All big corporations are on the expense management, offhsoring, DEI overkill, pay the execs more and workers less train
Just look at the layoff homepage. It’s a Fortune 500 who’s who and all topics are the same
Welcome to corporate greedy America
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I am not sure if I agree with OP. I think Wells Fargo is the worst of the worst in the banking industry. The biggest problem at this bank is the widespread dishonesty, especially among the executives and managers. This problem here is worse than at any other bank I have ever seen.
All companies have layoffs but they don’t all create environments where people live with the constant threat of layoffs for literally years.
Most understand that people who are constantly worried about the rug getting pulled out are not going to dedicate their lives to helping the company succeed.
Job Armageddon, all these multinational corporations offshoring jobs, onset of artificial intelligence, inequity inclusion, non merit based programs, are destroying society and committing its own demise in the long term.
I am looking for a new gig with a small company.
double #wellsfargoshitshow
They laid off 10k in a year
@hku+1s0xLKpo Trust me, those of us in IT are just as annoyed by how long it takes to get things done. It's absolutely ridiculous how long it takes to get even standard, implemented solutions in place. And God help you if you're doing something that's even a bit out of the norm but still needed for business need. There's a variety of things, like in Cloud, where the people who envisioned this stuff had blinders on and didn't know WTF they were doing.
They are working to usher in CBDCs. It's all bad
Shart and Co are sheep. They follow the herd and do little more than what the overpaid consultants tell them to do. They don't have a single original thought between them, not among the group that actually controls everything anyway. We've heard it a thousand times since 2019, some variation of "to better align with peers in the industry..." etc. Top performers and great leaders don't think this way. It's a sure path to mediocrity or worse.
Ahhh yes, the classic "but moooooom, everyone else is doing it!" defense. Didn't work in elementary school, doesn't work now. Poor leadership elsewhere isn't an excuse.
"WF is highly inefficient compared to its peers". This is true. For every dollar of income, WF earns less than banks of equivalent size. Does WF have too many people? Yes - definitely and it needs to reduce headcount. I don't think they will efficiently identify the dead weight and many qualified and performant professionals will be laid off. Also, how the bank works, especially in IT , needs a serious overhaul and fast. It takes forever to get things done and many software developers spend more time on 'compliance' and non-functional items than supporting the business. I've worked in government and public utilities and they are more efficient than the way WF works.
Agreed.
At the same time employees can't excuse the day to day nonsense. We need more career support, better perf review systems, true merit based awards.
There's no reason why corporations can't provide better incentives to their employees while also honoring shareholder value.
We aren't asking for a handout. Treat us like professionals in our chosen career paths.
Not every company has allocated a billion for layoffs. Justify your employment however you want, but let’s not pretend every company is in the same reduction initiative.
agree and people who think big tech is any different, note that google is in fortune 50 and is and will do the same thing to people. public companies all have this problem. startups have a different problem.
corporate greed - is it just corporate? or is it capitalism at its finest?