Sadly, SF has been vulnerable for a while

Wells Fargo’s New York CEO Fuels Questions Over West Coast Base

https://www.bloomberg.com/news/articles/2019-09-30/wells-fargo-s-new-york-ceo-fuels-questions-over-west-coast-base

So much for a career in financial services in the Bay Area. Many finserv companies have "geo-mapped" out of here.

For those of us in CA, we know the truth. The scandals expedited this, not tech. We cost too much (120% compared to other regions). Other low-cost hubs are much more attractive.

Yes, it's difficult to lure people when s-xier FAANG (and the like) options are omnipresent, but it's the scandals that tarnished WF as a viable option. And with tech recruitment, you're talking about younger generations, in particular, not those with with established careers in finserv (many exist in and are tied to the Bay Area).

Life is all about timing. For many, this timing stinks.

I keep thinking of the book "Who moved my cheese?" :(

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Who wants to have a corp hq or presence in the human deification capitol of the US?

Thanks for posting this.

This isn't news to those of us in SF – but it's now gotten to the point where the media is starting to take notice.

I agree with the last poster since the majority of the banks have run amok having another big bank CEO run it won't make things better, it's maintaining the status quo. WF through it's own stupidity went overboard and got caught but these other banks have their own dirty laundry.

Some low and mid-level non customer facing SF jobs have been migrating to Charlotte and Minneapolis, and of course overseas, for a while now, but this is different.

This new CEO wants to run the company from New York, so it would make sense, from his POV, to move the jobs that report directly to him out there and fill them with his friends. Like he’s done before.

Not to save money. NY is as expensive a–.F. But it’s a different talent pool. In SF it’s all about the tech. The attitude is that if you’re any good you’re at Google or Facebook. Especially now, if you’re at Wells Fargo it says something not very flattering about you.

New York has the entire Wall Street talent pool to fish. Why WOULDN’T a new CEO determined to make his mark take advantage of that?

Looks like it’s upper management’s turn to cry, and time to break out the popcorn!

Does this mean many in SF will be let go?

They will move

Yes WF will relocate headquarters out of SF like many other Fortune 500 companies that had their corporate there. Too dang expensive.

Thread regarding Wells Fargo & Co. layoffs

Sadly, SF has been vulnerable for a while

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