Cause I spoke to a couple of people that are in different tiers of management and they all told me that their personal opinions is that it was better that RTO didn’t happen (at least not in this form and at this time). In what parts of the company management structure are the people that honestly believe RTO was a better option?
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Chuck spent too much on his spendy “not really hq” HQ at Hudson Yards in NYC, known as one of the most expensive office spaces in NYC and the US. Could that maybe possibly be it???????? Hmmm…
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Considering their failed managers are at WF now, that explains a lot.
We have a couple weird managers who were so excited to go back and have their team stand around a white board. It gets worse. These dorks come in 5 days a week. So sorry they hate their family environment so much but their team doesn’t need the hassle. Lololol
Interesting! How do you know they DO NOT want it? Not being argumentative, just curious.
Everyone here is not saying it directly so i will. 100%=Charlie and Scott Powell. IT leadership, Legal leadership, operations leadership DO NOT want it.
charlie withstanding there are definitely a few old timie execs that want butts in seats
If it came from anyone else, no one would care.
Who are you going to sell the real estate to though? Demand may be lower which reduces sale prices which could be one upsidedown.
I'm also not sure that it's a plane attempt at attrition because all the big banks are making the same decisions.
I've heard JPM is even worse where managers are actually at the door and questioning you for leaving early.
The d-mb thing about commercial real estate is most of the loans are securitized and sold on wall street...Wells Fargo could simply sell any non critical properties and commercial mortgages and not be impacted...
We can keep our exposure to a minimum and ride the wave of WFH and save money..
But what do I know...30 years in the mortgage business and securities...
It is the old guard that doesn't know how to change that is the problem..
Also, to support the commercial Real Estate market.
Empty buildings can mean not extending leases and consequently impact loans. All those downtown businesses are support as well by office workers. This is part of the strategy.
Wells Fargo wants employees to quit and they don’t care if good workers quit to go to their competitors or find fully remote roles making the same or more. Because of this fact, this bank is a horrible employer.
Absolutely no one believes it's a better option. It is 100% a calculated and intentional move to drive attrition. That's it.