You are dreaming if you think there will be no more layoffs. This is only the beginning. They will be moving thousands of jobs to India and the slums. Chainsaw Charlie is going to cut 60 percent of our work force by year end. He needs to finish off mortgage and start axing the bank. Get ready!
If you don't believe @opb+1mYtLZw9, you haven't been paying attention.
@uxy+1mZIpheP Exactly right. If it were only intended to stop at 30%, they would leave it primarily in admin roles, but they are not. There are I&P being planted in early every team and it’s just the beginning.
Agreed with others that 60% isn't the number, nor do I believe 2023 is the year. There was a major presentation given to technology in 2020 where they had a huge slide up that included a blurb I don't think they meant to leave in. It said "42% headcount reduction by 2027."
Plans can change, but at the very least the plan in 2020 was to reduce (USA) headcount in technology by 42% between 2020 and 2027. Covid slowed that down a ton, so they are playing catch-up now, but they still likely aren't going to seek to finish the layoffs and transition to offshore until roughly 2027 when they target having all the WF-owned datacenters closed.
That was always what this was about. Get rid of all the big, old, expensive WF owned US datacenters and get into the Google/Microsoft owned datacenters while migrating as many applications to SaaS and everything else possible to cloud based so there's as few physical servers and WF owned/managed stuff as they can get it down to.
To some degree I think this is just due to the decline of traditional banking going on in the developed world in general. I've probably only set foot in a physical bank 2 or 3 times in the last 5 years. A lot of people don't even want to use banks as opposed to credit unions now too. I think WF's plan is to cut as many jobs and outsource as much as possible to try to survive a possible reckoning on the way for the big banks.
Hey you guys. Indian here. I prefer the rupee over your trash dollar. I’ll be taking extended breaks (from home too) so don’t expect any quick replies from me. You get what you pay for. And, as the west says, XOXO.
Best,
Charlie has already said he is moving everything to India and other poor countries. He pays them nothing. In the meantime he and the minions fly over there and look like kings. Pathetic that we have this POS CEO
in Home Lending Hardship ~4 of the 6 scrum teams (software developers) are India-based and one of the US-based teams has back-filled positions from India, not US. So that's at least 66%. Can't wait until they move product owners to India, then it will be time to get out this mess.
Who said they think there will be no more layoffs?
a lot more opening in the US than India - about 3 to 1
This place would crash harder than Twitter if Charlie cut 60% of the workforce.
India is a hot metabolic mess. Hopefully they use our health benefits to get their acts together before they wipe out their own population.
60 percent is absolutely the number. There are thousands of jobs moving overseas. India is the new HQ for a lot of Wells Fargo. I am sure Charlie has purchased a Taj Mahal to stay in while he flies back and forth. The minions are already going back and forth
Omg, our India partners can't get anything done properly!! It's a real test for me not to get angry with them!! So, go ahead and cut my position and send it to India! I'll be laughing so hard out loud
They have already moved current jobs and allocated new jobs in the tens of thousands to India and the Philippines. Upwards of 44,000 currently.
Your 60% number, however, is grossly exaggerated. The target is 30% which is still enormous and more frightening is that these roles are not administrative but rather oversight and decision making roles.
How long before the US employees will start being made to work at off hours because of our teams in India?
You know this is coming eventually.