Why is wells laying people off and then buying up additional space in Hudson yards ? Lay people off in low cost areas and then hire in high cost locations ?
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consolidation is definitely a factor. I've always found it odd that WF has such a large sales and trading business in charlotte. I understand they took over the wachovia securities business, but let's be honest, what major asset managers (clients) are run out of charlotte? I think there will be some CIB hiring within NYC, especially after the asset cap is released (whenever that is).
This ain't really a hiring play. It's more of a get out of 42nd St play. CIB is already at HY, so that wouldn't be the reason. The rest is just overhead
because people are mo--ns.
This was a trend even before Charlie showed up and pre-Saul. At one point it was -- do not hire zone 0 (e.g. NYC). There was a period of time when the head of tech was purging some long-term employees and hiring execs in NYC or other high cost markets which in turn hired their buddies in the same market. It's pretty much a legal grift. Hire some schmuck in zone 0, they intern get their buddies with huge raises and positions.
Chainsaw failed basic economics
Chuckles is lonely.
Charlie does whatever he wants to do. Do not question his authority.
Why spend $250M on some useless office space tomorrow when you can spend $500M today?
Consolidation for the other NY/NJ locations.