Given this mass exodus from JPM, it tells me folks are not happy at JPM which is why this run to other side where the grass is supposedly greener. Based on my experience on where I witnessed a similar exodus and the company was closed in 1 year's time, I think this is what is going to happen at Wells Fargo as well. To pull all the talent from one source is the worse decision ever. Mark my words on this. Charlie will be FIRED in less than 2 years by the board. Just watch and I hope some senior-level executive can comment on this thread.
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Has anyone noticed the number of jobs that have been posted on LinkedIn , for India today, 2 hours ago? Interesting?
Why is it all our outsourcing in finance goes outside of the US and that's o.k.? From an Identity theft prospective my SS and personal info are only protected by a contract or verbal agreement that is unenforceable. Who decides who gets shipped abroad and who stays? Ever try to get help with a complex question or fix an error? Its beyond challenging, and creates systemic classism that no one seems to adress. With so many people in financial distress this year, this needs to be examined.
More and more of Wells Fargo jobs will be done in India. And not just IT but also Finance. There will be a few execs and then the rest are off-shore.
@ysu totally agree. I remember a coworker JPMC telling me “remember, no one is really ever your friend here.”
Financial services has always been incestuous and the Peter Principle is rampant.
It's amazing most of us are able to work under these conditions with all the whip marks on our backs.
Clearly, it's all who you know.
Getting an executive role in banking is the golden ticket. You do nothing that a monkey couldn't do, treat staff callously, might have to speak before the Senate a couple hours, are never held accountable or imprisoned for your corruption, and sail off into the sunset on your yacht.
I despise what this industry has become.
Gordon Gecko wannabes, all of them.
As another mentioned, this is about bringing in trusted advisors. If exec X comes from JPM or other, they're often going to recruit people they worked with before. And I'd lay money those coming over got a bump in title and big bump in pay. Also notice that over the past few years various "old guard" leaders are gone.
Many leaders that are now gone simply had no damn clue or incentive to transform the company. You want to really transform a company, you change the leadership and people who can make things change.
I worked at JPM for a couple years (a couple jobs before coming to WF)... JPM has a horrible employee culture. Actually, most of the toxicity being seen at WF today is eerily similar to what I experienced at JPM (minus the layoffs). JPM is probably the best big bank from a process and execution perspective. They are also the worst big bank to work for from a culture perspective.
Charlie has brought that and destroyed WF’s culture.
people... it's called building a circle of trust. when you are trying to fix the issues that WF has, you cannot rely on the people who have been here 20+ years to help you fix them. you have to bring in new people that you trust. The people who have been here 20+ years had their opportunity to fix things.
I would like to see the HR audit log for these hires. Is their interview panel diverse, are they ensuring that the people interviewing are diverse.
In this case Diverse = NOT JPM I think.
I feel that all the people coming from JPM are their c-appiest people. They are then bringing their own people. All of these folks seem to have gotten two levels jump with probably double salary and large stock option pool. They are bossing around and have mostly no clue on how to run the company. All their decisions are short term, they keep changing them every 2/3 months. The actualcwork is still being done by Wells Fargo people while JPM people are making sitting in their VIP box and commenting.
I am sure Jamie is happy that all the c-ap has left JPM.