Cheap labor doesn't mean qualified labor. Replacing great US based workers with someone cheap offshore will get this place exactly what they are paying for. Additionally, when there is no consequence for poor performance, and no reward for good performance, the best employees will lose motivation and leave. Downsizing to achieve a headcount dollar number will downsize productivity and affect customers. I'm getting the sense the top levels don't care as long as they can check the box saying "done" on the numbers game.
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It is a wonder this place can even write a mortgage.
They don't care.
WF has done this multiple times before over the years - esp in Tech. They offshore a bunch of jobs, lay off the stateside, see how badly the offshore folks do (nothing against the I&P teams, but the majority of them are not engaged and don't care), realize the failures, start hiring back stateside, layoff I&P.... lather, rinse, repeat.
However, it sounds like the volume of stateside jobs being lost to I&P this year will be massive and sounds like quite a few large companies are doing the same.
The next 12 months are going to be very, very interesting for the entire world.
What's telling is that I've heard of so many recruits that got an offer after an extensive interview process and then turned it down for a better one. Heck, I know of someone who took the offer but never even showed up for work.
Wells Fargo is its own worst enemy.
The odds of WF recruiting top talent are very low. By the time you filter out all the WFH and location strategy incompatible folks, you've already lost 90%+ of potential hires. Rep probably ki-ls another 5%. Do we get lucky sometimes? Sure, but in a company this size it takes more than the occasional unicorn to move the needle.
All of our talent got axed. F Charlie!!!!!!!!
Well, considering we make about $80M profit every single business day around here, I think the company can afford to make quite a few horrible decisions before there's really much impact to quite literally the only thing that matters to the Chuckster.
They have demonstrated that all they can do is wildly hack away at headcount. It's not thoughtful and strategic, it's hamfisted nonsense. You know how before the Superbowl a local zoo will have an animal 'pick the winner' by offering them two team-style treats to see what they pick? That would be a more thoughtful process than what Charlie and his lackies do to WF and we're paying Chainsaw $30M/year for the privilege.
Charlie will get crushed under the weight of his incompetence, arrogance and selfishness. I’m patiently waiting for his “John Stumpf moment”.
He thinks he has his bases covered by staying close-mouthed, but his hard-nosed tactics are forcing employees and departments to cut corners and that is what will take him down.
Same unrelenting pressure, same unrealistic goals, and same cut-throat tactics as “Eight is Great”, but cost-cutting rather than opening accounts. Mark my word.
Charlie only cares for his paycheck. As long as they show profits that is all that matters to the top.