Thread regarding Wells Fargo & Co. layoffs

WF is reducing/eliminating as much leased space as possible nationwide. The DFW metro is about to over take Chicago as the nations 3rd largest combined metro in the US. There is talent to go around and WF is going to leverage that.

The DFW campus will consolidate/eliminate as much leased space as possible and replace it with WF owned property. As far as it being WF new headquarters…not likely. The NY and CA people have a little different view on life and liberties than Midwest and Texas core location sites…generally speaking of course. They won’t be relocating to our part of the country…just like we aren’t going to theirs.

This action is all about corp property strategy and cost reduction. Yes, there is a big saving in building our own and getting out of these bloated one sided expensive building leases.

Hey OP don’t be so hurt that they didn’t let you know about project falcon. When big companies go looking for sites they don’t like it to be known who the buyer is. The price might go up or other speculators might buy adjacent property. I’ve heard the rumors about this for while. The name leaked out awhile ago & there was a job posting for a PM for project Falcon after the new year.

@1giy+1i0culx9

lolz, I bet you can hear the cheering of millions from all the way over there.

Don't worry; Charlie is having his town hall tomorrow. I'm sure he'll be answering all of these questions.

As @yny stated: Scharf is literally copying exactly what JPM Chase has done.

That's all Charlie's done since he got here--nothing more, nothing less. And selling off real estate and smaller profitable WF businesses, which misleadingly makes balance sheet look better than it actually is. Tool.

@pnm+1i0culx9

I'm in the D building. Also, WFC has been trying to take away reserved parking for over 10 years. So keep trying...

@1elv+1i0culx9

You're not supposed to talk about Project Eagle. That one is extra secret.

Wait until you guys hear about project eagle has landed in India

@1skh+1i0culx9

Because not everything is moving to the cloud. Some applications will be in the cloud. Some applications will be on premises. Some will be hybrid allowing resources to burst into the cloud when excess capacity is needed.

There are new data centers being built in Texas and Virginia that will be 3rd party managed facilities wise. The rest of the current US data centers will be closed over the coming years.

The new data center locations were chosen because Google and Microsoft have cloud facilities very close allowing short direct connections from the new Wells Fargo data centers into Google and Microsoft cloud facilities.

This is what many large US financial corporations are doing. Wells Fargo is just copying their model.

Why are we spending on a huge data center when we're moving to the Cloud (i.e. Microsoft and Google data centers)? This location in Irving is not owned by Google or Microsoft. Help me connect the dots here.

Agree witj those saying this is a JP copy move - was at JP in 2018 and many of the people I worked with got jobs in Plano TX - people loved it from Jersey / NYC - cost if living, taxed, housing costs WAY lower.

I'm from Texas. Believe me when I tell you that Wells Fargo would not be a good fit here.

Wells Fargo is a California/New York company, with California/New York values. This fact carries a stigma among Texans. People here will be polite, but they'll quetly take their business elsewhere.

If you're not from here it may be hard to understand. If you don't like Texas it will be very hard for you to understand. But it is very true.

Business unfriendly CA is reaping what it has sown.

Should this be a surprise to anyone?

Even TESLA bolted for Texas.

@OP, will you stop this nonsense? This was already asked and answered at least twice last year (+1clOGSCb and +1c97IcHN threads), no one will be moving from state to state.

Project Falcon was created simply because we lease 2 very small low-level buildings (2 and 3 storey) and we want more space and consolidate Dallas staff. We are also thinking of creating a Technology Hub in Dallas area. The Stage Coach is anchored deep in SFo, we won't be able to move that for a headquarters, that's for sure. WFC's history is anchored in West, not the cow lands.

Aug 16, 2021 by Anonymous
9 reactions (+7/-2)
Post ID: @1usi+1clOGSCb

It’s easier to get diverse application numbers in Texas versus the Midwest

Could be good or bad depending on how many CA offices will close with headcount being reshuffled to TX. TX is not employee friendly so be aware of their employment laws. Also be careful with happy hour with rednecks getting drunk and toting their g-ns in the bar. They do have their share of homelessness too. They are not as sympathetic to the poor.

On the bright side, rent/mortgages are a lot cheaper than CA although not for long if enough people move out there. They have their share of power outages and severe weather which may translate into more WFH days.

Post ID: @gnf+1i0culx9

Really? What building and floor are you on?

That’s the reason Charlie took away reserved parking -not enough parking available for all the employees even after they sold off part of the building.

@ctl+1i0culx9

Wells Fargo will be renting the new data centers. They will not be responsible for the building maintenance, backup power, HVAC, etc. But WF owned IT equipment will be in the building, managed by WF employees.

Wells Fargo has been looking for office space in DFW since 2019.

Scharf is literally copying exactly what JPM Chase has done.

Here is a 2021 article showing WF has been shopping since 2019.
https://www.wsoctv.com/news/local/could-real-estate-search-lead-hq-move-wells-fargo/LUBP34Q2MZENJHR6XE4LABXUSI/

Here are JPMorgan Chase office building plans announced at the end of 2018.
https://officesnapshots.com/2018/12/03/jpmorgan-chase-regional-headquarters-plano/

Guess who moved into new data centers in Dallas a few years ago? JPMorgan Chase.

its a 3rd party data center. Saul has mentioned it a few times. He has also made it clear that it wasn't going to be wells fargo employees

IF Gavin Newson is/will be a front runner for 2024 from Dems, I do t think it would smart for Charlie & Co to move HQ from SF. Games of thrones at its finest…

@OP+1i0culx9

800K Sq ft or even 1.6 million sq ft is smaller than the WFA campus in St. Louis which hosts about 4000 people.

The new facility isn't that big. Before being paired down, WFA campus was over 2.3 million Sq ft.

And this story was in the media last summer. Scharf denied there were plans to move the HQ to DFW.

@gnf+1i0culx9

Yes. I believe Centene was originally looking at buying them. Those buildings have been closed for years.

People may think this is about spending money but the layperson doesn't know about the maintenance and upkeep. Maybe the current buildings needed a large investment. Maybe it's a downsize when summing all the square footage.

@ahg+1i0culx9

Because they are still consolidating buildings. 3 > 1. And as it has already been stated DFW is a major hub and where two new data centers are going.

Ha...STL was in the process of selling those buildings way before Charlie was hired. And STL still has too much space, so your crammed comment is very ignorant.

They keep all these projects "secret" until it's time to communicate. I bet this has been in the works for 3 years. There is a lot involved. I'm in CPG, so this is typical and isn't the only one.

Why would Charlie spend that kind of money simply to consolidate 3 sites, that are already in one town, in to one campus in that same town when we are supposedly in cost-cutting mode? Charlie likes consolidating to save money, not spend money.

We have a fairly large complex in St. Louis. Charlie crammed us all into a smaller space and sold off part of our building to a hotel chain. Charlie is in “sell things off and reduce mode”, not “build, buy and improve mode.”

I’m not buying it.

They will close down all the other DFW locations to consolidate here. There are practically 3 other sites within 2 miles.