I heard that all the jobs in the compliance dept were outsourced to India. Is that true ?
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They haven't offshored all of them yet. Corporate Risk is slated to start bigger layoffs in May/June now that DF announced his location strategy. Remote workers will be first. And, been hearing it doesn't matter what you do or any sort of exception or accommodation you have. Remote = gone. Then they will move on to non-hub folks all while "back filling" in India. Will probably be under threshold for WARN notice since remote folks are scattered.
Americans won’t need financial services if they don’t have jobs/money to afford the services.
That will leave banking with no customers as the wealthy use other instruments for their money.
But the value of those instruments will plummet when there is no profit for businesses.
Why are outcomes not improving with all the offshoring ?
The executives won't let us cut costs. It's all part of their pack of lies. They want US ops to cost as much as possible so that there is a slam dunk business case to get rid of all the domestic workers. Easy example, you think they insist on, and pay more for, "diverse suppliers" in India? Or do they just go with the best deal for the company? The inefficiencies in the US are entirely intentional.
Guess the US based workforce either needs to reduce their costs or get smarter and learn how to compete. Others seem hungry and the US are gluttons.
Offshoring This mamy American jobs will result in no one having ability to buy anything. So shortsided. Can't companies see the economic collapse they are causing? So tired of them focusing on immediate stock bumps and figuring they'll deal w/fallout later (after CEOs escape w/their golden parachutes).
Lots of fear-mongering.
First, not all jobs are being off-shored. go to https://www.wellsfargojobs.com/en/job US, "governance and controls" renders 21 jobs. Not "every single job in compliance was offshored".
Having 8 outstanding consent decrees and a remaining asset cap may have caused management to rethink their approach to "compliance".
Also, not all the other banks and tech are offshoring as much as Wells is. Tesla is dropping executives and car models, City is making "organization" changes. I don't see Wells dropping branches or CIOs.
Transunion offshoring all jobs too. Massive layoffs for US. Financial services is in trouble in America. Get out!
Everything shifting/offshored to India. Not just WF, even google, Tesla, Amazon, JPM, CITI etc...
Yes, every single job in compliance was offshored to India.
Of course. The only thing that hasn’t been offshored yet is Mr. Shart himself.