Thread regarding Wells Fargo & Co. layoffs

epic f-up

Thanks for destabilizing operations for shareholders you boneheads.

Post ID: @1fjx+1aC3DjjK

“This gives some context: “. Followed by https://www.npr.org/…./…./anything is better humor than George Carlin could ever have dreamed up…

Post ID: @1fjx+1aC3DjjK

First person to quite NPR business articles always loses the discussion.

https://www.npr.org/2020/04/24/841698386/indias-lockdown-puts-strain-on-call-centers

https://twitter.com/WHO/status/1217043229427761152

The most awkward part of this is that indian leaders are now trying to shame the west into giving them vaccinations they should have purchased themselves. Seriously. Now the US is supposed to be responsible for India's mistakes? After India gloated for a year? The US already put India on the map giving them tech opportunities and selling out american workers. Now they want us to sell out our children and workers by not giving them shots?

@2ifm. True, which is why nurses from India need more education to work here in the US. We have higher nursing standards then pretty much anywhere.

@OP - great. I had to listen to Indian team mates tell us how bad the US is, and we should follow India, because they have much more people and did it right.

@2ymb+1aC3DjjK but are they provided with their degree after one year of service? Big difference.

@1enz. The U.S. Chamber of Commerce is concerned? Really?

I find this hilarious because they were one of the front runners of perpetuating this fraud on the American people, them and their pro-business candidates that they bought and paid for.

Now the chickens have come home to roost. We all know what karma is.

Hate to tell you but we had nursing students working Covid halls in the US at the height of the pandemic also. There is such a nursing shortage already and Covid made it worse as we lost nurses to Covid and several retired early. I know because my spouse works in health care.

That being said I called the problem in India getting worse because of the density in population. Sadly.

@1cet+1aC3DjjK you didn't even share the scariest part of that article. They want to let nurses still in training work as if they've completed their training in the COVID wards. Then, after a year, give them their graduation certificates (BSc, etc.) for the degree their suspending to work with COVID patients. On top of that, students that are studying to be doctors can take the NEET test now to get their medical license. What are they chances they lower the passing score to get the number of doctors they need? Another option they are considering is overseas doctors that have not been able to pass the exam to practice medicine can work in the COVID wards for a year and they be given the license. The article said they need close to 350,000 additional medical staff. India is going to have the most unqualified doctors and nurses on Earth. This will impact the rest of the world because a significant number will eventually want to move to more lucrative countries.

It is going to be pretty "bad" if our night time (our USA night time) India support team is no longer available to move our key reporting systems to production for us. That job used to be performed by our team members in the USA but that job responsibility was moved to India and our USA team members who used to do it have moved on to other jobs at Wells Fargo. Now we have no on in the USA assigned to perform that task but I know there are USA team members that can still do so.
We need backup in the USA for the India teams when they are not available. Just like there are the backup sites when the main application systems fail. Disaster recovery it is called.

WTC is trading at $22 now right? How many down grades Wells get now?

The end of the world is near. Let’s all quit and spend all our money.

what ever variant they are dealing with over there it is bad. on my team we lost one guy in his early 30s and have 2 others in their mid 30s currently in the hospital. I'm praying for them.

holy cr@p

People are “freaking out” because based on the numbers from constantly-burning crematoria, the real number is suspected to be 2-5x what is reported. So the total deaths are quite possibly higher than the US already and they’re not going down. And their leader is a lunatic nationalist autocrat who is fudging the numbers. That’s why people are freaking out. This is not hard.

CEO's across the globe are freaking out as their #1 cheap labor supply catches covid and dies.

Most American CEO's had no plan for operational risk and concentrated their entire back office operations in a single country with the cheapest labor pool and unfortunate for American executives and shareholders, the least prepared country to handle a pandemic.

"The situation is dire and heart breaking to see" Google CEO Sundar Pichai said yesterday. He provided an ominous warning: "The worse is yet to come."

But there are differing approaches to handling the pandemic situation in India.

Goldman Sachs CEO Solomon said “Getting [employees] in to the office is best way to get them connected to Goldman Sachs." This includes staff in India where the pandemic is out of control.

Charlie Scharf, CEO of Wells Fargo stated “We are encouraged by the significant increase in vaccination availability and have started to plan for a return to a more normal operating model in September”. India is the #1 vaccine producer in the world.

In stark contrast, international banks are pulling capacity out of India to relieve pressure on staff suffering from the country’s intense second coronavirus wave, as regulators consult with lenders about the potential impact of the crisis.

Regulators in respective countries are questioning CEO's about the inherent operational risk to global financial stability in the midst of the pandemic raging in India. US regulators however have remained silent about the risk to American banks back office operations in India.

UK lenders Barclays, NatWest and Standard Chartered, which between them directly employ more than 50,000 staff in India, have all been putting non-essential work on hold or diverting business to employees in other countries and stepping up support for India-based staff in recent days.

Jes Staley, Barclays chief executive, said on Friday: “We are shifting some capacity to the UK, India is a very tough place right now.” He said the bank has taken steps such as asking staff in the UK, including those in branches, to take more calls and work longer hours.

https://www.ft.com/content/68e54a6b-5f57-4ef4-8cd1-0c5785417b66

• India is the world’s largest back-office and outsourcing hub, with some 6,000,000 employees doing everything from answering customer-service calls to providing research for investment banks and hedge funds.

Medical capacity in India is severely underbuilt and poorly funded. Healthcare capacity is severely limited. There just are not enough qualified doctors and nurses to run the equipment and intubate patients who need supplementary life support.

Forecasting that the COVID-19 pandemic is only going to get worse, noted surgeon Dr Devi Prasad Shetty has said India will need an extra 500,000 ICU beds, 200,000 nurses and 150,000 doctors in the next few weeks, and also suggested radical solutions to meet the mountainous challenge.

At present, India has only 75,000 to 90,000 ICU beds and almost all are already occupied - when the second wave of the pandemic hasn't even reached its peak yet, he said. India is reporting about 350,000 cases a day, and some experts say the number could go up to 500,000 cases daily at its peak.

https://www.business-standard.com/article/current-affairs/india-will-need-500-000-icu-beds-350-000-medical-staff-in-next-few-weeks-121042900588_1.html

United States (34.7 Beds Per 100,000 People); population 334,000,000; 575000 died
Germany (29.2 Beds Per 100,000 People); population 84,000,000; 83000 died
China (3.6 Beds Per 100,000 People); population 1,400,000,000; 5000 died (questionable)
India (2.3 Beds Per 100,000 People); population 1,400,000,000; 215,000 died so far (questionable)

It is likely India will go to complete lock down in next couple weeks. India has no social safety net so starvation will likely be leading cause of death at that time.

It has been projected a total of 250,000,000 people in India will die of covid over the next couple months, or about 17% of the population. This is more than the entire population of Pakistan or Brazil to put the number in context.

They need to move the work to the United States Workforce. This country is safer and have the covid crisis coming under control now.

This gives some context:
https://www.npr.org/2020/04/24/841698386/indias-lockdown-puts-strain-on-call-centers

Lots of ugly and pitiful soul here.

Wells gonna collapse you pathetic people should all quit

Post ID: @1ogy+1aC3DjjK

If WFC gets hurt then so do most Fortune 500 companies and there goes the stock market and your 401K. Best be careful what you wish for.

It now seems prudent for the USA companies that have outsourced their project work to India to have a comparable BACKUP team located in the USA. USA workers now needed as backup for outsourced jobs to India in order to remain operational and in business, with no default on project target dates, loss of revenue, etc.

https://www.reuters.com/world/india/us-chamber-sees-risk-faltering-indian-economy-due-covid-19-spike-2021-04-27/

21. S. Chamber sees risk of faltering Indian economy due to COVID-19 spike

Reuters

The U.S. Chamber of Commerce on Monday warned that the Indian economy - the world's sixth largest - could falter as a result of a record spike in coronavirus cases, creating a drag for the global economy.

Myron Brilliant, executive vice president of the Chamber, the biggest U.S. business lobby, said

• the risk of spillover effects was high given that many U.S. companies employ millions of Indian workers to run their back-office operations.

"We expect that this could get worse before it gets better," Brilliant told Reuters, citing a "real risk" the Indian economy would falter.

"There's a big concern about the drag on the (U.S.) economy by a devastating, spreading virus in India."

https://finance.yahoo.com/news/war-rooms-oxygen-indias-companies-071619753.html

Banks including Goldman Sachs and Standard Chartered, who run much of their global back office operations from large office parks in Bengaluru, Chennai or Hyderabad, have put in place infrastructure to vaccinate thousands of employees and their families when age restrictions are lifted on May 1.

Workers at huge technology service providers Accenture, Infosys and Wipro say teams are working 13-14 hours daily, under growing pressure and struggling to deliver on projects as staff call in sick and take time off to care for friends and relatives.

They play down any threat of a collapse in operations - but at stake if the surge continues is the infrastructure put in place by the world's biggest financial companies in cost-cutting drives that have left them deeply reliant on the big Indian offices.

"Employees have contracted COVID-19 since the second wave began, causing severe pressure for projects that are nearing deadlines," said one employee at Accenture, asking not to be identified because he was not authorised to speak to the media.

Five other sources at Accenture confirmed the growing issues with pressure of work. Accenture said it was providing some medical care and covering the cost of vaccinations for its employees but did not comment on the impact on productivity.

India's gigantic IT and call centre service industry employs more than 4.5 million people directly and relies on huge numbers of graduates under the age of 30.

They are paid a fraction of Western salaries and had largely ridden out the COVID-19 pandemic working from home until the relaxing of restrictions in recent months spurred companies to call more employees back to the office.

• Another large bank, Wells Fargo, said its employees in India would continue to work remotely till at least early September.

New strains of the virus have since sent India's case numbers soaring to global records and brought more infections among younger Indians.

I noticed there was no disclosure to shareholders about either operational risk or reputational risk.

I thought WF only hired young people? If so, COVID isn't much of a threat.

I care about the humanitarian crisis in India. It is a tragedy.

I also would be happy to see WFC be hurt by any one of their many decisions which has a high risk of going wrong.

Forcing people go back in the workplace, Wells Fargo people socializing and touching all over everywhere the floors, elevators, conference rooms, restrooms, lobby, on on on, Wells Fargo people spread the India, Brazil and UK virus waves, anti-mask people, harassment, bullies, crazies and re--rds will setoff ruckus, sickout and lawsuits in Wells Fargo.

Terrible. Sorry to hear. They are people trying to make a living just like we are.

Wells will be fine. The bank has the money to buy it’s way out of any difficulty. The people who are affected by this not so much.

I am an atheist so all I can do is hope for the best for them. Not that it will make any difference.

Post ID: @1txv+1aC3DjjK

To me, one is not exclusive of the other.

You people are concern about India because you care or you would enjoy it if Wells is hurt by what happens there?

Well I hope that everyone is okay offshore as well as onshore.

Something bad is happening to India for USA govt to do this. Doesn't look like fake news at all.

https://in.usembassy.gov/health-alert/

The U.S. Centers for Disease Control and Prevention (CDC) has issued a Level 4 Travel Health Notice and the Department of State has issued a Level 4 Travel Advisory advising against all travel to India. Level 4 is the highest advisory level due to greater likelihood of life-threatening risks. During an emergency, the U.S. government may have very limited ability to provide assistance. The Department of State advises that U.S. citizens not travel to the country or to leave as soon as it is safe to do so. The Department of State provides additional advice for travelers in these areas in the Travel Advisory. Conditions in any country may change at any time.

The White House will be introducing a ban on travel from India as of 12:01AM ET on Tuesday, May 4, 2021

With the current spike they're showing, in a very short time they will have flights with headcount across the globe spreading it like wild fire. They should ban all flights from there immediately. If you haven't gotten your vaccine shot, now is the time. It won't take long before rates spike just about everywhere.

Saul did not outsource all of platform to India, that is inaccurate. I work in IT and that just is false. COVID is really bad in Indian though. They are struggling with anti-mask nationalist just like we are that just make this thing last longer.