For all kinds of reasons, including wildly unpopular RTO, it's very likely the Wells will begin consolidating campus locations.
Which campus will be axed first, and why:
- Charlotte
- Minneapolis
- Des Moines
- Chandler
- (other)
38 replies (most recent on top)
there's another significant property announcement that was due out last week and has gotten delayed twice for unknown reasons. It's similar to (maybe bigger than) the Des Moines announcement in terms of symbolic significance.
And no, it's not SF.
@1rqr. No coastal bias there… 🙄
It's a million bucks for a shack in a lot of places, everything costs more there, you need an app to map all the human fe--s on the side of the road, city gov's think handing out free narcotics is how you solve the dr-g problem, there's a zillion homeless people there, the government won't let you wipe without a few regulations and inspections, and there's way way way to many people. I lived in Cali, and it's absolutely horrible. I wouldn't go back for a million bucks a year, and that's not an exaggeration.
Why are people fleeing CA? I have not been to CA except watching shows, I envy the weather, and remember fondly of Baywatch from the 90's....
I always want to move there, but cost of living truly prices me out. I always feel It is reserved for rich internationals who have rich parents footing all the bills, buying homes and cars at their 20s, go to good schools without work a day after school etc.
Basically I will not see it in my lifetime
Not St. Louis. WF sold off two of the much older, original buildings attaced to the main campus months ago. They would have sold the whole campus if St. Louis had been axed. It’s geographically located for their Wealth Mgt. and brokerage business. Centrally located for broker training, vendor relations with active trading floors.
anyone who has not fled CA or NY in the last 3 years is a complete fool.
"we believe bringing our employees together at our Jordan Creek campus will help create a more collaborative work environment that will provide them with access to new, more modern workspaces, technology, and amenities while building a stronger sense of community at work."
Does anyone really believe this?
Since when is Sioux Falls a hub?
Sioux Falls is definitely on the way out and we're all feeling it with all the buildings being sold or up for sale the last 2 yrs.
https://who13.com/news/wells-fargo-closing-downtown-des-moines-offices-moving-to-west-des-moines/
This suggests that Home Base is closing? That's a pretty big deal.
I'm in Texas and I'm treated the same way here as I was when I was a WF employee in an ultra left wing workers of the world unite state. There's literally no difference, we all get treated like cr-p no matter what state we're in.
Texas is probably the only hub that’s safe (Irving) considering how easy state laws make it for employers to take advantage of and exploit their workforce. It’s all about money and not talent. Wells Fargo gets what it pays for. Look at Charlie.🥴
"... Not that we care about attracting talent..."
Biggest truth bo-b in the thread. This company couldn't chase talent away any more if it was our top strategic objective.
Frederick Md. The site that gave Wells Fargo the entire mortgage business in the first place. No area is safe. If you think you are, they are lying to you.
Billings Mt has entered the chat, we have been expecting to get axed since most of our work has been sent overseas and we keep asking for additional work and nothing is coming. Home equity is one of the few departments left other than bankers connection and the escalation teams. I would not be surprised to see our journey on the chuck wagon end soon.
Charlotte, NC is Wells Fargo's primary banking "hub".
From google:
Today, Charlotte, North Carolina, is the second-largest financial industry city in the United States after New York. Its meteoric rise to maintain the number 2 spot in American banking importance is thanks to the savvy creation of Bank of America.Jul 16, 2020
Answer: none on the list.
As far as being in SF/NYC/LA, those sites and others classified as 'Zone 0' are absolutely required.
Hey I'm a Midwesterner and live in greater Silicon Valley. Before moving West, when I rubbed shoulders with people on the coasts, I didn't get it or them. Expensive living costs, perceived narcissim and lack of authenticity, quakes and such and such. Seemed stressful just thinking about living/working there.
Now after 10 years in total living out West, it has become clear why the Midwest has struggled to attract HQ's or become a true economic powerhouse (in any order):
#1 Too much friction to get things going, either by being risk-adverse or unable to get enough cooperation
#2 Lack of concentration of colleges and universities
#3 Insane bureaucracy between municipalities (friction!). There is this inability to cooperate regionally (imagine if there was an economic zone connecting Madison, Milwaukee and Chicago. Call it the "Upper Rusty Silicon Belt" or ??)
#4 Midwesterners and the underdog mentality, it's cute and annoying. Can be genuine while also running close to the razor's edge of being "fake nice" (I'm talking to you MinnySOHtah, haha)
#5 Geographically, for international access in general, the U.S. coasts are simply easier to get to
#6 It's not exactly cheap to do business in the Midwest, despite lower cost of living
Souix Falls
- DC
St Louis
I thought Charlie was ultimately trying to get rid of the entire west coast. I don’t know if Arizona fits into that.
Chandler/AZ rules!
Cactuses, palm trees, sunshine, endless things to do all year.
It won't be Chandler.
It won’t be Chandler. They are about to pump so much money into a solar project for those big buildings. Chandler is in it for the long haul.
Chandler
There is way too much unused office space in Saint Louis. Floors that used to have 100s of people each now have maybe a dozen on any particular day. Almost all the space is open seating. The housekeepers still religiously walk the aisles looking for wastebaskets to empty. I doubt any other company would be interested in buying the buildings and moving their head quarters to Saint Louis, the mu---r capital of the US.
https://who13.com/news/wells-fargo-closing-downtown-des-moines-offices-moving-to-west-des-moines/
Won’t be the marbled floored / ivory tower Hudson Yards… Even though this is likely the highest cost lease in the entire Bank.
Image is everything to these C Suite Schmucks.
Blame the department of education
We are the best in the country
https://www.myvisajobs.com/H1B-Visa/SearchLCA.aspx?ST=Certified&Y=2022&CI=594177
H1b, is critical for foundational tech companies. Our education system is simply not good enough to supply intellectuals to fulfill those roles. That’s not something you learn at state schools or junior colleges. It starts in kindergarten.
Here, not so much. We don’t need people who are at ground zero for new technologies. We buy tech from vendors. Remember, we are in banking - we buy the technology.
Bloomberg says America needs more h1b visa workers from China and India
https://www.bloomberg.com/news/articles/2023-01-25/chicago-seeks-to-lure-foreign-workers-laid-off-by-tech-giants
it'll be souix falls, sd
CA also dominates in exporting lefty voters.
Yet California still dominates GDP output.
With the asinine CA laws, businesses packing up and leaving.
PDX
Minneapolis is here to stay. With the reduction in mortgage staff I could see them closing a building, but we have 3 huge properties in the downtown areas.
Charlie said a while back that wages are still lower in Minneapolis and they plan more hiring here than out west.
None of those will be closed. If anything maybe San Francisco. Chandler is huge. Charlotte is even bigger with that ex Wachovia mass/clique. Des Moines has Home Base and Jordan Creek. MSP is also big. Maybe St. Louis could close some but there's a large WIM presence there.
If anything they'll close smaller city facilities and consolidate in the bigger ones.
@tdp+1kTpONPP I haven’t seen the Iowa office but St Louis and Minneapolis are falling apart in a dramatic way. Would be tough to attract talent to either at this point ….. not that we care about attracting talent
It should be San Francisco. Move all headquarters to the Midwest and move more from the East to the center. That will never happen with the current leadership. Midwest is way too ethical.
NY