I recently had to turn in a list of my team members who are not in a hub, even if fully remote. Can’t get a straight answer on the reason for the exercise (though hub strategy is assumed). Anybody know what the plan is for existing remote team members and those in non-hub offices?
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Regarding hub/location policy : there is //NO// eventually/momentarily/later/never applicability towards remote workers no where near a Hub for your particular LOB. It WAS and IS in play to remove those of us who are too far out of the radius. Pre-COVID people had already been given ultimatums with some who had already completed the move with more who either dr-g their feet (and that worked out well for them in this case) or who opted for the package. At that time, at-least in Tech, relo packages and assistance were available but were certainly not attractive.
Covid paused the hard push and based on what I’ve been learning and seeing the original 7 hubs that were presented to my org as Hubs have been pared down and some replacements made. But as usual no hard documentation of the go forward plan. We only know and expect mergers and layoffs this month with relocation clarity in the Fall
Wouldn't the company actually enjoy higher cost savings (as well as a better BCP) by allowing a more dispersed, remote workforce than by having large, expensive campuses in hub cities and paying higher salaries in metro areas?
@4cml+1bl3tXg4 For now, the hub policy only applies to new hires and career progression/role changes. However, eventually all non-hub employees will have to relocate to a hub location. This is what I was told after asking a million times up the ladder with my leadership. They don't know when this will transition will occur, but the direction is coming from Charlie. It is apparently part of the larger location strategy so that they can close/eliminate/merge locations for cost savings. I was told that there are just way too many locations and people are just too spread out in the company and consolidation is necessary. My leadership said they expect high turnover for non-hub employees, particularly since these people would have to relocate themselves. Honestly, that was all I needed to hear to start seriously searching for another job outside WF.
I think the location strategy only applies to new hires who would be required to be located at one of the designated hubs. For existing employees not in a hub, it will be business as usual unless they want to change roles within the company. The alternative would be to require tens of thousands of employees to relocate to a hub (not realistic especially not for RTO in less than 3 months), or displace and provide severance (too expensive). So, it will be business as usual. The reason they won’t come out and say it is because they like creating this climate of uncertainty to make everyone anxious and stressed so as to speed up attrition
To the person in Chicago that said they doubted they would oust that many, see Glen Allen, Virginia as an example. They blanket laid off everyone reporting up through Kelly M in WFA because they did not live in a hub. Was close to 300 people. They were told in January with most everyone laid off in June. Some stragglers still but they will be out in the next 1-2 months. And, this happened at a building they own versus lease. My guess is we will see more layoffs at that building and they sell it. Of course that's a guess. I only know of this one due to co-workers who worked there and were part of the WFA layoff.
@1gqk - the point I was making is how little sense it all makes. NH list supersedes MN for Control Executive teams only. Control Execs have a dual reporting relationship to MN and NH with NH being somehow being an even bigger id--t despite his JPM background.
Good; hope this means my piece of work manager (in Control) who is in Northern Wisconsin will get the boot. Just an evil liar. Looking at you Tammy.
@1sua; nh and team is not Corp risk; they do not supersede mn.. they are a go business unit that handles controls; not irm risk which is mn.. but they are also requiring locations, just not sure what theirs are. Looking at job postings is your best bet.
Depends on which group Corp Risk. NH list supecedes MN for the control exec team. NH list does not include NY or STL. However they continue to make exceptions for NY. Emphasis is on external, promos linked to moving to hubs etc. However other IRM teams like Op Risk have their own lists and so does tech. Posters are right all about misinformation so people give up and leave.
Good luck to all of those people working in California that are a part of Corporate Risk. Although, many have been a part of the company for over 20 years.
@1ezu+1bl3tXg4 - Those are the hubs I've seen.
@1chi+1bl3tXg4 - Lists have been made "public" within the company, but they don't like to talk about it, which is evident from EVERY RESPONSE on this topic from so-called "leaders" offering "candid" responses to questions at Town Hall Meetings.
@1ezu+
That list does not apply to all of Corporate Risk, so no, an official list (or lists maybe) has not been made available.
Corp risk hubs have been listed multiple times:
Phoenix
Dallas
Charlotte
Des Moines
Minneapolis
New york/nj
St Louis
@itg+ What are the Corporate Risk hubs? I’ve never seen an official list.
This will be a circus. The exceptions made will be mostly arbitrary, so this will be loaded with questionable displacements that could be challenged. Though, I'm guessing they're willing to sort through those for the larger headcount goals.
What are the Corporate Hubs? I’ve never seen an official list.
@1ghc+1bl3tXg4...there will never be a policy on this. It is all designed to be nontransparent and shady, so that people get pi---d and quit. They do not care one bit what anyone thinks. This place had 8 executives fined in 2020 for the worst workplace abuses in banking history and
they definitely don't care what anyone thinks of this so called Location Strategy disguised as a Workforce Reduction Strategy.
Forget Going Back to the Office—People Are Just Quitting Instead
As the pandemic clouds lift, the percentage of Americans leaving employers for new opportunities is at its highest level in more than two decades
https://www.wsj.com/articles/forget-going-back-to-the-officepeople-are-just-quitting-instead-11623576602
They’ve been moving towards hubs for awhile in different lobs, but I doubt every lob will be affected. From what I’ve seen, the less client facing the role, the more likely it is to move to a hub model.
This wouldn't effect client facing groups like the two WFA floors at s Wacker or The Private Bank
@1hvl+1bl3tXg4 ;
No
Yes
Believe it
All depends on LOB and where you are. I'm near what some other LOBs consider a hub, but my particular LOB doesn't even have hubs, nor will they.
*I find it hard to believe they would oust 2 floors of wfa/wfam and private banking emps.
WFAM was sold…
Location strategy? Location Policy? Let me look it up on policyworks ... oh wait... it's not there. This is all some kind of "in the hall way" talk ... It's being discussed in the breakroom... creative togetherness ... best ideas coming out of the cafeteria ...
PUBLISH AN OFFICIAL POLICY ALREADY so we know what in the h _ e _ L _ L is going on!!!
Thanks
(sip coffee)
Is this strategy, or whatever you want to call it, is it only related to certain LOB's? I work in Chicago, roughly 1200 employees in the towers, more in outlining areas. Does this mean that everyone in this building is going bye bye? I find it hard to believe they would oust 2 floors of wfa/wfam and private banking emps.
Let's all hope for a mini golden parachute if we're nowhere near a hub. It's just time for us all to find something new.
Depends on LOB. Most roles in mortgage fulfillment are remote permanently.
Hr and CPG has already done the work. They've circulated lists to the LOBs on who is outside of 40 miles to the nearest location and who isn't. The thought is that those within 40 need to go into the office. Not sure what happens to those outside. Right now they are just labeled full time remote. Also probably some LOBs could be a little more strict
HR do work? Yeah right.
Me not remote, me work from home on site
A lot of people better hope they are near their hub in Hyderabad or Bangaluru.
They're gonna put the shaft to people come September. If you're not in a hub, you'll be told to move at your expense or take severance. They're gonna do whatever they can to make their headcount reduction goals, period. It doesn't matter if you've worked effectively in a non-hub for 10 years or can easily do your job remotely, they don't care!
Can’t HR just run an address list themselves?
@op what LOB?
Sucks to be Corp Risk I guess, whew!
What's going to be happening in Operations is still unclear.
Depends on your lob. Corporate risk is not allowing any ft remote; they haven’t said what happens to existing except they can’t post for new roles and remain remote. They would have to move to a core location. Others will have to share what the word is in their area.
They’re being displaced. The bank is moving to a hub centered model. CBFCO just went through this and people not in hubs were cut.