Thread regarding Wells Fargo & Co. layoffs

I’ve seen works from India. It’s terrible. Good luck WF, gonna need it in a year. Save a penny but will pay a lot more in lawsuits and fines!

There is a steep learning curve and underperformance from my India partners. And an honest question, how safe is our customer's data in India?

India is your friend as long as you are pushing away American workers, and giving them H1B visa.

Perfect for Wells

@dwn+1nsN6ocS

Of course capitalism existed then. It is why things such as the manufacturing sector moving to Mexico/China happened. Capitalism is chasing infinite growth for companies. If your product is sold to the most people it can ever be sold to, you need to find other ways to 'grow' your company. Cutting costs by building the widget in Mexico/China instead of the US is the next step.

20 years ago, you simply could not outsource those jobs to India...even if you wanted to. The infrastructure did not exist. Once it became possible, companies started doing it so save money. This saved money did not trickle down to employees that remained. No, it just helped the bottom line and boost share value.

That's it. That's the story. It is done to improve profits and increase value. It is not that hard to understand.

@1bxv+1nsN6ocS

Managers don't decide this kind of thing, execs do.

Agree. And to every manager who has ever made the decision to offshore part of their team (politely coerced or otherwise), please know that India is already grooming your boss to offshore your job also.

Capitalism is just doing the needful at this sh-t bank.

Loving the capitalist sycophants here, as if there was never choice to do anything but sell-out U.S. workers. It's a choice someone made for you, in the name of money, as always.

They are higher skilled than you are.

The stagecoach left and the wheel fell off. Charlie has officially destroyed our once fabulous company. Worst CEO of all time. He sold us off to the indians

Quite the mystery how this bank keeps finding itself in ethical dilemmas with its brain trust of libertarian conspiracy theorists

No one on this forum has ever experienced capitalism, it went away when the income tax was instituted and it's corpse was ra--d by the New Deal, Great Society, etc. Keep wailing about it if you want, you've never seen it and it's not the cause of your challenges.

The same dopes who always trumpet capitalism and the free market on here will never realize they're the ones being played by those same forces. As the brain drain continues and Wells tries to find the cheap labor in America's India- red states- the "I never thought leopards would eat MY face" contingent will be more and more of this dying bank's workforce.

If it wasn't CS, it'd be someone else. He's not the first to outsource to save a buck, and won't be the last. Newsflash: it's the investors driving the race to the bottom in their never ending quest to cut overhead. Welcome to capitalism, di----t.

Post ID: @nxk+1nsN6ocS

Nice try with your “capitalism is the bogeyman” BS. Capitalism existed WAY before CS opted to offshore decision making and oversight roles to India.

Signed,
An investor who knows companies CAN make money without selling out their US employees for a quick buck. Buffet knew CS was a snake and offloaded accordingly.

Suppose CS is replaced, do you really think his replacement would be saying “hey let’s spend a lot more money and benefits on US human capital, because it’s unfair!” It’s not happening. The board answers to shareholders and not employees. Shareholders want maximized profits. This is the new normal. This is what capitalism looks like in large banks.

WF was atypical before the changes.

Investors want maximized profits, and this includes people who have 401ks. Those funds (with your $) are invested in companies where this type of environment is being enabled so your fund value increases. If you have an 401k, pension, or IRA fund, then you too are someone’s “greedy” shareholder. That’s capitalism in today’s world.

It is too late, That ship has already sailed

Take it up with capitalism