Roll call on who lost people this last go around last week.
My group had 4
Hired a bunch of offshore analysts after management took trips to India.
10 replies (most recent on top)
When Americans can no longer afford the goods and services provided by “American” companies…then what?
Why is this news article worthy? People act like WF is first only company doing this. It’s been going on for decades across multiple industries.
There are plenty of jobs being posted statewide, maybe not for your skill set, but people are being hired statewide.
McDonald’s hard working employees might be interested in having news article about their jobs being replaced by a kiosk.
Vic. I sent you a message. Someone nust do a huge news article and expose this company and this CEO. He has laid of thousands of hard working employees and moved all the jobs to India and the Philippines. Our HR and job outsourcing wants to know how our job search is going for all the displaced employees. How about there are no jobs to apply for as all the job postings are in India or the Philippines! Would love to see a big story about how our CEO has moved Wells Fargo to India. Wonder how our mortgage customers feel knowing all their financial information and tax returns are in India. Zero disclosure to them. !
@rxm+1ndI1t
Let me guess, you’re from the outsourcing firm?
Would you be interested in talking to a journalist about this? You can reach me via email at vswezey@gmail.com or on Twitter @vicswezey.
india do nice jobs
US management goes to India and the Philippines for 1 of 2 reasons.
- to be treated royally while they are sold on how well the team they have there is doing
OR
- to be treated royally while they are sold on how well having a team there will be
US management then looks like a hero to C suite because they are saving $ by cutting US “expenses” (EMPLOYEES) in exchange for approximately 3 offshore.
It is disgusting.
WF does NOT care about the American people.
Maybe they discovered that your replacement could actually write at a 9th grade level. Never stood a chance.
Thats funny well not really as we had some of our leaders in my division go to India the week before last.
So the management took trips to India. Why? To convince themselves the India analysts knew what to analyze. The banking system in India is a lot different than US. Per chat:
The banking systems of India and the United States differ in several key aspects:
Structure: In India, the banking system includes scheduled commercial banks, regional rural banks, cooperative banks, and foreign banks, with the Reserve Bank of India (RBI) as the central authority. In the United States, it comprises commercial banks, savings and loan associations, credit unions, and other financial institutions, with the Federal Reserve System as the central authority.
Ownership: India has both public and private sector banks, whereas the United States has a mix of privately owned and publicly traded banks with minimal government ownership.
Regulatory Framework: India's banking system is regulated primarily by the RBI, responsible for overseeing banks, setting monetary policy, and supervising operations. The U.S. has multiple regulatory agencies, including the Federal Reserve, OCC, FDIC, and state banking departments, which share banking regulation responsibilities.
Banking Products and Services: While both countries offer similar banking services like checking accounts, savings accounts, loans, and mortgages, specific products, interest rates, fees, and features can differ between banks in each country.
Technology and Digital Banking: Both countries have embraced digital banking, but the extent of adoption and availability of services may vary. India has experienced significant growth in digital banking and fintech services, with initiatives like UPI facilitating electronic fund transfers. The U.S. also has a developed digital banking sector but may have differences in technology adoption and offered services.
Financial Inclusion: India has actively promoted financial inclusion through initiatives like Jan Dhan Yojana, aiming to provide banking services to unbanked and underbanked populations. The U.S. has its own programs and regulations to promote financial inclusion but may approach it differently.
It's important to recognize that these are general differences, and banking systems can be complex. It's advisable to consult up-to-date information or seek advice from banking professionals for specific details and decision-making.
so the question is what does this bank find in going to India?
What does an Indian have to learn in order to be a banking analyst at Wells:
Yes, an Indian banking analyst could potentially work as an analyst in a large US bank. However, there are certain factors to consider and skills to acquire to enhance their chances of success in the transition. Here are some aspects they would need to focus on:
Knowledge of US Banking Regulations: Familiarity with the banking regulations and practices specific to the United States is crucial. The analyst should learn about the regulatory framework governed by entities such as the Federal Reserve, OCC, and FDIC. Understanding key laws and acts like the Dodd-Frank Act would be beneficial.
US Banking Systems and Products: It is essential to gain a comprehensive understanding of the US banking system, including the structure, different types of banks, and the products and services they offer. This would involve learning about specific aspects like checking and savings accounts, loans, mortgages, credit cards, and investment products.
Financial Analysis and Modeling: Enhancing skills in financial analysis and modeling is valuable for an analyst role in a US bank. Familiarity with financial statement analysis, ratio analysis, valuation techniques, and financial modeling will be beneficial.
Risk Management and Compliance: Understanding risk management principles and compliance requirements is crucial. Knowledge of risk assessment, risk mitigation strategies, and compliance frameworks such as Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations will be important.
US Economic and Market Knowledge: Staying updated with the US economic landscape, market trends, and financial news is essential. Understanding macroeconomic indicators, industry-specific dynamics, and market influences will help provide valuable insights.
Communication and Soft Skills: Effective communication skills, both written and verbal, are important for collaborating with team members and stakeholders in a US banking environment. Developing strong interpersonal skills, adaptability, and a client-oriented approach will also contribute to success.
It's worth noting that while an Indian banking analyst may possess relevant skills and knowledge, there might still be a learning curve and adaptation required when transitioning to a different banking system. It can be beneficial to gain practical experience and consider obtaining relevant certifications, such as the Chartered Financial Analyst (CFA) designation or other qualifications specific to the US banking industry. Networking, connecting with professionals in the field, and exploring potential opportunities through recruitment platforms or professional organizations can also help facilitate the transition.
=====================
so this seems like a tall order. Does Wells know what it is doing "going to India"? Also being second (behind JPM) are the "seconds" worth it? Who is managing this offshoring effort? Are they asking the right questions? Is offshoring scoring ahead in the make, buy, offshore analysis?