Reducing total headcount and increasing to 30% I&P

Feel free to correct the rudimentary assumptions I'm making.

Per the last 10-K, on 12/31/22 there were 238k employees with 19% offshore. Obviously the numbers are different now, but for transparency purposes, I will use these figures. That means there were 192,780 US employees and 45,220 I&P employees.

We know Charlie needs to bring down headcount and the goal is 30% of employees in India and the Philippines. So let's say the goal is 210k employees total. That means there would be 147,000 US employees and 63,000 I&P employees.

Total employee count decreases 28,000. This comes from reducing US headcount by 45,780 and increasing I&P headcount by 17,780.

Reducing US headcount by 45,780 is nearly 24% of the 192,780 US employees at the start of 2023. They want 1 of 4 US employees gone. This will come from a variety of sources - voluntary attrition, dismissal for cause, layoffs, etc. More will come from non-hub locations than hubs, presumably. But to reduce the employee count as Charlie has told investors will occur and to increase I&P's proportion of the employee base, that's how many US positions will not exist anymore. 1 in 4.

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We have very high turnover in India and Philippines. It’s a sh-t show. .

@1atf I didn't say it was true, that's their language justifying it.

They claim it's to upskill the company, but in reality, it's to drive down US wages.

@spd+1lKkUo15

India workers being highly skilled is a joke. The ones that are skilled are in the US. The ones who stay back in India for the most part are diploma mill people without any critical thinking skills. They follow a script and if the script doesn't cover what they need to do they are lost, do nothing and sometimes don't even bring up their issue until someone asks what is taking so long.

If we had real leadership capable of getting the asset cap lifted, then the pressure to layoff versus growing the business could be weighed and our efficiency ratio would be improved by doing the latter.

Weak and ineffective management has pitted us against the C suite in this pseudo battle royal. Maybe they should be the first to go, since NOTHING has been accomplished with respect to this elephant in the f-kin room.

They accept the huge risk and consequences of more offshore positions with access to sensitive US data while India Is in bed with Russia.

@spd! Stop drinking your own p!ss! Wells is not hiring best of the best in India, or H1Bs for that matter. If you have a heart beat, and a piece of paper that says you graduated with a degree from any cow patty university, you're in! It's a race to the bottom with a crop of yes men who do not deliver what is asked for or needed.

@nhs you have it wrong, they're using H1B to create the gap.

US workers are too expensive, too lacking in skills

India workers are highly skilled and cheap.

Either Indians have to demand higher pay, US citizens take a huge drop in their standard of living, or you just move all possible jobs out of the US. That's America's future, thanks to shareholder value.

Will use h1b to fill the gap when possible

Correct. The previously stated goal was 208K-210K employees with 30% offshore.

There are several more years of reorg and layoff ahead.

They actually want to get rid of 4 of 4 US workers. That's the end game. Maybe a hundred ivory tower types in NYC, everything else in I&P. No branches, no mortgage, no need for domestic workers.

Thread regarding Wells Fargo & Co. layoffs

Reducing total headcount and increasing to 30% I&P

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