What is the timeline for the location strategy? Is this published somewhere?? If you’re in a non-Hub location, will you eventually be laid off? I’ve been here over 20 yrs and would like my severance, but this wait is annoying!! I’m in a city where the buildings do not even have badge access and were last update in the 70’s.
18 replies (most recent on top)
@1kap+1mUoocAY Wells is not concerned with loss of institutional knowledge or skill sets. It’s clear to me that the goal is to bulldoze out whatever choice has been made regardless of the (so far) negative impact that occurs. Absolutely logic-less actions that could be mitigated by merely sliding the timeline a bit. But instead a solution is enacted for seemingly no other reason than meeting a date.
@stv+1mUoocAY I can only speak from a Tech perspective but the problem is there isn’t a “finalized” list. There is always a “current list of growth, niche growth, maintain and reduce” locations but if you’ve been paying attention, assuming you’ve been provided or asked for the info, the list has changed fairly wildly since it started back in 20-teen-whatever. And now it has been updated yet again with Dallas region becoming a growth site because of the new data center and the same with Virginia. There are currently 22 tech hubs as of the last report I saw in April.
In the last year I’ve seen the have no mention of my location, to it being a maintain site to a niche growth to now I believe it is a growth site iirc. It’s too d-mb to follow.
How many times have we heard this same old song. Shutting down hubs, people have to chose job over location , layoffs galore, etc. Then Nothing . This song has been playing for years and nothing.
haha, in 10 years there will be 3, and in 15 there will be 1. Hudson Yards. Charlie is here to destroy the company. All the hubs are doing to herding the villagers into the church so he can chain the doors and burn it down. Literally no hub is "safe", except Hudson Yards.
@1dan+1mUoocAY Will be very difficult to implement broadly, the loss of institutional knowledge would be off the charts given the dispersion of legacy teams in non-hubs. In fact, we’ve seen some people based in non-hubs hired into mid/high level manager roles in my LOB.
On the other hand, can’t expect logic to factor into decisions from this exec team so we’ll see how it plays out.
This is about to come back around as a priority. There will be 10 hubs when the dust settles. Think of where newly built or being built locations are, where Charlie is, where banking as an industry is and a couple of lower cost labor markets.
The rest will get the same “deal” the hub strategy relocation project started just before Covid. Take you’re job where they move it to, relocating on your dime, or you are resigning.
What are the finalized strategic locations?
Exactly 2-10 years
@dsi+1mUoocAY "This isn't guaranteed, but it's the threat they use."
It's not a threat, they have used it in Tech.
@cuf+1mUoocAY "I think hub related layoffs are over now."
Over? No. Possibly not a top priority sure. Until the CSuite is replaced or the location strategy is dissolved hub related layoffs will always be in play. They haven't even cut bait on "remote" workers yet. It's not a matter of if, simply when will they start laying off based directly on physical location. It's very easy (and wholly legal) for a business to decide that a position is not required in a certain geographical location, or at all, and to lay you off. Most states are at-will employment and can cut you with no notice but most employers will pay packages, offer relocation or encourage application to other openings. Of course there is also the Wells way of offering for you to move yourself to a valid location or be assumed as abandoning your position and end up terminated for cause.
location strategy started before COVID. each lob has their own set of approved location that don't require approval. while locations maybe an approved location for one lob they may not be for another. I know some groups where California isn't an approved hub location, but given high levels of attrition some groups have allowed internal transfers within non hub locations. even if your lob has 5 or 6 approved location a manager can limit to just one location for any requisition. if you are non hub and looking to change roles and the requisition doesn't have you location listed look for verbiage around other locations within wf footprint will be considered. even if it isn't, just apply and if they like you enough they may make an exception, seen it happen many times for the right candidate.
Probably as soon as the lease is up
"You will be eventually let go. You have to live in a hub to keep a job"
This isn't guaranteed, but it's the threat they use.
I think hub related layoffs are over now. Now they have a couple more tricks. One you can’t post for any other jobs so you’re essentially stuck in that position and taking inflation pay cuts. Two is RTO. They can tell you yeah you can live in city X but you need to commute to city Y three times a week. This will either make you so annoyed you leave or create performance concerns that will lead to you getting fired for cause
You will be eventually let go. You have to live in a hub to keep a job
Oh! And they won't let you post for a job if you're not in a hub city, but they'll sure as he-l use the "promotion" loophole (a distinction without a difference) if they think you're valuable.
Imagine living in non-hub city X and being told you can't apply for other positions yet watching your manager get a promotion without having to relocate.
Any new requisitions in CSBB need to be posted in Phoenix, Dallas, Charlotte, Minneapolis, and a couple of others. Any exceptions need to be approved. I’m sure other LOBs have similar policies. So yeah it’s a thing.
@OP has worked for WF for over 20 years and doesn't know the answers to these questions?
There is not a published timeline.
Bottom line. They want non hub location employees to be annoyed, scared and leave voluntarily so they can save on severance.
They will titrate their efforts with more significant reduction of option open positions in non hub locations, lower bonuses and ratings for non hub people until they can squeeze the life outta ya. All in the name of expense savings because that’s the only way CS knows or cares to handle finances.