Thread regarding Wells Fargo & Co. layoffs

@3smq+1qVbdwNo

Do you even know what you are talking about? It’s individuals like you that ste “deadwood”!

Unnecessary expenses as a result of Schart and BOD are:

1. That Schart being provided a company paid car AND driver
2. Use of the company Jet when he wants
3. The Schart and BOD enriching themselves eoth false narratives and offshoring Tens of thousands of American jobs
4. The Schart has increased the banks risk
5. The Schart receiving an 18% raise, increasing his salary from $24.5 to $29.5 Million base salary(same base Salary as BofA’s CEO except we are still operating under an asset cap an other regulatory problems
6. Insulating himself from any blowback by hiring unnecessary executives that have a dinosaur, 1980’s playbook
7. Created the most toxic work environment possible (to the point where it is not even professional).
8. The Schart being rewarded by a boas board who is attempting to drive the false narrative of a successful CEO who is cutting costs. (Reality is, operations roles in all dept’s are being offshored to a 3rd world countries, increasing the banks risk, turnaround time, and tons of rework.
9. The Schart being provided such a large raise is an insult!
10. ” THE FIRM” #WFC being fined over $8 billion dollars this year for various NON-legacy items.

The Schart is a failure and is just creating more risk and not moving the stock price anywhere while the market is seeing record gains.

• lets ot forget of the $60 BILLION in stock bybacks in the past year.

Now, if you really wanted to save money, Ax the CEO for a virtual CEO. You must be a “rest & vest” boomer. Here is what the benefits of a AI CEO would save. C-Suite jobs will be next.

AI CEO plan
“As a virtual CEO of Wells Fargo, hypothetically focusing on cost-saving strategies, I would consider implementing several measures:

1. Enhance Digital Transformation: Accelerating the shift to digital banking can significantly reduce operational costs. This includes investing in AI and machine learning for customer service, operations, automating routine transactions, and enhancing online banking platforms. A focus on digital channels can reduce the need for physical branches, leading to savings in real estate and, non-customer facing roles are used to support across the business, reduce senior and unnecessary senior leadership which tend to lead to inflated personnel costs.
2. Branch Network Optimization: Review the branch network and consider consolidating branches that are underperforming or in close proximity to each other. This strategy can streamline operations and focus resources on high-performing locations.
3. Workforce Management: Implementing more flexible work arrangements, such as remote or hybrid work models, can reduce overhead costs. This should also involve upskilling you existing workforce. This will enable employees in all departments an opportunity to become more efficient, and increase both operational value and efficiency’s.

This includes all employees of all levels should be up-skilled. One of the most overlooked items in up-skill senior leadership or management assuming they do not need to upskill. This is where potential gaps could arise.

4. Invest and Up skill existing employees : Invest & up-skill all employees and senior leadership. Form strategic partnerships, especially in technology for all employees to utilize and increase their efficiency.
5. Process Optimization: Streamlining internal processes through Lean management techniques or similar methodologies can increase efficiency and reduce costs. This includes simplifying workflows, eliminating redundant processes, and improving supply chain management.
6. Risk Management Improvement: Strengthening risk management and compliance can prevent costly fines and legal issues, as seen in recent years. This involves investing in better compliance training, enhancing internal controls, and adopting predictive analytics for risk assessment.
7. Sustainable Practices: Implementing energy-efficient practices in physical locations and investing in sustainable technologies can lead to long-term cost savings. This also includes reviewing and optimizing travel policies and operational practices for environmental and cost efficiency.
8. Review and Renegotiate Vendor Contracts: Regularly reviewing contracts with third-party vendors and suppliers to ensure competitive pricing and terms can result in significant savings.

Each of these strategies should be carefully evaluated for its potential impact not only on costs but also on customer service quality, employee morale, regulatory compliance, and the bank’s long-term strategic goals.

Based on historical trend analysis with a focus on the past “Five Years” varies. Hypothetically, it would translate to over $126.7 million dollars in savings should the current CEO be replaced by an AI Virtual CEO being utilized for the company CEO role in 2019 beginning in 2019

Forcing, well, "strongly encouraging" your people to work in big cities via RTO is a massive and unnecessary expense. You can find people willing to work for much less if they can live in less expensive places and not commute. We shouldn't even be paying market rates for labor in Charlotte, let alone anything in NY or CA. It's a waste for no benefit outside of extremely rare roles. Out of the 174k of us that are left, probably 125k could work remotely. Orrrr we could keep paying NYC rents and taxes via crazy high wages for no reason.

You can't be that uninformed. Charlotte is orders of magnitude less expensive that Bay Area and NY. Why else do you think the Charlotte MSA is growing so fast. San Fran and NY are bleeding people faster than a hemophiliac loses blood for a reason

Don’t rent from a luxury apartment complex if you don’t want to pay $2500

First off, I haven’t seen Charlotte proposed as lcol by the bank. It is put at geo level 2 (compared to Bay Area for example at geo level 0). It clearly has been mcol for a couple of decades tho it moved from low mcol to mid mcol in the last couple of decades. The pay differential at Wells is on the high end and not low end as you infer. I guarantee it is nowhere near 100k for most positions. That said, I can buy a nice middle class house for 500k in most neighborhoods there where a similar neighborhood in Bay Area is more than double for same house. Taxes are lower in CLT and actual (not just reported) crime likely is as well. Same can be said for Phoenix except their housing costs have risen more than CLT. (Side note, plenty of places in US still where one can buy a house for 250k or less but not a lot of higher paying jobs in those places.)
All the above said, better deal economic in geo band 2 vs 0. Plus, as at least one other mentioned Wells likely to stay and have more job opportunities in CLT and PHX.
End point, live where you want to but don’t expect to make a lot from Wells anywhere. Have a nice day.

I don’t know where some of these facts and figures comes from. There are cost of living adjustment calculations done by the government each year. They can tell you what the difference a are between areas.

Charlotte is less expensive than 2 hours down the road in Asheville and we are on a lower scale than Charlotte. Makes no sense

@dal+1qVbdwNo

You know you're completely free to move to one of the big S holes, right? No one is going to stop you.

@xtl is correct.

It's a double-edged sword, and CLT can't have it both ways.

"I'm golden bc I'm in CLT, a core, growth location bc our labor is cheaper! Boo hoo that I'm in CLT and paid lower wages!"

Charlotte has gotten expensive but nowhere close to San Fran/New York levels. However it should be moved up to a “middle tier” and not be looped in with a place like Des Moines, maybe even Dallas (as there is no income tax there).

Also from experience interviewing here, pay ranges are such bs. They have a large range for some positions but multiple recruiters have told me they still want to hire below the mid point. What’s the point of having that big a range then?

All's well that ends well - you avoided this fu-khole.

Area differential is, "Determined by a 3rd party based on cost of labor, not cost of living".

IOW: one of the many opaque methods Wells Fargo uses to try and fu-k you on salary.

Congratulations of avoid this sh-t hole.

@exj+1qVbdwNo

Prices in HCOL have gone up the same rate or more over that time period. Very narrow view of the world you have.

Lived in both NYC AND CLT. NYC is NYC both good and bad. Great place to live in your 20’s when you’re young and single and used to living in a dormitory. Absolutely horrible place for married 30-40 somethings with children. CLT on the other hand has far better weather, cheaper and newer housing and generally better quality of life for those with families. Trade off is far less excitement, entertainment options, etc. it all depends on your what stage of life you are in at the moment.

It has been like this in our area for years. We are under the same geographical pay area (or whatever they call it) as places like SLC and DM, among others where the cost of living is 15-25% less than our area

Those in CLT thinking their COL is even remotely close to SFO or NYC are delusional. But it's the reason they've been selected as core location, so svck it up bc your job is more secure!

If the area differential were raised in CLT, there'd be less of a target on SFO's back and WF would be pulling out of CLT, too.

The area differential/COL reference this company has been using for years is badly outdated. Many areas of the country, notably in large and mid sized cities the South, have seen COL skyrocket in the past few years due to the influx of people coming from predominantly HCOL Democrat run states. Rents have doubled if not more. Pretty much everything costs significantly higher compared to 5 years ago. They need to adjust the compensation guidelines to reflect the changes.

Look at the amount of tech jobs they have in Bangalore. It's disgusting. FWF, FCharlie.

No matter where you live or work for Wells Fargo, it's sh-tshow! Move on

It costs $3,300 to rent a studio in nyc vs $1400 in charlotte. Thats why.

As a former manager, there is a huge difference for some roles. I had two NYC based employees on my team and their pay was $70k more then my average NC based team member. It was a joke especially when they both relocated to NC with no pay recalulation and the ability to maintain accrual of sick days in addition to pto for the remaining 10 months of the year.

Additionally, pay consideration has been drastically changed since Shart took over. Your offer is not even half way based on your experience. It is based on the equity of the team members you have currently for that role, the assumed market value based on peers, and the expected benefit to the team. You always assume to make more when you bank hope but the new method has us paying people fairly new to the industry the same or more then deeply experienced people.

Internally, they did a equity rebalance and bumped some female and minority team members I had who were all less then 5 years experience to the same pay as people who had 20 years experience. I had no say or input. I am old school and think you are paid based on skill and knowledge not equity and feel good feelings.

"Assuming you’re not making all this up".

Never assume anything! There are so many fake postings on this site it is ridiculous in the extreme.

Having said that, it is a great place to find a lot of humorous BS so it is worthwhile to spend 10 minutes looking for all the CEO/BOD bashing! Some of it really is really funny.

This is the first post I have seen about COL vs. LOC options so thanks for the many new chuckles material! Please keep all the LOL's coming.

Thank you all and have a very fine day doing whatever it is you all do LMAOFOTFLAAOY

look up what a 50yo 1500sqft home costs in CLT compared to SFO. I'm guessing a heck of a lot more. Now like everywhere else, the further you drive away from the main job centers the less expensive it will get, but even if you are coming into SF from Tracy or Vacaville. the price of a home will be more than double for the same comparable home. so, take into consideration sales tax, income tax, price of gas, the area differential will never be enough to cover the cost of living. the trick is to start your career in a location with the highest base then move to a cheaper area. I've seen this happen multiple times where they don't lower that person's salary.

@OP+1qVbdwNo

Those of us who work here know that there’s almost zero chance the difference in salary based solely on location was six figures. It would mean even in CLT the role would probably have to pay at least 500k per year. In which case you’d have to be some sort of potential exec, posting on the Layoff? Really?

To give you the benefit of the doubt, I could maybe see them offering you over a 100k less base salary over the maximum number listed on the job posting. But that number is basically imaginary, nobody ever gets that. I believe it’s the maximum allowable TVC for the role in any cost of living area, which is admittedly misleading. It used to be that jobs at WFC would have explicit ranges listed for base comp and TVC for different cost areas. The rule of thumb was new hires could expect an offer of 80-90% of the midpoint of the base pay for their area. But they stopped doing that and now just list the full range, from the least somebody in the role could possibly make in a year in the lowest cost of living area, to the most they could possibly make in the highest cost of living area, including all variable comp. So the base salary for a new hire in Charlotte will typically be well below the midpoint of the listed comp range. I doubt the base salary for a new higher in NYC would be much more than the midpoint of the listed range. I think the salary they would’ve offered you for NYC, had it still been an option, would’ve probably been about 20% higher than what they offered you for Charlotte. Assuming you’re not making all this up.

@fmp+1qVbdwNo

You are not addressing my question. This is a simple question, and you are deflecting, and trying to drive a false narrative and justification. Guess what, you can live a very nice life in Yonkers or white plains, even croton falls for 150%- less. Look at the data! You have no point, and no argument. What’s the matter? Is it too much of a commute for you, ya hypocrite!

ACT YOUR WAGE, NOT YOUR AGE!

There are a lot of things that WF does to get fussed about. But I have to agree with WF that the COL in CLT and PHX is well below the COL in NYC and SFO.

A simple google search will show you the COL in both areas along with the average rent - and it's not even close.

@dal+1qVbdwNo

Many people believe the opposite. But hey, diversity, yo!

It's all nonsense anyway. In the information age location is irrelevant for most jobs. If WF actually wanted to attract talent, they'd forget about locations and maximize the job pool. My pool of candidates with 200M people will always out perform your 20M potential candidates presuming a reasonable number of employees.

Believe the differential between CLT and NYC is 20% for jobs under a certain salary amount, around 300K max, so pretty sure there would never be a six figure differential just based on location.

I'd rather unalive myself than live in CLT. Would choose SF or NYC any day of the week.

Many people who work in Charlotte do not live in Charlotte. There are many housing options within 25 miles or more.

Full of it. Easy to find less then 2500... you can get luxury townhouses condos for that. Very nice homes 2500-3000 Sq ft for 500k or more

relative to NY and san francisco, Charlotte is a lower cost of living location, as is phoenix. You're all outraged that they're not paying enough for charlotte - but it's actually the other way around. the area differential doesn't compensate for NY. it assumes the COL is 20% higher in NY than in charlotte or des moines.

Anyone who has rented or purchased in NY will tell you it's more like 100%+ more expensive, not 20%

You can live a very nice life in charlotte on a WF salary. But you are in Charlotte. A lot of people are OK with that. A lot aren't.