Banking giant Wells Fargo is expanding its office footprint in New York City's Hudson Yards, billed as the largest U.S. private real estate development, and consolidating most of its city office employees at one location.
https://www.costar.com/article/521836085/wells-fargo-to-expand-in-new-york-citys-hudson-yards-relocating-2300-employees
WF should move from San Fran to NYC. This is great news and just the start.
Downvote all you want, it's painfully obvious that Hudson Yards hates you and wants to get rid of you. You'll get it when your number is up. They don't care about skills, customers, institutional knowledge, or anything else. You're an expense they want to eliminate. Someone overseas will do it cheaper. If not, a contractor will. If not, that LOB probably will be eliminated. Look at mortgage. It was the definition of a core business, and they are ki-ling it because it takes too many domestic workers. If it can't be automated, outsourced, or contracted, Hudson Yards doesn't want it. Cuts into their bonuses too much. We're all going to go, the only question is how fast they can make it happen.
HY is overrated.
Scharf is overrated.
WF is overrated.
Stick a fork in this company and sell off the parts, incl. all those lined up by CS for JPMC/Dimon.
p.s. F the BOD.
The money being spent on the hubs is just maintaining the value of those assets so when they sell them they can get a decent return. Outside of NYC they are all going to go.
The Park Avenue location in NYC was so much better location wise.
With the firm spending hundreds of millions in renovations in HY, Charlotte & new ft Worth campus & selling/reducing buildings everywhere else it’s kinda obvious the long term game plan.
That would be the SF crowd, and we didn't like them either.
I feel ya on the NYC crowd thing, but it was the non NYC crowd that got us into the current mess.
Pre scandal we barely had anyone there. Since Shart, we now have a major base and ultimately our HQ there. WFC resisted being penetrated by wall st for 150+ years, now the good ole boys NYC club has taken over . You know Shart and Jamie D lol smoking cigars over this as ultimately WFC will be sold to him for Pennie’s on the dollar
The real problem is I&P replacing all the other hubs.
The Board has their head in the sand. Cannot believe they continue to let this clown make awful decisions. This provides zero value to the customer, doesn’t do a damn thing to reduce the asset cap/get rid of the constant reg issues nor help reduce expenses/increase efficiency!
All should be booted OUT!!
I am surprised Charlie didn’t lease space in his Sugar Daddy’s( Jaime) new battlestar HQ building .
"per the article,
The relocation plan affects only its Manhattan office staff and doesn’t include nearby offices in New Jersey, or retail branch locations,"
...YET
NYC is going to replace SF in 18 months. If you are in SF, you should be looking for a new gig!
Old news. Get over it.
Yep, it was initially a play just for CIB. When Charlie was hired he moved in and made it his home. Oh, and also renovating the place about 2-3x since.
per the article,
The relocation plan affects only its Manhattan office staff and doesn’t include nearby offices in New Jersey, or retail branch locations,
while I put the expansion on our current leadership I believe our investment and initial build out in Hudson yards predates charlie and likely goes back to Stumpf
Expensive for customers and employees. What a misuse of funds, talent and resources when business can be done for a quarter of the expense in other locations where the talent and experience already exists. This just gets worse by the second.
Laying off hundreds yesterday a few weeks before Christmas. Spending probably hundreds of millions for shiny new space. I am speechless how craven these executives are. I wish karma would punish them, but sadly, it never seems to come around for some people. I personally wish them the worst that can happen, and I hate being a person that says that.
Outside of maybe some trading people WF shouldn't have anyone in NYC. Complete waste of money. Unfortunately for us, Hudson Yards has no qualms about firing 50,000 people in order to pay for this S hole, which will lose half it's value next year.
I wonder if it’s new HQ in the works?
Post from TheLayoff.com
Most likely.
Otherwise the hypocrites would have to move to a real hub. God forbid Charlie should sacrifice anything himself, let alone make an intelligent decision that might actually benefit the company.
Will NJ employees have to commute to HY?
finally, we will be able to properly collaborate in NYC
So Wells Fargo is becoming yet another New York Bank. No wonder why the stagecoach is disappearing...
FHY.