I know for a fact that all these functions are being offshored to Mexico and Costa Rica because I've interviewed with executives in taking on a role to do it. Latin America is perfect because their time zone is in sync with the US. They have highly educated and skilled workforces in technology, security, and GRC. Their wages are 30% to 35% of US employees. They speak perfect English.
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Moving GRC/risk/compliance jobs offshore should be banned. It's like inviting enemy through open gates and waving at invaders with friendly smiles.
Have you seen the recent Netflix series about the billionaires who defrauded banks of massive scale ? Did you know India only had state owned bank, as such the money of the Indian people was lost over and over again. Corruption, complete lack of internal control at these banks, where you could easily push fraudulent paperwork through each and every process and this would go unnoticed for years. This is what Wells Fargo is signing up for, by sending these jobs to India. Sorry - you can't have a reorganization and control automation at the same time, especially where the GRC tools used for tracking those aren't even in sync and operated by people who don't know anything about internal control. Someone should bring this up to the Board or during the quarterly calls.
And yes, having been to quite a few developing countries, I can attest I have seen the most elaborate degrees/diplomas owned by id–ts. This is especially prevalent in the Middle East and Africa, where if you google degree scams you'll realize you can buy any paper you want and very cheap.
LOL - for the GRC products it is hard to find skilled staff even in the US, but what nice dreams you have.
If they pay me double I'll move to Costa Rica.
The postings are up on wellsfargojobs.com, go ahead search fraud in Manila.
@2hvi+17AKN9Iu Cool I guess you know better, but I recently had to let the 15 people I manage know that they might be displaced due to our fraud investigations team “expanding” to Manila over the course of the next 6 months. It will only equal about 50 FTE total so you wouldn’t haven’t seen it in the news, but it is for sure happening.
@2zqp+17AKN9Iu, every Technology town hall from January to July where location strategy was discussed. Teamworks... public news media. Sorry but if you haven’t heard this, you weren’t paying attention.
It would make sense. There are currently no jobs in either MX or CR listed on their international careers page, or in LinkedIn, though. What is the projected timeframe?
There’s this website called google.com where you can enter search terms such as ‘wells fargo leaving manilla’ and it gives you a list of relevant web pages. Here is the first hit.
https://www.philstar.com/business/2020/02/14/1993088/hundreds-wells-fargo-workers-manila-lose-jobs-amid-revamp
@1shi+17AKN9Iu Where is it widely reported they are exiting Manila? Haven’t heard that
@1ihx+17AKN9Iu, that would be difficult considering it has been widely announced that WFC is exiting Manila this year. Try again
I noticed most of work in this group went over to India; wonder if they will then shift it to Mexico. Thing is not sure they speak English there like this person is claiming. In the area i live its called
little Mexico and no one speak English at all. I mean Spanish isnt that hard especially when everyone
around you is speaking it, you pick it up pretty quick.
Like this guy is saying why dont you just quit. Remember we do have Labor laws in the United States and we do try to be sure everyone has humane working conditions as part of the law. Since companies are finding ways around this devaluing human life and this person may be in ER, then that does not sound right to me. They want you to work nights and weekends for free. Thing is also your performance is measured on how much time you take off and it just hurts your performance. Here I notice they are doing stack ranking as well, so if you take off more time than a colleague, your performance just appears to suffer.
Odd that someone is claiming half their team is moving to Manila, in IT we lost hundreds of people in Manila when they moved them to Bangalore.
I don't think the Manila story adds up.
My team recently got notice that half our FTE is being shifted to Manila by next spring.
@1vmu+17AKN9Iu, yea but they buy these degrees in those countries, the majority are not doing the actual work to complete these. They just pay someone else to do these as there are no controls in these countries.
@1vmu, when you learn how to spell computer science, then I might believe something out of your mouth. LOL!
@1wal+17AKN9Iu
You obviously don't work at WF.
: @1xkd
LMAO These are american companies, ran by Americans, that decided to take jobs overseas and other countries. It seems like Americans want two things that directly conflict. Cheap goods/US based jobs and higher profits. You really can't have it both ways, this isn't Burger King.
Sure then they can go be a Costa Rican/India/company of Mexico. They wont need American customers, Americans want products from USA. Problem with putting companies in these foreign countries are the laws are different so your assets , food or what ever you get from there wont be under the same regulations and checks and balances as are here in the uSA. I would say use at your own risk. Anyways there are credit unions Americans can use that will be a safer bet for them as a customer.
America First, we dont want these types of companies in USA.
@1lzj+17AKN9Iu why? It waters down the market by flooding the US with cheap labor. If WF can afford to pay CS $36 million per year, they can pay market wages for a US employee.
@1trg - convince the administration to open borders and allow these people into our country. Or convince the administration to loosen H1 restrictions and fees to make it amenable to being in foreign workers. Or convince people to live in cheaper parts of the US or make people understand higher wages are usually earned so stop living in cities where they claim “unlivable wages” and ask more without merit.
I think that’s the point. Place tactical items to offshore teams, leave strategic operations in the US.
Offshore folks are decent people who can only follow processes that we create for them. If we don't create the process, they fail. It's disgusting that we are farming out good jobs to offshore contractors.
Cloud infra are in the US not Mexico.
Hilarious, yes. Sure, it all sounds so "perfect." Uhh, reliable infrasture in Mexico and Latin America, yeah good luck with that. Not to mention the corruption and kickbacks inherent in, oh, about 90% of the governments.
@1vmu+17AKN9Iu sure. Next you will tell us you would rather have a doctor from Guatemala than Harvard. You're not fooling any obe troll.
Everything runs in the cloud and is a 24x7 gig so it really doesn’t matter who manages the tech or where they are just as long as they want to work and willing to take a slightly lower wage.
Saul probably has a side slam piece chica down there as do all of his directs and any other exec traveling there
We had some dev teams in CR previously and pulled them out. They loved to just do their own thing without regard to code checks, version control, would release to users via zip files and just horrible quality control.
Man, you’re not even trying to make a plausible story. Be creative.
They have certifications too and masters and PhD degrees in business and complete science. They are better than the US teams.
@OP except that there's no requirement for certification, unlike the US. I've read those job postings. The same job in the US requires CISA, CISSP, CIA or CRISC. They will be no different than the Indians. Yes, they make speak English, but most of those folks have already moved to the US. The "english" speakers left in Mexico and Costa Rica are only slightly better than their Indian counterparts.
How much are we saving by doing that?
Yes
Additionally, tellers are being replaced with artificial intelligence chatbots. And Charlie Scharf never actually left BNYM, we cloned a new Charlie in the Area 51 lab at CIC so that he could wreck two companies simultaneously.