Thread regarding Wells Fargo & Co. layoffs

Charlie gets Technology like Al Gore gets dancing (and technology)....

@2ajit+11tUnhTu No worries there. No way that God wants any believer to work at Wells.

@vpc+11tUnhTu

At the risk of being deleted you're absolutely clueless. "People are not open to it". As if people have option to disregard guidelines from the executive level. Sadly no such guidelines are forthcoming because the IT infrastructure is an unknowable mess.

“ Get ready. 40,000+ reduction by year end, to include big boys, as pandemic wanes.”

Good call!

I just joined and I like it here but I knew of Scharf's reputation at BNY and I agonized over my decision to join but I needed a job.
This is sad because many people here are decent people and have treated me decent.
All we can do is pray.

go do your research. we employ more people than any other bank in the US and have the lowest revenue per employee out of all the big banks. Why? because we have too many freaking employees.

Cutting 25k - 40k employees would do wonders for this place from a financial perspective.

Get ready. 40,000+ reduction by year end, to include big boys, as pandemic wanes.

Well they hired the CEO Charles Scharf from Bank of New York Mellon, who cut many jobs there, and now he has a new target.

@1ymmj+11tUnhTu Teradata is not the entire problem with the morning SLA's. It is also the way the the technology has been hijacked. The things Saul is outlining for the "new" technology have only scratched the surface to remediate these things. And the items that have been outlined are not immediate fixes, nor should they be.

Well, We serve a HIGHER God than Wells Fargo or any CEO/President. . If God wishes us to remain employed at Wells, there are those doors no man can close!

I do not think that Charlie is now at Wells Fargo JUST to lay off 10,000 internal employees. He has not mentioned anything about layoffs in his meetings or corporate communications, that I can think of.
As for the IT technology the vendor for the key Teradata source system had current data load delays EVERY SINGLE DAY.... Reporting for the business, that used to be available, as requested, around 8 AM is now not available until around noon time. Business has to do their work then in the afternoon and the mornings are lost to something, but not working on their transactions that they have to process. Teradata vendor relationship needs to be investigated as they should have the source system data available by at least 8 AM daily.

Hogan, Shaw and other 'legacy' systems and applications aren't necessarily the problem.

The problem here is getting at the data in near real time. The delays in both timely access to the data and hoop-jumping make it such that by the time you are able to analyze the data and point out the problem... it is FAR too late and you are left with your pants down 'round your ankles.

"Many IS approval meetings consist of someone on the phone asking someone else if they approve something. they then mark it on a f—ng spreadsheet. Then, they send out said spreadsheet. This is happening everywhere."

Ain't that the truth... except for the link to the SharePoint site at which the spreadsheet is stored.

I made this comment on another thread.

I'm seeing requests for metrics from management that have nothing to do with getting our work done, but would seem to indicate they're getting ready to shed some staff.

Possibly by end of year, more likely Q1, but after some recent news, end of year is possible.

I'm in IT.

Your “reason” doesn’t really make sense. The previous CEO, Sloan, had no problem announcing 26,000 layoffs amounting to 10% of the company before he was forced out

If the number went up to 20 or 30 or 50% why would he, the interim CEO, the board, or anybody else have a problem with that? They don’t care

Are you saying that certain people were safe because of their relationships with previous CEOs? I find that hard to believe.

These guys just don’t care. They’ll do whatever makes the quarterly numbers look good.

No doubt Chainsaw will lay off massive amounts of people. No doubt it was on the cards no matter what.

It's funny how some are worried about whether the new CEO will decimate their groups vs. others. All that you need to know is that the WF Board of Directors hired Chainsaw Charlie to do something that his predecessors could not (for reasons that the ties that bind): layoff tens of thousands of employees at WF.

Neither Charlie nor the WF Board expect him to stay longterm as WF's CEO after orchestrating layoffs of that magnitude. Charlie is OK with that. After all, the WF Board agreed to pay him 40% more than what he was making at BNY Mellon.

Look for something similar=NEW YORK CEO THAT STAYS OUT OF CORP HQ

CEO Brian Moynihan said that the adoption of technology at the second-biggest U.S. lender has allowed him to cut 100,000 workers in less than a decade.
“The straightforward way to get people to feel it is this: We had 288,000 people when I took over as CEO on Jan 1st [2010],” Moynihan said in a Tuesday interview with Becky Quick at CNBC’s Net/Net Summit at the New York Stock Exchange.

“We had 204,000 last quarter. Step back and think about that,” Moynihan said. The reduction is “more employees than Delta has I think. All caused by the ability to apply technology to processes and capabilities, and customer behavior changed.”

While cutting rank-and-file positions, Moynihan realized three years ago that they had left too many managers — about 30,000, he said. He slashed a third of those jobs in just a few years.

As a non consumer custody bank BONY doesn’t advertise or market beyond sales presentations at investor conferences. Scharf slashed outward facing sales staff, sales budgets and forced sales teams to sell from the office rather than home or on the road. Public marketing consists only of small visible regional donations to concerts, boat races and the like which are used to endlessly promote their “community caring culture”. Being from VISA, Scharf also has no prior experience with marketing and advertising as VISA customers are actually client corporations.

If nobody can break through Scharf’s ring of yes men to make the case for value look for big cuts in marketing, advertising, sales and technology

What is his view of marketing? Does he consider it important or just an expense? Does BONY have an in-house ad agency, or is everything farmed out? Who is their agency of record? Does he have a relationship with them?

If you are in tech you might not know or care, but thanks for any info.

As a laid off, formerly long-time BNY Mellon employee let me assure you that the threat to your jobs is real with this loser. Please start looking for a new job sooner than later if you are older especially...he WILL layoff a mass amount of people and he WILL target older employees with a few younger ones mixed in to make it look like he isn't.
Good luck.

Your new CEO has no working understanding of technology or how to invest in it. Fluency in Microsoft Office and requests for animated dashboards and data drill down are the limits of his ability. His expertise is in cost cutting and his tech cuts are blind and equally likely to destroy a critical team as an underperforming one.

BONY had primitive technology before he arrived and your mid 80’s Hogan retail banking solution is actually significantly more advanced than anything that Bank of New York has ever built.

how many people have been layed off in 2019 already?

"Legacy" IBM mainframe systems at Wells Fargo, like Hogan, are still the most powerful computing platforms available Processing transactions quickly and efficiently. Stable. Reliable. Teradata processing is probably next as efficient. What is better than IBM Mainframes and Teradata? Not the cloud. Wells Fargo has current technology.

I suspect we have an idea. He’s certainly not coming in to save American jobs.

You people have no idea what pain he's about to bring to your front door.

Good luck Scharf. There is ample opportunity to automate many things in IT and IS but people are not open to doing it because it will mean them not having a job. Many IS approval meetings consist of someone on the phone asking someone else if they approve something. they then mark it on a f—ng spreadsheet. Then, they send out said spreadsheet. This is happening everywhere.

Hopefully the new CEO will throw out the whole C-Suite and bring in his own people. In this case it’s justified.

Yes I too enjoy keeping my head buried in the dirt. I think the point is they’re going to accelerate significantly.

There were always going to be layoffs and branch closures.