Thread regarding Wells Fargo & Co. layoffs

@@2Huat+1ecldRD7 Maybe Wells Fargo can offshore their customers to India as well.
American customers will not tolerate broken IT systems when it starts to affect them. I see another class action lawsuit in the future.

What are the diversity stats of India? Will this mess up our diversity numbers that WF is flaunting? I guess “diversity” means not being a certain color.

@2Rohn+1ecldRD7 You are saying layoffs coming in July.

Who? Where? which departments? More importantly, how do you know?

So all you "managers" out there that keep giving your IT and tech requirements people "Inconsistently meets," you know you'll be the one turning off the lights on the way out because you will be canned after you do Charlie Scharf's dirty work. For those of you who are justifying these findings ... F YOU.

@37zeb+1ecldRD7

Yes. Gravity is stronger in the US.

@37zeb+1ecldRD7 not sure, but probably the biggest reason why is that we don't get dysentery and other diseases by crapping in the same untreated water supply where we drink and bathe.

Gonna need fresher bait than that to catch fish

I am newly in Tech in India. I’ve been meeting many of you on Zoom calls so far. Can you kindly tell me why Americans are all so huge? Is it difficult to move about?

Knowledge transfer/training to some Indian that is taking my job ? I can guarantee you that's NOT going to happen.

We were allowed to hire 12 in tech….. all India :/

I work in Technology, EBCE and we have about 30 open positions and every one of them is being filled by Indians, and to rub it in, they send out a "welcome to the team" email to the entire org and NEVER in the last 3 years has one been white, they're all Indians that like to cook and spend time with their kids, it's cruel that they send the emails out, I report every f'ing one as spam.

Lucky for bny mellon, they got rid of their deadwood and charlie landed here with his cretins.

More US-based IT layoffs coming in mid-July.

All of us "Dead Wood" U.S. employees are going to sue the He-l out of Wells Fargo. How long do you think Wells Fargo customers are going to put up with inferior built in India IT software and their inferior Technology solutions. Offshoring to India is going to be the last nail in the coffin for Wells Fargo. I hope it teaches Senior Management a lesson. If you don't support your U.S. based employees, how do you expect them to support you ?

Can confirm the tech hiring freeze. We are frozen from hiring a lot of open spots. Very frustrating. Can also confirm it’s us only. Our India teams can continue to hire

There's been a rash of layoffs in home mortgage recently. Processors and underwriters. The refi business is dead....I expect we're up next.

What a great post!

They are dead wood because they are cr-p employees who can’t get job anywhere else…

I was laid off in may 2021, I was just promoted after 6 years with the company. I just got paid my bonus for last year. I have friends who still work there and the OP is correct. That is what is happening, how it’s being described. They are moving IT to India. If you aren’t leaving, you will be laid off this year. Many people I knew who had been tenured for decades, were laid off too. All in IT.

Any employee who does not leave Wells Fargo to work for another company, and does not live in India, or know how to work on "the cloud", is now considered as "dead wood"
if in the Technology area. If they stay at Wells Fargo then that means that they cannot find a better job elsewhere and they are now considered as "dead wood" employees?

There has not been a significant impact to Wells Fargo from having the "not wanted to leave", highly ranked, most desired to keep, employees actually leave the company because it is the "dead wood" employees who are actually running the company. Of course. Most experienced people leave behind their work to the "dead wood" employees to carry on. And they do so very well.

The Wells Fargo employees currently being called "Dead Wood" are likely the most important employees who keep Wells Fargo running on a day to day basis. "Dead wood" will not be able to train India counterparts because it takes many, many years of experience to do the job. Not everything at Wells Fargo is able to move to the Cloud.
Just because a technical employee knows about working with "the Cloud" does not mean that they can accomplish the current tasks needed to run to company.

Ready for USA employees to work the night shift in the USA to meet up with the India employees?

Wells Fargo management is screwing themselves and the company by " Following the Sun". In my experience, Indian IT workers do not have a clue how their applications work or how to code for it. It will be a cold day in He-l before I train any Indian to replace me. Once they let talented individuals go, they lose the knowledgebase. Eliminating a job is much more than just letting someone go. It affects the individual and their family and their lifestyle. Following the Sun is not a solution, it is a problem. What Wells Fargo needs to do is to eliminate several layers of unessential management instead of Following the Sun...

If you are in Tech and based in the USA, you are well-advised to get Cloud certified or risk the known known. (Respects
Rumsfeld)

This isn't a hoax, just got laid off and was told they are having rolling waves of lay offs coming going forward. I was just a part of "the first wave" seems like they have full intention of outsourcing all the jobs to the sites in India and the Philippines.

Really sucks, we just had a team meeting about a week prior where we were told that we had nothing to worry about. We'd be keeping our jobs and that our job security was high. And then just a couple days later got laid off with no warning or notice. Was probably the shittiest thing I've had happen to me as an employee. Mainly because there was no writing on the wall, and we had all just been reassured that our jobs were secure.

Manager told me that it was a very sudden and drastic decision by upper management. Not sure what happened or changed.

:/ The whole situation just completely fu---d me.

You mean the "dead wood" that has been camping out for years isn't seeking greener pastures elsewhere; and the people that are too talented/experienced/motivated to put up with the cr-p are the ones that actually left? Huh. Who would have thought that.

What a bunch of re--rds. These people (execs) have no clue whatsoever how the average man or woman thinks, or what's important to them. Just like when they released the results of the employee survey, and all SVB could talk about was how we're doing so great on DEI.

I am not sure if all information OP is accurate or not. But one thing for sure is outsourcing of jobs. They are beating the drums in many meeting that I have been part of - in fact they produced said we have x% team in ‘their’ favorite country!

I personally not against to outsourcing but the way they are hiring in ‘their’ country makes me think my job might be eliminated in next 5 years. That is what keeps me up at night and nothing else. This is the reason, I am going to quit.

"Follow the sun" ain't new, kid.

People are always trying to sell snake oil and tell you it's liquid gold.

You guys always fall for the d-mbest rumors. There are so many give aways in the OP that makes it's clear this is yet another hoax.

Fill in the blanks!
It's a wonder you got any ink left in your ribbon, OP.
You got more fables than Aesop and Grimm Bros together, must say.
Fol-de-rol.
Do you still wear a suit and tie at funerals?
There's a blank.

I guess I am deadwood. I am over 50. My skills aren't going to send me to another company and earn what I am earning now.

Move Tech to India and see what happens after 11 AM EST when all he!! Breaks loose and you need someone.

@jjw+1ecldRD7

Wells Fargo has been "Follow the sun" for many years as well. Whoever brought that up in the meeting is probably deadwood since they haven't been paying attention.

The problem is upper management never sees themselves as the deadwood.

"..Follow the Sun" ---- Wow.. How revolutionary.. Citi has been doing this for at least 10 years..

"Dead Wood" (their words, not mine) has tended to stay." ---- The dead wood of which they speak are people like J.O. in ICS and many others in ICS (more 20+ year dead woods). These are people who know how to survive. The only way to "attrite" them is to ax them en masse.

while the probably don't want the PR nightmare just fire the deadwood for cause and then you don't have to pay severance, or offer a buy out l, or just lay them off. if they know who they are, which they probably don't, then get rid of them.

Of course when you make a job less attractive, the high performers are typically the ones that are first to go. Sure some people might do better with RTO, but others won't. The entire world has now seen that the jobs do not have to be in doors to be effective, and in most cases increased productivity and efficiency. But it really is a person to person situation, but the company keeps choosing to try one size fits all.

As for the rest, moving that important 401k match to annual will hold off quite a bit of attrition, I mean that's 6% of your salary, not to mention the bonus (which they changed at last minute retroactive). I know several good workers that are simply waiting for the 401k match and incentive before quitting. With the 401k change, job attrition will condense annually to the beginning of each year and decrease each month throughout the year for mid and upper level jobs.

Finally with the RTO, the few people who had time to go job looking during the week, will now lose a good portion of that "free time" with having to travel to/from work, time to get ready each day, and all of the other efficient processes many developed over the past 2 years. Senior leadership keep claiming "we all benefit from being together and seeing our colleagues on a regular basis." which is untrue. Extroverts may do way better, but introverts do much worse.

Wow, an actual GoodPost on this site for once.

Of course all the good people left because we had options (lots of them with sh-t tons more money). All the dead wood is still there because they can't go anywhere else or they are dinosaurs with no skils that translate to anything better.
These du----s execs are gonna bankrupt this company

Sorry @nuo, you are using logic and we all know Sr leaders don't use that.