I recently learned from a friend who works for another bank that the head of his group is holding 'Ask me anything' sessions about location strategy. Good Lord. You can't make this stuff up.
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The big banks all collaborate and compare notes on nearly everything, to remain "competitive within the industry." From pay scales, remote work option availability, offshoring practices, even how long is "acceptable" for customers to wait on hold before they reach a call center agent. One thing I don't think they've planned for is how much business employees bring to the bank. I will be moving all my accounts to a local bank (credit union) when I'm displaced. I imagine thousands of others will too. They don't want to do business with me any longer? I can reciprocate.
Yup, it’s McKinsey. The answer is always McKinsey.
For those not in the know, Last Week Tonight covered it splendidly. S10 E14
There is no conspiracy. Wells Fargo is just very late to the offshore game.
I mean yeah, it's group think. They are all at the same desert ayahuasca retreats and conferences.
One word…
INDIA 🇮🇳!
probably some garbage McKinsey or some other management consultant sl--eballs came up with.
Because they hired the same consultants that came up with this nonsense! Look around and you’ll find that it’s no coincidence that all major financial institutions, and even many large corporations in other sectors all began implementing similar policy changes around the same time.
So many crackpots on this board…in on what? It’s a conspiracy, man!!
The rule forever was that American corporations could only deduct off shore expenses against offshore generated income. If they had no offshore income then the expenses couldn't be deducted for tax calculations. Once that was lifted by a particular party that loves giving money to the rich the offshoring bonanza began. Simple way to fix it.
I think a lot of companies are in on this because after lockdowns, they realized they can pay remote people offshore.
This approach is horrible for Americans. For example, these people are not paying into social security. What are the long-term impacts?
This country needs to reevaluate this practice and do something to discourage off shoring and encourage hiring people living here.
What’s their strategy? Is it much different from WFs?