Thread regarding Wells Fargo & Co. layoffs

What will be our social costs in offshoring?

These costs will not be in WF's balance sheet, but they will be substantial shouldered by American in future generations - Poverty, inflation, etc.

it's more like 4 offshore employees per US. What we are paying $100k+ for per year is paid at $25k- in India

The problem is that it's way too early. We'd need to measure in about 10 years. That's how far behind we are with our competitors. They already went through all the growing pains.

Charlie feels like a f king king over in India he thinks he is worshipped paying them what he does. What a POS. Can’t wait for the media story to hit about all the jobs Wells Fargo is offshoring

"tens of thousands of dollars per year per Boomer/Gen X"

So will you voluntarily surrender your life at 30 à la those id--ts in the movie Logan's Run for the betterment of humanity?

If India has universal healthcare, then why was there an HSA mass fraud incident mentioned in the India and Philippines Town Hall?

@tuk+1o1580qD

You were making a good point, but ruined it by turning it into an ageist sh-t post. Congrats on the "sick burn", fire! Hope you are as 'failboat' as we all think you are. Go wax your canvas apron and make a bear fat martini.

It's not just salary, India has universal health care, so Wells Fargo doesn't have to pay tens of thousands of dollars per year per Boomer/Gen X.

My experience has been that if Wells Fargo leaders think something is “obviously” one way or the other, they are WRONG. Wells Fargo is always going to make the wrong choice.

Obviously India is cheaper. You have states like California that make it a no-brainer not even hire in that state. This includes both employee taxes and the cost of medical benefits in these high cost states.

Uh, twice as long while costing 1/3 the cost is a value proposition.

East or West...India is best. Go back to India otherwise very soon you may see no jobs for IT professionals in US. No rice, no jobs but free H1B, free GC, free Citizenship offers to work in Indian stores.

I have a life, and choose to not to waste my time fixated on stuff I can’t change. ✌️

The math works out for what we are doing because we can hire and fire Indian employees much easier and for less money that US employees.

@rfs your math problem leaves out the cost of fines and loss of customers when a silly code problem causes deposits to "disappear" for a weekend.

What will happen when every company is offshoring and using H1b?
Because every company I know is offshoring and using H1b?

https://www.forbes.com/sites/stuartanderson/2023/07/19/h-1b-visa-holder-applications-overwhelm-canadas-new-program/?sh=671eaac122c6

Have you seen Fed's H1b LCA postings? It has spread to every companies today.

They now also have the ability to be flex resources where they can do multiple different processes if one area is slow (and someone didn’t properly plan). Sounds great but it’s a system tracking/approval/access cluster. So let’s just give them access to everything. I guess the regulators are asleep at the wheel as well.

Plenty of work is shipped over there b/c nobody in the US wants to deal with it-- support, "stale" systems/technical debt, some new stuff. All they want to show is the cost savings in labor and run rate. They won't connect it to how much rework is done, or how much issues cost or how long things take. It's just pure dollars. 3 offshore to 1 onshore-- ok, cheaper from a labor/run rate. Not cheaper from time to market or rework costs.

My prior company went down this route well over 20 years ago. It got to the point where it was something like 90-10 (offshore to onshore). It was dog eat dog b/c every onshore manager etc was fighting to keep their job and win out when things were consolidated b/c more people were offshore. I dunno if it's still that mix though.

And let’s not forget the management and executive cost to travel internationally several times per year!! This also has a hidden cost of REAL work not being accomplished by highly paid management employees and their work being delegated downward to the US employee to absorb.

Wait for the first India caused data compromise for questions to be asked and answered. Until then it's the 'yellow brick road'.

Here’s our math problem: Our team has a few offshore workers. Hard to compete when their budgeted annual salary is 25k each. Even if it took 3 people to do one job, it’s still cheaper than one $125k salary on our team in the US - and that’s excluding US benefits.

On all topics, Wells is pennywise, pound foolish.

If a nickel can be saved today, then we'll worry about the $10 it's going to cost us tomorrow.

It's demoralizing to say the least, but that's life at WF.

There is a lot of analysis and hard sell on getting the sponsor approval, the work and jobs sent there.

There is little to no analysis done on the realized or actual supposed expense save afterwards including the cost of re-work, inadequate controls/oversight and lag time that does occur in parsing out bits and pieces of the customer process. (Contrary to how it’s sold to the business). This is all quietly swept under the rug with impressive power point performance decks that highlight “goals”achieved at 99%. Note, the goals and performance results appear stellar by design for the untrained or intended blind eye of executives.

Don't forget that CS continually harps about how "inefficient" WF is compared to competitors; but somehow creating 1:1 duplicative management structures in the US and India is how you solve the problem of being inefficient. Nobody at the Executive level looks at productivity (which has been on a severe decline at WF since long before CS came riding in on his white hair (sorry, I mean his white horse... or his white-haired horse- Whatever. You get the idea)