Per Saul, location strategy is finally off the table. They want to have talent regardless of location and will be adding some offices in places to attract talent.
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Well now NYC is considered a "location," so SVB & Scharf don't need to relocate.
Maybe they tried hiring capable engineers and told them they can't work remote, and found out this ain't gonna fly...
odd as its still very much a thing in Risk/Compliance
Go listen to his AMA on teamworks. 11 minute mark
What are the new sites that were added?
This is the only large bank that has some personnel working from every (US) state. In some locations we have just a handful. The number of remote workers is also quite high. Not sure how we are able to get any work done at all.
there is most definitely a location strategy at the enterprise level. It's a real-estate expense management play.
OC leaders are given a list of enterprise target locations, plus an additional set of "specialty" markets that they can choose from for their business unit.
Within those guidelines, then at OC or OC+1 discretion they can choose to hire or not in any of those markets (i.e. they aren't forced to hire in all of the enterprise locations). So Saul can decide to add or subtract markets, but they need to be on the enterprise list or the "specialty" list.
Didnt say cancelled at all, said more locations will be added and some sites will change from maintain to growth and vice versa.
Location strategy started before Saul was onboarded. I remember a previous Head of Tech Infrastructure, Scott D, talking about it.
Actually that's a typo. It should be "No, more location strategy"
Was location strategy Saul’s idea? If not - does anyone know who? I always thought it was an outdated idea in the day and age of …well…computers. Or, at the very least, it was far too restrictive.
I agree with the OP a bit too. On one hand, I respect that someone has the flexibility to admit that times are changing and and a project is no longer viable as is. On the other hand, Wells Fargo Leadership is known for spending too much money on pet projects that never happen. Either we get half way in to a plan and the Executive pushing it leaves before it comes to fruition. Or it takes us so long to put a plan in to action that it no longer makes sense years later.
Too late. All the top talent is already long gone, and new talent hasn't been accepting offers to work here.
They got the raw headcount reduction numbers that they wanted. Problem is that they thought about WHICH headcount they wanted to get rid of.
False.
location strategy has always been lob specific. they get to pick and choose what locations they want to hire in.
Company wide or just for tech?
It's softening but not canceled, a good sign nevertheless. Maybe it will truly be gone after mr. coffee isn't here anymore and we'll be working in the metaverse from our home, jacked in 24x7 like the Matrix, lol.
Does the phrase "too little, too late" finally resonate?
Glad they acknowledge that two years of working remote changed the paradigm.
@uji+1eNsiZQA underrated post.
I heard tech is affected.
Which Indian cities were mentioned?
He didn't say that. He said they are expanding the location strategy to include a couple of new cities like maybe Seattle and Columbus.
Cool beans.