It’s coming folks. They will start with tier 1 resources. The MSP has already been selected.
21 replies (most recent on top)
" American corporations are required by law to provide maximum return on investment to shareholders.
They can be sued if they do not. "
This is a myth, try doing some research. Really, EVERY publicly owned company absolutely must do the cheapest thing possible for the shareholder without exception??? EVERYONE EVER at EVERY OPPORTUNITY???
Stop posting this garbage. There is always a choice, and the executives and board choosing money over anything else, and selling out the American worker and their 'community'.
Take the package.
Posting this as a reminder...
American corporations are required by law to provide maximum return on investment to shareholders.
They can be sued if they do not.
Capitlism is great until it comes for your job.
Well regulated capitalism is better, but you get called a com mie by Libertarians if you say it.
(Libertarian = like a housecat, is someone who thinks they're independent masters of their world while relying on a system the neither understand or appreciate for their dinner).
Any info on timing of transition?
Managed Service Provider (MSP) this will eliminate my whole team as we won't be needed anymore.
MSP = Managed Service Provider
They can be contracted to handle all network connectivity, voice services, server/VM turn ups/decoms, software upgrades and patching, incident management, etc. Basically a lot of what CTO (IT Infrastructure) handles today.
It shifts the finger pointing to an external contractor when issues arise.
Considering the new data centers will not be owned by Wells Fargo and the existing will be shut down over the next few years, it would not surprise me if Shart wants to dump off IT infrastructure to a third party. There is a lot of paper shuffling managing your own infrastructure requires for regulatory reasons.
Scharf has expressed he wants Wells Fargo to focus on core businesses and outsource everything that is not.
CTO has already been crippled due to budget cuts. The new demands being placed on them are beyond what they can achieve with the C-suite reducing their resources. It makes sense. Tie their hands, demand more, then blame them for failure to deliver and bring in an MSP.
What is MSP?
Hudson Yards doesn't care what works and what doesn't, their mindset is short term and entirely focused on cutting headcount NOW. If it blows up in the company's face 3-4 years from now, "oh well". They'll be gone by then and aren't worried about it.
This never works out well for large organizations, much less ones that are heavily regulated. PWC tried this several years ago. It failed miserably and within 2 years they were rebuilding their internal firm services IT group. Huge waste of money.
Smart move. MSP will take the FTE employees and fire them in a year. Wellsfargo save money in severence. I know they will do this in IT. For other businesses, it will be selling approach. Sell the business and let the buyer deal with overhead on FTE.
Many companies have done this way .
Business Team go to CAO to die = out sourced, look at the numbers
It was long due in this Bank. Hope it is IBM or big US vendor You can milk this cow being a sub contractor ( only a year or 2) if you have sound SME knowledge. But the vendor will force you train low level employees . Wellsfargo may not give package and they force you be sub contractor or leave. It is not considered a layoff. It will be bad deal. I have gone through this phase 3 times in different US based companies. You may get a good deal ( hourly rate) if you are sub contractor for the MSP but can survive for only for a year or 2. If you closer to retirement, run and there will no mercy for your experience. Good luck IT folks.
Will take the package and go be a consultant. Pay me to leave and I'm happy. You can't performance us out when we can run circles around your contractors you bring into sneak into FTE positions. Yes we can do twice the work in an 8 hr day than them as all the tech contractors are doing blatant side jobs.
Cool. Pay me to do nothing for a year of salary continuation leave at x4 what your pay and MSP to do a shittier version of the same thing. Get hacked, your sh-t crashes, Charile Shart looses.
Hire me back at 2x the salary - x8 what you pay India.
Been there, done that, got the McLaren to prove it.
OP, is that not the answer you were looking for you HR shill? Go fu-k yourself. We are not scared. You will give us cash to quit, or you will give us cash to come back. The employees own your a-s!!! Use technology much? You are fu---d!
Technology will not be affected. Technology will affect you.
PS. Saul was lame.
Schart aint Sh-t, the BOD are limpdicks. You need me - fu-k you when you crawl back.
I seriously feel so bad for all of us but not so bad, it’s all going offshore and we just gotta figure it out!
We will all be good planning our new future!
We got our own lives to live! Byeee!
Just in CTO? Which functions are going to a MSP?
I guess Tracy “Kitchen English” Kerrins never learned that it never goes well going to the MSP. They fire the CTO, get a new one who rebuilds the onshore staff and we start the cycle all over again.
WFC has not demonstrated its own ability to manage technology risk. No way FRB and OCC support passing the buck and complexity to a 3rd party now.
Turning FT employees into contact employees would be extremely tricky from a legal standpoint and I’d be somewhat surprised if legal let WF do this with a large number of employees.
You are correct last poster. If you have some years in you may at least get a package.
That being said tho. This and RTO are components of how they will get to the 30k reduction in headcount numbers.
It could be worse. None of the rest of us get that subcontractor option, just a boot in the A.
Just to clarify. This is not what we have known before. (Offshoring). This is legit MSP Outsourcing. FTEs impacted will have to make a choice. Take a package or become a sub contractor.