just mentioned in a town hall
22 replies (most recent on top)
@ms Demographically and statistically, it's not surprising that a white manager will hire mostly white people. The U.S. is like 60% white.
@eh 50k is just the Shart.
Fixed.
@es true, Same for Chinese from China hiring their compatriots and Muslims hiring Muslims !
@ef is 100% correct about Indians hiring Indians.
Actually most racial groups do this in 2026 EXCEPT white people. Look up any team in WF with a black female manager. Half of her team will also be black females... totally a coincidence though!
50K is just the start.
@c8 Ever heard of ‘Once you go Indian, you never go back’? You just did. Ever seen an Indian hire black and hispanic at WF? Rarely. If you think white Americans in WF are racist, you are barking at the wrong tree my friend. Hire an Indian manager or leader and watch how the whole team turns Indian over months.
@c3 Not IRS. WF would owe corporate taxes to India. Indian authorities look the other way because they are happy to grow jobs. When India decides it would rather have tax revenue than jobs, it will be ugly.
@bv that’s unpatriotic to say the least. None pays into Social Security bucket, or spends in the US to support local economy.. and add the fraudulent H1B Indians replacing American workers here in the US!! Nothing is worst than a greedy bastxxx to be the CEO and got millions for it!!
@ak Are a third of those US headcount from same foreign country? 9/10 of those job could be done by average American citizens with minimal training. Average American has been scammed at all levels.
So what????
@by If this is true, someone should call the IRS and WF should be spanked accordingly.
The worst-kept secret is that India employees presents a huge tax risk to WF. HR gave a presentation to management a few years ago. US managers are not supposed to be directly involved in employee work in India or Philippines, including ratings.
Employees performing core functions primarily for WFC in India and under the direct control of US managers could cause massive tax repercussions. A MASSIVE tax liability. Billions. I think that the term of art is "Permanent Establishment Risk" OF COURSE we are permanently established there. duh. We have 4.3 million sq feet of office space in India... second only to Charlotte (3 in Minneapolis, 2.5 in San Fran).
But... you say, managers are directly involved. Of course! All the OC+3s complained. Nothing would get done otherwise. Sssssshhhh. Just dont tell HR, or the taxing authorities.
The good news... every bank flouts the rules and gets away with it. Today, India wants the jobs more than they want the tax revenue. One of the banks will get caught, and when the music stops, WFC will be holding a big tax liability. Who knows. Maybe the Trump-Jamie Dimon-Modi three way war will escalate the whole financial sector gets caught in the middle
This population India has 35,328 employees, Philippines has 12,484 ,contribute nothing to our country . Not pay mortgage or pay tax .
It is free money flowing out of this country thinking that the Americans cannot do this job or do not want this job. Charlie got big bonus for this .
@OP American middle class dwindling for a reason ! Thanks to Schart that POS!
@ar Please share
@ak
I have the breakdown back to Oct. 2019. LOL
FYI you can find these numbers at any time by using Teamworks Advanced people search. From the Contact Information drop-down, select Physical Work Address Country. Then enter either USA, PHL, or IND.
Currently India has 35,328 employees, Phillipines has 12,484, U.S. has 159,421.
I bet that means close to 90k American's have left since about 2020, because it was a lot less than 50k pre-pandemic.
I would expect nothing less than cheap labor from Charlie Scharf based on his poor leadership. Wells Fargo has no patriotism, products or services to offer, similar to T. Rowe Price. The simple fact is that anyone who works for Wells Fargo doesn't care about clients.
There are 50,000 more in Charlotte
Need to send the tech leadership there now… send TK
Seems low.