It’s 6000 employees.
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You're forgetting that the $1B Shart set aside for severance in 2024 was in ADDITION to the "expected" amount. Believe me, there's no amount of our profits that Shart won't waste on pet projects, boosting his personal compensation, artificially pumping up the stock price, and downsizing employees.
Numbers don’t work. Calc avg severance if IT folks and you will see it doesn’t fit that many times into 960 million
@ifn+1tNHmDrD New to Wells are you? We've been talking about rationalization for literally decades. yeah, some small stuff goes away, but those aren't the big resource/money hogs. App count is actually north of 6k.
Hire MS to move to cloud? lol, you know that we never use anything directly. We always have to overload everything that makes things more specific to wells and also put absurd processes and restrictions to do things. Cloud seems worse than even doing things on prem.
@1aed One could argue that WF is not designed to handle ANY developers. Given 3-4k apps all differently structured, on different data silos (mide,mode,??), which have no unit, integration, ui tests and
which have a "total lack of available contextual or app specific documentation". The experience developer sees this mess and leaves. If they are good, and young, and smart, they don't have time to re-engineer the existing apps in order to improve or migrate them.
I went thru 5 mentees before my layoff. Only the old and stupid remain.
I agree.
We have a new cs graduate on our team. It's almost inconceivably hard to convey how things work given the labyrinth of bureaucracy to navigate to make even a one line code change, and total lack of available contextual or app specific documentation. You have to suspend your disbelief to even try and explain anything because it sounds so ridiculous. In that situation they have to shadow someone and slowly pick things up.
It takes a year or even more for someone that fresh to be able to make truly meaningful, independent contributions unless they are both EXCEEDINGLY sharp and a glutton for punishment. They have to be desperate to stick around for that process.
Maybe other areas are different but WFC technology is just not structured in anyway to absorb inexperienced (or young) developers.
Is this layoffs round going to remove those 10 years, 20 years dead weights? Technology lob looks like a senior living facility.
They need to cut back on stateside H1B resources, since India is clearly ramping up. They can go back home and re-apply for work at a ‘core location’ in India.
Already we’re seeing groups that are totally lost because the people who knew critical information are gone. My answer? Not my problem guys. Tell your manager you can’t finish because Team member X is gone. I’m not going to spend hours recreating stuff for you. Unless you go to your PM and put it on my Jira board.
Is this layoffs round going to remove those 10 years, 20 years dead weights? Technology lob looks like a senior living facility.
The problem with more tech RIF is that, like all the rest of the LOBs, they never get rid of the 'right people'. They incessantly factor in completely irrelevant things when making these decisions, and it results in much more disorder than these layoffs should. They honestly couldn't F this up any more if they were doing it intentionally.
If there's 'no work to do' then I guess they don't need to hire any more tech people in India, right?
And? There is so much quiet quitting and efficiency to be had the remainder can all do the work assuming the distribution is accurate. And if it’s not then management should identify that need and create the openings.
The main problem is a vast majority of those in technology that are left haven’t had to work a full day in years. And if that statement irks you, ask yourself why? Why does it bother you? If it doesn’t apply to you then you shouldn’t be bothered by some anon saying it.
@vfp+1tNHmDrD some displaced employees are returning as contractors/vendors to do the work.
Are you sure. This sounds like a goal. A KPI. Something that doesn't exist at WF. Soo... you must be a troll!
Nah, troll
China will be great again
You must be who I think you are. You came in with that pompous attitude and were demoted within a year! You and TK are tied I think in the quickest demotion at those levels I have seen here. You and your California buddies won’t be here this time next year either.
I got an idea. Hire Microsoft to move the apps to the cloud. How did this work out?
@pxk 3-4k apps? Hum. You would think that efficiency means combining these apps to use same data. That would take a lot of work so I am sure those smart P&I can handle this.
I bet the major consulting houses look at WF as an accident waiting to happen. When it does they will jump on WF like a dog in heat. Eventually WF will have to change its attitude toward make/buy.
Its going to be fun to watch the emperor revealing the fact that he has no clothes.
@koa+1tNHmDrD We still have north of 3-4k apps. We’re horrible at getting rid of stuff. Ya we probably have fewer oddball platforms. But modernization and moving to cloud native stuff isn’t going to happen easily. Even private cloud has been a mess for years. Public cloud is a whole different animal.
Have to wonder what % of legacy systems are left and the specialized IT people that run them. Seen significant reduction in overhead already due to LOB divestitures and app migrations to platforms that don't require much headcount to stick around.
WF, at least up until today, never did well in sound tech design and the required hires. I probably won't be around long enough to see how things evolve from here, but it feels like WF is only going to need a less specialized more generic type of tech worker. More task oriented, filling out forms, traffic cop-like. Most of the heavy lifting shifting to vendors (cloud). AI is the only caveat, that will be a force upon us all and will require bodies to take it to the next level.
@vfp+1tNHmDrD depends on who they get rid of. Work will go away or they mass hire contractors India.
Hoping I get a package early next year. lol.
Sauce?
That sounds unrealistic. Who's gonna do the work?
Source please