Thread regarding Wells Fargo & Co. layoffs

OMG information security included

EGS staff will most likely not be headcount in the books, but expense allocated to each cost centre (as such lowering taxable income). It's not all about headcount, but how the costs are accounted for.

Undermine the non Wells Fargo, NA activities at every step. Don't answer their calls... don't tell them how to do a fuc#ing thing. They are not your company. They are foreign entity and you do not have to do what they say or even acknowledge them - they are not WF and you can tell you MGR this and if they attempt get an attorney. HR has not input with them. F— WF Offshoring - make it fail at every step.

Curry Coons lie

In all fairness. That’s less than Charlotte for just the last three days.

Not really.

WFC hires them as temp and puts them into some kind of probation.

About 13000 are FTE, the rest are contractors until they prove they are worth keeping.

Whats crazy is india has stronger anti-outsourcing laws and data protection laws than usa has. For example, audit of india company must be done in india and cannot be outsourced to another country. The opposite is true for a USA company.

https://content.next.westlaw.com/Document/Id4af19da1cb511e38578f7ccc38dcbee/View/FullText.html?contextData=(sc.Default)&transitionType=Default&firstPage=true&bhcp=1

Corporate tax cut from 36% to 25% years ago to create more jobs and growth stateside.... oh wait ......

A friend of mine in management says they have around 10% total staff in india today (around 25000 people) and are adding about 40 to 50% a year.

Managers are incentivized to send as much work to india as they can and there is an internal mandate to bring EGS to every group within the bank.

Whats interesting is that even the managers are being offshored. EGS structure is that EGS staff is managed by offshore managers too. So internal staff AND managers are being made redundent, and expendable. Rank employees arent the only ones at risk of getting offshored.

And he says if you look closely at the annual report wells submits to the sec, the total number of employees doesnt seem to go up.

So either they are lying on sec reporting and under reporting offshore, or, they are telling the truth and quietly laying off usa staff a little at a time to keep under warn act notification limits.