The Innslake (Glen Allen) location is "consolidating" all employees (with the exception of the call center) to one floor and "decommissioning" the floors that will not be used. This will happen in January. Does anyone have any insight? I've tried to get answers, but of course, there are none.
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So, it's nearly March. How's the consolidation going?
This is what they're doing in Winston-Sakem, too. They went from 3 buildings to 2 to 1. Now they're starting to clear out floors 1 and 4. It won't be long before P1 and 3 are being cleared out.
"consolidation" started in Oregon in 2018 or so. By the end of 2025 WF operations there will be miniscule/irrelevant. The other 48 states not called NY are right behind them.
This is what they did in Frederick, MD, and they closed the building.
WF loses money on every major building they sell. Believe me, they are fine with it. Look at some of their transactions in Minneapolis. They're like the worst investors ever. Almost like they live by "buy high, sell low".
CPG doesn't drive lay offs. They need to wait until the LOBs lay them off. Otherwise they need to keep providing space.
Also, we own that building and they don't think they'll be able to sell it very quickly l.
It's pretty funny how the execs jump up and down with glee, telling us that closing a building or floor will save a ton of money while they also demand that back office admin people work in huge expensive buildings rather than WFH. I could save this company a billion dollars a year. It's not rocket science. They actually already know the answer, they just want an easy excuse to fire people.
Floor consolidation at Glen Allen is reported to save Wells Fargo $650,00.00 through the end of 12/2027. Glen Allen, AKA Richmond isn't on the 2025 closure list but is on the list to be closed after 2025. Salem, Hillsboro and Boise from a call center prospective got there walking papers Tuesday.
The real fun begins when the only core markets left at HY and I&P.
Not even heat or water on the first and third floor according to the email. It seems like closure is right around the corner. And the reason its taking so long is they have people there whose roles can't just be plopped over to offshore. I am sure they have tried.
Well, it isn't a core market, so yes, everyone will be laid off or relocated. Surprised it's taking them so long. Most likely, everyone will be noticed in 2025.
Corporate Properties Translation= It's a shame that the businesses haven't laid everyone off yet, let's get everyone on an undesirable floor and location so we can lease out or sell the building.
Also, for those not in the know, the building referenced is in Richmond, VA. Head count was about 1,500 in 2020. Now 700.
If they get rid of all the customer service and tech people, who's left in the building? Exactly, it's gonna get closed down and everyone will be displaced.
Those quoted buzzwords translate into "we're going to shrivel away at this location until there's nothing left". Ask Portland how their "consolidation" is going.
Come on, you literally just explained the answer. They are consolidating floors to get people together. They don't want people spread out like that chick who died in Scottsdale.