Thread regarding Wells Fargo & Co. layoffs

I am in a hub location but out side the line of key markets. Meaning that I live to far from the hub and was displaced. Displaced is another version of lay-off. I really feel let down by Wells Fargo. I worked with a group of very talented individuals and have to say by far the best managers I ever worked for. It was heart breaking to feel that I was not valued as much as they say they do. I gave more than 200% and when the pandemic hit, I did not hesitate to work early mornings, late nights, and weekends. What ever was needed or asked of me, I wouldn't hesitate. So you can imagine my surprise and disappointment when given the news of being displaced. My manager and I cried together. My manager was as surprised as I was. With the big push to return office, I had heard that Wells Fargo wasn't the only financial institution with some kind of strategy and the word being heard that it was something with the Government driving the return to office and stimulating the economy. All these great employees will find a new job/career and what once made Wells Fargo great will suffer. You can't let exceptional employees go and continue to be an exceptional company. Eventually displacements will stop and letting employees work remotely will be a hiring tool again but thousands of displacements to late. I would never consider working for Wells Fargo again! I lost all trust and faith in Wells Fargo. If it's not the customer (mortgage scam) it's the employee who suffers.

Smaller admins are getting the ax to shove everyone into a HUB. Reducing the footprint in these markets but building in expensive RE markets with costly salaries like Hudson Yards is surely the path to success and reduced expenses.

March 2024: This location strategy is happening telling us they want to bring people together, but the teams are still separated as there are over 10 hubs. Go figure. Only certain zip codes like Los Angeles have been excluded from the “hubs”. What does not make sense also is that there are many offices in Los Angeles where the company occupies that they couldn’t leave. These offices are nearly empty and yet they won’t let workers living in Los Angeles area use them and they force them to relocate. Since nothing makes sense with their “location strategy” it just tells you they are not telling the truth. Yet, they say they are being transparent. Well, it looks like they want to lay off people not based on their performance but based on location. This means they are not hiring the best. Perhaps they want to make room for 1ndian programmers. That makes more sense.

there is an enterprise list of acceptable, go-forward locations.

Each OC leader may choose from that list. They may also allow each OC+1 to choose subsets further from the OC sanctioned list.

Going forward, hiring will occur only in the chosen markets

Each OC+1 leader is also required to have a documented plan of how their staff in locations that are not on the enterprise list will be exited. In other words - any staff not in one of the enterprise go-forward locations will be termed by end of 2025 at latest (some areas are choosing earlier dates for full compliance).

Exceptions: low single digit percent and with specific justification categories only. Reviewed and approved by OC leader.

No exceptions for WFH accommodations; if the person is outside the 40 mile commuting distance from a sanctioned location, they will be exited.

Started. All non Hub will be replaced in India or not replaced.

Can anyone provide the Business Grouo and the location if HUB locations???

All this pearl clutching over location strategy. You act like a vast majority of businesses in the US don’t require employees to be onsite and only in locations where they exist. The WFH gravy train is coming to an end. Su-ks for me too, time to cut bait and move.

@1pmo+1nysjFLF Unless you’re in the same Org the list of “hubs” is fungible and not applicable to you. For instance there are 22 growth, maintain and niche growth sites for Tech under TK. IIRC, 2 of those were in India. Soon enough that will e down to 5. Good luck everybody else.

@1xpt+1nysjFLF

That's probably what they tell themselves, but in reality, outside the executives, the talent "in" those cities usually live well outside of them because it's too expensive to actually live there. As a result, you might as well make your hub outside of town also, that's where the people actually are anyway. Want "SF talent"? Lease some space on the West side of Sacramento or Stockton. Access to the exact same people and their commute would almost always be cheaper/easier/shorter.

@ wso+1nysjFLF can you please list the hub cities that have been announced.

Theoretically, NYC and SF are about access to talent.

being in a hub doesn’t offer protection. I am in a hub and dozens were layed off today

NYC and SF make NO sense as hubs, unless you like the idea of paying zillions in comp for no benefit.

Dalllas, NYC, SF, Des Moines, and Charlotte makes sense. All the other one have to go. Just bunch dead weights.

It absolutely is nothing more than an excuse to fire people on an otherwise arbitrary measure. That’s why they had to eliminate as many full time remote assignments as possible before moving onto the “location strategy” phase. True that it never really went away, but it’s being emphasized a lot more in recent months.

Regarding different hubs for different LOBs… how is it efficient to maintain offices in all of these cities if you’re not going to utilize them across the enterprise to the fullest extent possible?

Meanwhile, I heard an executive try to explain that “hiring in India is a means to expand the talent pool, it’s not about cost cutting”. Why not use our extensive office footprint across the U.S. as a way to expand the pool of available talent then? Instead of leveraging our reach as an advantage we’re shooting ourselves in the foot once again with this location strategy.

Problem is there are different hubs for the different Business Groups. It is a way of getting rid of people when they want to. I think ultimately people not in hubs are in jeopardy.

@xjj+1nysjFLF I can’t post out either unless I plan on moving. You are absolutely correct, the hub strategy never ended.

Start again? I didn't know we stopped.

Source: Me, who can't move up or post out due to my unfortunate zip code.

What cities are on the list if you don’t mind sharing @wso+1nysjFLFit

Hubs are great! Let’s then consolidate and put people into one building!

Then that highrise’s sprinkler goes off and shuts down the entire building - so forces all to work remotely.

https://www.wcnc.com/article/news/local/charlotte-fire-department-fire-uptown/275-f1cdf464-5cfd-412f-a130-106936dc0670

can’t make this stuff up…

p.s. - on the bright side an email went out telling everyone that RTO requirement is on pause as building isn’t open…

All US tech workers are basically fuccccked at some point. India and cloud will eliminate most. Get out if you can.

Everything is moving to India. They are forcing everyone out

We are already doing hubs in mortgage. If you don’t live within 40 miles of the hub you got axed

Location / hub strategy has been a thing for a while, it's only been we-ponized as a excuse to fire people recently however.

The hub strategy has already started. My area received the list of hub cities.