Thread regarding Wells Fargo & Co. layoffs

@1xp, right? Thank you. :)

@1bni: I’m a regular contributor. You have handled yourself well, but the guy you’re trying to reason with is a lost cause. He’s cuckoo for Cocoa Puffs. The best thing we can all do is ignore him.

@1ifr, not angry at all. Your speculations/assumptions/judgments are so far off like I have said repeatedly. I am pointing out a huge flaw in the good ol' boys club at WF. It needs to be noticed and corrected if they are ever to better themselves and succeed.

Actually, they have noticed recently and are taking action. It is good to hear and see the action being taken. So, possibly my posts were not in vain!

You take care and maybe take up reading to become educated.

@1ifr, you are projection at its finest. You need to move on!! LOL! Look in the mirror.

Hey @1wux. it's not about being anonymous, or that there may be someone not qualified in management.

Not being qualified seems to be a requirement for a lot of management jobs at Wells.

It's how you pollute every post with your whining.

We get it, we hear you, now move on, please.

Trust me, people who look around and complain about others nonstop are the actual dead weight 90% of the time.

Don't be that guy.

If you were as brave as you claim to be, you'd stop hiding behind anonymity on a site meant for discussions about layoffs – not for spewing venom about colleagues.

You are very angry. Hope you get the help you need.

@1vio, I don't view this as whining. I view this as stating why WF will never be best-in-class in IT - like SVG aims for with every engineer holding a technical degree. This is a fact! And there is a reason for that. You may not understand this, so go read and educate yourself. How in the world could WF ever be best-in-class when they have people running software projects that are faking it? LOL!

Oh, I am so scared about not being anonymous. I am speaking the truth and hopefully, someone will hear this and look into the frauds. And you want to talk about obsessing, you keep obsessing about my posts and your speculations/assumptions are so far off! You judgment is so poor, you should definitely be concerned about your anonymity.

@1btq Ha, although I am not convinced this former-teller he/she obsesses over is whiner's boss. That makes me hope that after layoffs and reorgs – assuming both survive – she is made whiner's manager.

I don't know which group he/she is in, but given the nasty, patronizing way whiner talks about his colleague here, can't imagine he keeps his negativity to himself at work. Good chance his layoff.com rants have caught the attention of someone in the office. Whiner may not be as anonymous as he/she thinks. Good luck with that.

To the whiner that keeps posting over and over and over and over about tellers becoming software managers....

You win. That is the worst thing that's ever happened.

There are know two periods in America's history.

The time before, when she was a teller.

And the time after, when she became your manager.

Nothing else in life matters more than this game changing moment.

It should have been you, whiner, you who got the glory of the promotion!

But alas, life is unfair, and you are managed by a teller.

Good talk, now, get back to work.

And then there is the teller that is a Software Engineer and says she can do just about anything - code, build systems, etc. It is so frustrating to work with these people. They have no clue. And oh, the hair stylist that is a Business Consultant (not sure what they call them now) and tries so change the software development process. These people need to go. Go work where your qualifications mean something - at a branch and at a salon! LOL!

Most US banks have a history of treating their 1% great and viewing the 99% as replaceable components. The problem with this is exactly what we are seeing, the culture clash of the young vs old but more importantly the unwillingness to shift power from the 1% over to (let’s say) the 20%. In general, most US banks usually act in their best interest and not ours and most definitely not the customer. Best thing for all of us is to join a tech company looking to disrupt banking.

they hire cheapest ones they can find! no worries what then can or cannot do!

Hey @vtk, long post, filled with great info, thank you!!!!!!!

It reinforces what I and many others have been saying, Wells is not a well run company, Wells management doesn't understand the tech world and what applies to Wells and more importantly, what does not.

Now, I'm off to my Agile training, a thing that has nothing to do with my actual job.

Stay safe.

FROM @1jqh+16XdfZ3m
POST REGARDING WP2020 and E&E 2020
*

I worked on an “Initiative” and massive project titled “Workplace 2020” that tied into “Efficiency & Effectiveness 2020” approximately 4-5 years ago. Ring a bell? I was brought in as a consultant from EIT and loaned out to partner and work with CPG and several LOB’s that had a stake in the future of work and how this initiative would increase productivity within their business units. My role was to review their plans, consult and provide input on how to create their “vision” for the future of work at Wells Fargo.

First of all, they had a massive portfolio that crossed 6 continents and 136 countries. Their presence and test sites in the US for this vision and theory were Chandler, Minneapolis, Charlotte CIC, The Green Charlotte (Learning Center/Conference and Meeting Center) and lastly the future new build out of Hudson Yards New York. Now keep in mind, these are the exact “Hub Sites” that have been discussed during layoffs/forced relocation.

Internationally, CPG focused on several brand new “Swing Space Sites” and “GIC’s” (Global In House) sites across Manila and several new sites in India. Also, Project Crystal in London UK became part of this massive initiative driven by CPG. Remember this was 4-5 years ago.

During these meetings, reviews, assessments and studies conducted by several internal and external consultants from EIT and LOB Partners from most every single Business Unit, the writing was on the wall that the future was going to be offshore primarily. With the exception of London UK which would primarily be the EU Headquarters for all things Wholesale, WF Securities, IBCM and a few supporting business groups to the London location. Again, remember this was 5 years ago, before Brexit was even a word on the lips of the UK.

However, CPG began to continue to expand locations, new build outs and retro fits of additional sites to the original plan. These sites included updating every single Learning Center/Conference Center across the US.

CPG wanted the latest and greatest in technology. Video and collaboration in every huddle room, conference room with tons of touch screens and peripherals attaches to the network. For physical aesthetics CPG wanted an open floor plan concept, and the removal of all walls and any cubes, with a focus and a move to strictly “Hot Desking,” meaning you badge in and sit wherever at a long table with your peers or unknowns.

CPG literally wanted a Google type of environment, a Facebook styled environment, operate like WeWork sites to stay hip and trendy to attract and retain young talent. Seriously, that comment is in the project minutes.

First, risks were pointed out. While this concept worked well in offshore locations for customer service and call center environments, this was not a one size fits all for every single LOB, due to highly sensitive information, conversations, transactions and trading activities.

Next came the “not so s-xy and not fun discussions,” as stated by CPG leaders with zero technology background or understanding how things connect and work with out interruptions or complete catastrophic failure.

Funding was another heated discussion with CPG and partner LOBs. CPG and LOBs wanted all this technology, video, collaboration tools/devices, touch panels everywhere, real time meeting scheduling to reserve a huddle space or conference room that interfaces with 4-5 other applications that “the big tech firms have,” not understanding that what they were requesting would s— up massive amounts of bandwidth.

When presented with the Infrastructure Architecture and Network Infrastructure Engineering that would be required to implement to support their vision and initiatives, they gasped and balked at the price tag. Again, network infrastructure is not a “s-xy topic.”

So the money was allocated and spent. Where did the funding come from? Who knows. But the test sites above were all underway and some completed. Corners were cut, and come to find out, the network infrastructure and interfaces between applications failed and failed miserably. Nothing worked.

Last year it was announced that Wells Fargo was pulling out of Manila entirely and focusing on India. All that money wasted due to tax incentives and credits with the Philippines that WF was no longer receiving after a huge push and investment to create this mega campus in Manila. WF was screwed and left holding the bag.

Fast forward to the COVID-19 Pandemic of 2020, all those spaces listed above in the US and International are empty. Sitting, collecting dust. That initiative and that vision? Worthless today. Everyone is working remotely.

Now CPG is in a scramble to go back to the drawing board to revise those sites for work during a Pandemic. Walls will need to go back up, everything gutted, cubes recreated and social distancing with safety measures put into place for the new normal and future of work during and after this pandemic.

In addition CPG is trying to get as many sites closed permanently and get the bloated real estate portfolio slimmed down to the bare essentials since today’s work is all remote.

So, will CPG be reduced in size and headcount? Yes, once those properties in the portfolio are gone, leases not renewed and buildings sold off.

@khz+16Y4VZHk We don't need to reduce headcount, just change the heads.

Wells sprucing up facilities to look hip and trendy, to try to attract new talent, is like putting lipstick on a pig.

OP here. My point was not to say that Wells Fargo SHOULD be hip and trendy. My point was to poke fun at Wells Fargo for wasting so much money “ trying to appear hip and trendy” . It’s classic Wells Fargo, if you’ve been around for awhile, obscuring and embellishing rather than actually fixing what they are obscuring and embellishing.

If you read the post I initially refer to from @1jgh under the EFFICIENCY AND CORP PROPERTIES thread 22 hours ago, I think you will understand more of where I’m coming from. It’s a good read from a person who was on the “Workplace 2020” initiative several years back. I remember how aggressively the firm was touting “Workplace 2020”. They wanted to showcase a Google or Facebook style environment to attract the young and talented. Meanwhile, we had (and still have) a backlog of 3000 technology enhancement requests that were desperately needed to reduce risk to the firm. My attempt was to point out the ironies of a firm who spends its money trying to appear modern and innovative rather than actually being modern and innovative.

And then I parlayed that in to what type of firm would attract the young and talented. Obviously, I don’t think Wells Fargo would, and I explain why I think that way. You might agree or disagree.

As a side note: My neighbor’s daughter, with an MBA from WashU came to work here, excited to start her career with a mega bank with such a full history. It was heartbreaking to watch her initially bright attitude gradually fade. She said and I quote “That place just s—s the life right of you.” That’s just one example but I see it happening around me in my LOB on a daily basis. My observation is that it’s difficult now to climb the corporate ladder without some extreme cost; whether it be your soul, your health, your dreams, your pride, your values etc.

I surely don’t expect everyone to agree with me. Employees have different experiences depending on their LOB. But I don’t think there’s any excuse for not educating yourself about the last 4 years. And I find I don’t respect those who blindly “ look the other way”. I’m proudly not drinking the corporate Kool-aid. I proudly support (most of) my fellow employees and I am not a fan of our senior leadership. I don’t buy the philosophy that “it’s bad everywhere, so that’s the new standard.” And I’m never swayed by a response that starts with “News Flash” which is usually followed by something snarky.

And I can spot a Charlie Scharf new hire out from a mile away.

They want to work at WF, because they are branch tellers with no technical background and can become Engineering Managers over software development teams making > $200K/year, instead of $15/hour. What other company promotes non-technical tellers to run software groups? I don't know of any. LOL!

Because we’re offering interns with no real experience almost 100k starting salary in places like Charlotte. Not talking top tier college grads either.

News flash: the youngest generation in the workforce only stay at companies roughly 2 years. They’re not looking to hitch long-term anywhere. So, who cares?

I know plenty of interns who took a permanent role at WF, stayed a couple of years and then moved on to something more innovative and rewarding. They generally don't expect/want to stay at a company for decades – regardless of where they start out. (Sorry WF, doesn't matter how much you schmooze interns and first year employees.)

Recent grads have plenty of career runway. Taking a job at a big bank out of school doesn't cast their career paths in permanent ink. If I had heaps of student loans and was facing moving home with my parents after college, I'd take the best job I could get, then continue training, networking and job searching like crazy.

Money...that's it.

Why not? I had been trying to get in for years and finally got in. It's no worse than trying to get in Deutsche bank.

https://www.cnbc.com/video/2019/10/02/mike-mayo-were-about-to-enter-the-golden-age-of-banking-and-tech.html

Joined this year right after graduation. Got literally 0 help and others assume I know everything naturally. It’s been devastating. Working until 2 am to meet the deadlines for 2 weeks without weekends just makes me rethink the decision of joining.

@cka The market already expresses its preference of new fintechs over traditional banks. It is very unfair to compare them as the new companies have very low cost bases by using technologies and having very few employees. For traditional companies to compete with them, companies like WFC need to transform, i.e. think like them and act like them. If young people can see this, they can change and define the world regardless joining a traditional company or a new company.

Hey OP, we're a bank, we're not in the cool and hip business, but I get your point.

I assume you're talking about coding and related work.

My job is coding-adjacent, and no, we do not have the best coders here.

We don't need "young" talent, we're not designing skateboard logos or FPS games, my dude, you just want "talent".

Now, where age is a problem for Wells is the top down management style. Upper management drizzles dog-sheegies down onto the rest of us, and upper management is not cool, hip, or young.

Top down managment is not conducive to good tech because they're so far removed from what we do.

Updating the physical work environment is just a normal part of business these days. No one wants to work in dim, gray cubicles.

That's it. Just those nits.

Otherwise, I agree 1000%. Why would anyone want to work here is beyond me.

I forget why I work here...

@khz: I love it when people such as yourself, attempt to testify for the defense, but unintentionally provide information that supports the prosecutor‘s claims 😉.

I don't agree with that view. Why would young people want to work for PayPal and not Wells Fargo? Is it because of their dynamic culture, fintech trend, technology, etc? So why can't WF transform into that? Reducing headcount is a must-take step for that transformation and there is no alternative. If we are cheering for the companies like PayPal and trash-talking companies like Wells Fargo. We have to examine the double standards we don't realise when we express that view.