Anyone knows what do they mean when they say Speciality market locations? Are they going to be closed as well? No trolls please, or insensitive jokes, people and families are already going through a lot.
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Funny thing is Columbus, OH (whole state for a fact)- doesn't have single Wells Fargo Branch for banking :)
Specialty Markets has a double meaning depending on what LOB you are in. As some have said, it's a way to retain talent...for now. They won't hire in those locations and will only backfill offshore or in hubs.
However some LOBs use Specialty Markets as a loophole. I believe there is a LOB in COO that does all offshoring dirty work for all the other LOBs across WF. They had like a couple dozen remote employees, including a couple of their leaders. Those particular leaders got to stay because they simply just made those cities they live in Specialty Market locations, even though they are the only person who live there. The rest of them who were remote underneath those leaders, got axed this year though. If there's a will there's a way to bend the rules if you really want to keep someone.
Nope, pretty sure that's full blown core due to all the hiring from Chase
Columbus was made a tech hub even though there was very little tech presence there at the time (roughly 30 tech employees).
A JP Morgan exec was hired, who lived in Columbus. Wells Fargo got a tax deal from a Columbus to build a tech hub there. Tech employees are being laid off in place like Winston-Salem, where we have long had a large tech presence, and new hires being brought in at Columbus.
Non-hubs: downsized soonest
Speciality hubs: downsized soon
Hubs: downsized later
A new Executive (most likely a Chase - b-league) lives in that area and will not move......then they start building their new team in that area ....look at Columbus, Delaware, Maryland, and Philly
Is the new tech center in Ohio a "specialty center"?
Raleigh, NC is a specialty market. Too many folks in that area to lay them off. They will eventually move everyone to Charlotte, but that might take a few years to happen.
I am in a specialty market and was told in August of 2023 that my job was safe through everything but there were very limited opportunities for advancement (which I’m fine with).
I am in CTO and in one of the Speciality Markets. At this pint I don’t remember if there are 6 or 8 total of them in CTO as a whole but I am down far enough where that CTO level approval is whittled down to 3 markets. I see MANY openings posted in CTO but so far only ONE listing my location as an option.
I have personally asked, as have others, about what a specialty market means as far as promotions, hiring and laterals. Have been told by leadership directly that all of the above are absolutely possible. But all I’ve seen en mass are layoffs, one quick turn around rehire and no promotions or laterals. But take that with a grain of salt as I clearly can’t see everything or know everyone.
I expect my site to close. It may take 2 years, maybe 5 years. But this market could easily relocate to one of the new core sites being opened.
Three markets making the geo cut
- core cities - they all tell you where these are. Open hiring for that LOB
- Specialty markets are places that perhaps they don’t want to be but recognize they need to be there. Limited hiring for that LOB
- Maintain are places that they are keeping open but will not backfill there if an opening occurs. If person leaves they will post in I&P or core market for that LOB.
So core, specialty, maintain all semi safe for now for existing employees. Anywhere else not safe.
It means you can't post every job opening there but you can hire for specific skills . So, it's limited hiring
Areas that have special skills for hiring or a specific demographic for customers.
I took it has they wouldn’t lay off due to location strategy but not a location they will hire & backfill. But let’s be honest nobody is safe.
too many people in that market as of now and closing down would cause too much risk.
Specially skills exist in that market
It means if they had their druthers they’d torpedo the market, but pragmatic complexities keep it from happening in the nearer term.
Taxonomy created by committee.