can pay lower wages and pay lower office costs - and usually tax breaks at the expense of local governments. Then they relocate, or ask people to, from high cost areas that drives up real estate prices. Person from CA used to paying $1000/ sq ft for a modest house will JUMP on the chance to pay half that, even though, before this corporate relo bo-m, the houses were selling for half of THAT.

Localities need to start writing into these corporate giveaways that 80% or more of these jobs need to go to local residents. Stop creating these housing bubbles and let the people who live in the area benefit from the tax breaks that go with these moves.

risk has a lot of high cost employees in the sf bay area. my guess is they will be offered a relo to Charlotte or one of the other approved risk hub cities (at their own expense) in the next couple years or be laid off. Will have nothing to do with Texas.

I've been told for most of a decade that California employees are an endangered species.

I'll believe it when it happens.

Build a HUB in the most expensive real estate market and hire/expand said hub. This will save lots of $.

@lsr+1clOGSCb

So does that mean ceo, coo and all are also moving to Texas or Des Moines out of a high cost center like NYC? Because they just built a hub around them in Hudson Yards. I bet not.

the race to the bottom continues.

Charlie looking to deconstruct anything related to Wells Fargo’s branding/history/past. Unusual move on a Board’s part to put someone at the helm who despises the company (including it’s employees).

Morgan Stanley playbook:

"Too many employees based in high-cost centers are doing work that can sensibly be done in lower-cost centers," he said. "Now is the time to tackle head-on our infrastructure costs."

The mention of "lower-cost centers" most likely means the bank is looking to shift jobs overseas or to low-cost locations in the US.

Buckle up!