If you’re thinking of dodging layoffs by jumping to a different team, don’t kid yourself. This is basically the Hunger Games, and guess what, the leaderships is the only one who gets out alive. Everyone is getting fired.
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Leadership is not immune. Some have been cut and more will be cut as their reports continue to be fired.
@1bub "Shart only cares about applying AI if it means he can downsize people. That's its only utility in his eyes."
Ok, I agree. Shart needs to downsize the next layers of the organization; the branches, core, and stumps. So far he has mostly downsized the leaves -- at least in IT. So everyone works harder, some managers have to do more grunt work. For the next level of downsizing, structural changes will need to start taking. In this McKinsey roadmap, his consultants are presenting him how to use AI to do and justify doing this. Shart will replace the bank's management with the McKinsey "AI control tower". Here the management's consultants, McKinsey, listens to their customer's voice, Shart. McKinsey is showing Shart (ok and other banks) the utility of using AI.
Shart only cares about applying AI if it means he can downsize people. That's its only utility in his eyes.
@npe Just did a quick read of the so-called McKinsey road map. The dude has a point. Looks like McKinsey is trying to teach TK a new dance.
Parse this statement and tell me they are not discussing "fargo".
"Banks that excel in AI resist the temptation to launch narrow use cases such as a chatbot or a conversational Q&A tool in isolation. Although these might be fast to launch and potentially low risk, in isolation, they won’t unlock material financial value"
Not sure you security risk guys would appreciate the publishing of the domain material -- if this is WF's. Is McKinsey giving attackers a map to the city?
I have H-1b, I am highly skilled, with the best school degree from the universe.
Corporate America: American productivity is declining but has zero correlation to the outsourcing of US jobs and layoffs of US workers.
That's not exactly a wf roadmap.
@npe The so-called McKinsey roadmap is found by google "Extracting value from AI in banking: Rewiring the enterprise"
The situation:
"While the buzz is undeniable, many banking C-suite leaders are increasingly asking questions about the realization of value in light of the headwinds facing the sector. Will AI live up to expectations? After initial experimentation, how can banks go from proof of concept to proof of value and truly reimagine and transform the enterprise using AI? How soon, if ever, can banks see a tangible return on their investments in AI?
These questions are gaining relevance as the global banking sector contends with challenges such as uneven labor productivity results, including falling productivity at US banks, despite high technology spending relative to other sectors. Banks also face slowing revenue and loan growth and competition from businesses beyond banking—such as private credit firms, fintechs, neobanks, payment solutions businesses, and nonbank providers—for the largest profit pools. To maintain the current return on tangible equity margins, banks will need to cut costs much faster as revenue growth slows. AI has the potential to chip away at these problems and put banks on more solid footing in the years to come, particularly in boosting labor productivity as employees continue to delegate a growing number of routine tasks to increasingly sophisticated and capable AI systems.
The scolding: (in sidebar)
"the breadth of adoption (measured by the deployment of AI across multiple enterprise functions) remains low, and many organizations are still in the experimental phase."
The solution:
McKinsey’s experience with hundreds of companies across various industries shows that capturing value from digital and AI transformations requires a fundamental rewiring of how a company operates.
- Enjoy?
My take would working for Wellsfargo is more like Suvivor without the million dollar prize. So much lying and backstabbing.
Where is this so-called mckinsey roadmap
Maybe upper leadership will get out alive. But there is another season of the Hunger Games. I think this season we will see the offshoring of team leads, mid-management, and maybe one or two CIOs. Eventually IT on the US side will burn out maintaining the technical debt and covering for the I mess. Many will quit and be replaced with contractors.
And if you read the roadmap McKinsey and Company has made for this bank. First another inventory of systems, data, and processes will take place. This will be done by an agentic system.
AI will be used to design, run, and risk control Wells's new systems -- first in India and then "maybe" the US. Remember HY basically doesn't trust US IT management -- especially after they botched the agile effort. Guided by their McKinsey consultants HY will want to rewire the enterprise.
I think banking in general is simply a bad industry to be in these days. While WF's US-based layoffs have been among the worst of all the US banks, all of banking is in decline. Whatever your specialty is, I'd suggest looking for some other industry to apply your specialty to.
If your skills don't transfer outside of banking directly then I'd strongly suggest looking for a way to get new skills or at least transfer to a regional bank or credit union where layoffs aren't so massive.
I got my ticket punched already and although it was emotionally hurtful for days, it wasn't even the end of my 60-day period before I'd already found a new industry and another couple months when I started my new job. I was still in the severance period, even.
Don't stress. Just look for a new job now and keep building your rainy day money in case you get your ticket punched before you get out voluntarilly.
Right, and don't run to the brick & mortar branches either. They've been closing them left and right.
Yep, they are going to layoffs 200k people