How come it's always the managers who keep making the same mistakes over and over again, often ending up in missed targets for the entire teams, and yet it's only us who get laid off? It's never them. Who's protecting them? And why, because they're certainly not doing Wells Fargo any favors.
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@3rkf+1rM0Iy37
Their investment in HY is because they want to think they are the coolest investment bank-- whoopie WFA. I don't know much about this world. I can only guess that CS is dressing this pro up and having her walk the streets before selling her. Investment banks are always merging and acquiring each other.
I agree with you on WF tech. Mike Mayo (MM) is now calling JPM the Nvidia of the banks. He claims JPM is further along than anyone.
Getting all of WF data silos into a SOA/microservices banking platform (driven with an AI generative model) is going to be a hard task -- especially when you laid off most of the good becs and architects! I am beginning to see more of a replacement effort rather than a conversion, transformation, reengineering, and lift effort. McKinsey has one of the largest AI banking models. So does InfoSys and Tata. Remember MM also had agile, convert to cloud, robo teller, and AI in his banking tech progression. Where is Wells on this transformation and why aren't you there? These are the type of questions the consultants are asking CS to answer.
Maybe at the real banks, but last time I checked AI doesn't need big admin buildings, and that's all HY wants to invest in these days. If the rest of the banking industry is headed that way in 6 years, WF might pull it off in 15. Maybe. These hacks in HY are stuck in the 1980s.
The liberal moderators keep deleting my comments.
OP, your question is wrong. Nothing makes sense at Wells Fargo. In fact, the existence of Wells Fargo itself no longer makes sense.
Are you kidding?? A ton of managers have been displaced!!! There’s more going on outside your bubble.
I see two reasons why they haven't laid off the managers yet and have allowed many RTO exceptions
- they just haven't gotten around to them yet. It is easier to lay off the leaves than to cut the branches and trunks of organizations.
- Most of the layoff workers have been offshored. Offshoring is a replacement ... not a reduction in force.
Compare WF to Citi in terms of the layoff. Citi has laid off far more managers and has done more of a reorganization than WF. Stated another way WF has done more replacement but has not done as much change to the organization structure. It would be interesting to compare the org charts of the two banks over time.
Everyone wants to think this process is over. The path towards bank digitization (robots, generative AI, voice, Fargos, image processing) has just begun. Even though Citi has said the reorganization is over... it isn't as the layoff posts show. https://www.thelayoff.com/citigroup
Over 4 years ago Mike Mayo, a senior analyst at Wells Fargo Securities reported that over 200,000 jobs of " back office, branch, call center, and corporate employees will be severely cut. He claims that the robots will bring forth a "golden age of banking efficiency."
https://www.forbes.com/sites/jackkelly/2019/10/08/wells-fargo-predicts-that-robots-will-steal-200000-banking-jobs-within-the-next-10-years/
We can only say the digital/robotic/AI banking revolution is nearing an end until we see more managers laid off than workers replacement/layoff. I see at least another 6 years.
"Why isn't WF openly identifying, rewarding and protecting workers who are winners?"
Because we cost more than clueless new hires.
It’s because they have direct line of communication and face time with key stakeholders. Despite the BS, individual contributors and key employees never have the visibility therefore their critical opinions are rarely hear. We simply don’t feel appreciated nor valued.
Managers should held more accountable. There should more frequent 360 and anonymous feedback.
I've seen many managers in WIM shown the door
Their lies protect them
Managers get the can too. There’s just more of you than there is of them.
Business side? In tech, quite a few tech managers have been laid off (fired too) over the last 3 years.
A different question: Why isn't WF openly identifying, rewarding and protecting workers who are winners? These types of workers are a gift to WF; they benefit the company mor than the other way around.
Look up The Peter Principle. That will explain everything.
It is not who is protecting them... It is a process that protects itself.
It is a "what is protecting them". The system (or let us say "consultants") makes investments into the management. Then the management criteria come into place. The managers all had to know agile and enact agile. They had to become "cloud certified". Bottom line -- It is easier to let go of the workers than to get rid of the management that the "firm" has invested in.
Now, is there any manager of the managers? No. Should someone/something be evaluating the investment ('go agile', 'go cloud') that the managers supposedly enable? No.
The next evolution of management investing will be self-evaluating. The models are being built now. We will all be assimilated.