How do we get this to the press? All of our comments concerns and inside information? Seems that the spin in the news is people being "asked" to relocate. Lest we not forget some to one of the most expensive cities in the country, San Francisco. This we are now being told without any change in compensation. Let's get real, these are really layoffs. 9
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Giving bs for reviews. Managers outright lie. They have been told they must give bad reviews so end of year terminations are coming.
Why does Wells Fargo have NON technical Managers in charge of employees who are technical in the Wells Fargo Technology department? These NON technical Managers do not have any technical experience, and cannot properly oversea and manage the very technical employees in the Wells Fargo Technology department. All NON technical managers in the Wells Fargo technology department need to be put on Performance Improvement Plans to acquire at least some technical skills
New York is basically HQ now. All the new execs are there. The majority of the Operating Committee will be in NYC. Only leaders of support functions (finance, risk, HR) remain in San Francisco.
you are all missing the boat here.
These managere are hipocrats.
Examples:
- CEO remains in NY. He should be in SF.
- WFC has 3 massive campuses in india. So much for idea colocating and agile. The time zone differences alone are a major problem, not to mention huge culture differences. But the fact they get paid 90% less than usa based makes it ok
- This strategy is to shake out attrition so they can increase #2
The goal is to reduce efficiency ratio back down to less than 60% (wells is at 78%)
Things that mess with ER is high salaries, lawsuits, expensive software, expensive leases and low revenue.
Management screwed up on so many levels that in order for Scharf, managers and executives to get bonus from options is to chainsaw expenses.
Sharf did exactly same thing at BONY.
Hes a hatchet man.
He will probably be gone in 2 or 3 years to go chainsaw another company.
Remember wells doesnt care about you at all.
The executives RIGHT to stock bonus far out weighs your NEED to support yourself and your family.
Go read up what happened to BONY (lots of stories on this sight).
Then polish resume and get the f out before the chainsaw k–ls your career.
Someone just needs to pull the trigger. I would think it would snowball after that
My@2xjx+13vmrs3j Yes, surprising (yet not) how relevant the Mythical Man Month still is.
Agile itself is snake oil. Boil it down and it is just the same as any tight development group discussing interfaces and what they’re all doing over the cubicle walls, sometimes with a whiteboard with one addition.... the totally unneeded welfare for PMs, now called scrum masters. Limit a team to 8 talented people with clear objectives, stand back and give them space. They’ll outwork dozens. Read the mythical man month, it’s more valuable than any Agile approach.
They can’t possibly think they will get away with this. I guess the strategy is do what they want and pay up with more lawsuits later
https://techbeacon.com/app-dev-testing/distributed-vs-colocated-agile-teams-pros-cons
Increase hiring potential and appeal
High-quality, experienced software engineers are difficult to find and retain, so limiting the talent pool to one geographic area is exceptionally restrictive. Distributed engineers can work from anywhere there's a secured Internet connection, so the business can hire developers from around the globe or across the US, avoiding the need to handle employee moves or to pay higher prices in certain areas. The ability to manage and hire distributed teams is a much desired skill. The wave of the future is flexible working conditions—distributed teams that work across boundaries.
Well, our leaders doesn't get it. Co-location is not required for Agile. They are selling us snake oil.
https://www.linkedin.com/pulse/agile-co-location-why-works-scott-gould/
Now this make more sense ....
Face-to-face conversation was listed as one of Agile’s guiding principles. However, this was back when the Agile Manifesto was first signed. The year was 2001, back when chat software such as AOL/Aim, while a few years old, was still in its infancy and had not been accepted by many businesses or the government. In fact, most businesses and government agencies had banned its use due to their fear that employees using it were “goofing off,” that it provided no business value, and that those who had not banned it were simply policy neutral as they did not see it having value.
This was the atmosphere in which the Agile Manifesto and Agile Principles were created. Teleworking has risen fast, but in 2001, it was not on the radar of the creators of the Agile principles. What has changed? Primarily, teleworking has risen fast, with many government agencies mandating that some employees telework 100 percent of the time. While in 2001 it was not a major part of most companies or agencies, and under older management styles it was actively discouraged, telework in the United States grew 79 percent between 2005 and 2010. As late as 2010, the largest non-profit in the nation was trying to cancel the small amount of teleworkers it did have. However, in the last half decade, telework has expanded exponentially, and there does not appear to be any sign of it slowing down.
Wow - we are going backwards. Back to the 90s.
https://georgfasching.com/meaning-and-benefits-of-team-collocation/
It is BS article like this that is causing us pain!
https://www.reuters.com/article/us-wells-fargo-layoffs-philippines/wells-fargo-to-eliminate-about-700-jobs-in-manila-idUSKBN20805D
The press has already picked it up (Reuters, etc.)
I wish there were a class action lawsuit to blow the lid off what's really going on behind the layoffs, relos, etc.
Age discrimination is on the list of reasons that they make impossible to prove.
Remember when this strategy was leaked via dealbreaker.com and Saul got upset cuz we told the public that after sticking by this pos company to show we could turn it around the thanks we were facing was getting a kick out the door because some how we are to blame for management f-ups, loss of billions and all Tech is responsible for Shoreview debacle....They will run this story
https://dealbreaker.com/2019/08/wells-fargo-location-strategy
You don’t have to live in San Francisco if you work here. You can live in a nice suburb and spend hours in stop and go traffic every day and shell out $500/mo just for parking.
Or if you can drive to a BART station and cram yourself in like a sardine.
I'm not so sure this is about reduction in employees. The relocation assistance they are offering is quite substantial.
If you are not already in the San Francisco Bay Area DO NOT move here without doing seriously deep research into the cost of living and quality of life issues. Commuting is brutal. Public schools are terrible. The homeless problem gets worse every day.
It’s a beautiful city with great weather but unless you are young and single and don’t mind multiple roommates, you will find it’s not worth the cost.
These are 100 percent layoffs. Maybe some people should get legal council before accepting severance
The uniqueness is the method of the madness in how it is being done. The point is Wells is in the dog house for enough stuff already and media and public should know what other stuff they have up their sleeve. Nothing about how it's been done before. That's obvious. Think outside the box. But then you may not work at Wells so may not know what the underlying issues are