As a shareholder of WF I read these posts and it makes me wonder if some of this is true..
Did management remove people's work from home ability just to implement AGILE?
If yes..I used to own a business..I know what will happen...people will leave in droves..or stay and just do bad work...
The impact to my investment will be substantial since stock price will drop and reputation risk due to missed estimates will be impacting the bank for years...we already had a black eye from scandals...now management has created another substantial scandal by not treating employees with respect...
I am thinking it is time to sell my shares...
A good manager will own up to their mistakes and publicly admit them with a direct plan to make up for them...if not...we remove them..
27 replies (most recent on top)
We're also being told that the reason for RTO is "so we can be agile". AGILE is just a buzzword that mgmt has latched onto, as an excuse/reason for everything.
All it really does is make more red tape for everyone. They need to scrap "agile" and move on.
To the person that says OP PERSON IS A TROLL.
no...I started this whole discussion...and I own a significant amount of WF stock...
Because I care about my investment I look at all the different blogs in order to ensure I have spent well valued money...
This blog...provides..the good...the bad...and the ugly....
You will be surprised at the amount of us that do this...
We value our investment...
These base sites provide insight we value....
You...are trying to deflect and say we are trolls in order to make a media push...
I don't care...I have enough money that I can dump my WF stock and not care...
But...I would prefer my investments actually return a good investment...
Bad management...means...bad investment...
Simple economics...
I've also heard, from numerous people I've asked, the same thing @2hxa said regarding why they're shoving us back in the office like this. ("It's the CRE market. Enough people want to work from home that it'll severely impact CRE if it's allowed. Big banks can't stand for that, so they're pushing people back into offices to spend money in businesses that have CRE loans to repay.") CRE is the most common answer I hear.
If that's the case, how about WE push back? If enough employees would:
- Get coffee elsewhere. If you usually like a latte or something in the mornings, perhaps instead A) make it at home and bring it with you, or B) give your money to a coffee shop near your home. Don't spend the money in near/in your office building.
- Bring your own lunch. Not only is it probably healthier, you won't be spending money near/in the office.
- Don't shop anywhere else (non-food places), say, within a half mile to a mile or so of your building. Keep your money at the businesses nearer your home, or wherever you usually shop.
- Don't participate in anything in your building that requires you to spend money. Instead, support locally-owned, small businesses near your home.
It may not be as hard as you think, especially with inflation now at 7.5%, the highest it's been since 1982. I bet you didn't get a 7.5% raise, right? Many employees probably can't afford to spend extra money anyway. If you do spend money (that you didn't spend while WFH), wouldn't you much rather support locally-owned small businesses near home on your own, rather than being surreptitiously manipulated in this way?
How about we turn the tables? There's more of us than them. If enough of us would Just. Push. Back. ...! Make it backfire!
OP is not a shareholder, OP is a troll.
Most likely one that words for WF, or a pump and dump stock scammer.
Real investors don't go to rumor websites for their investment advice.
I miss the days when this site was useful to people looking for information about their future employment status.
Employee and former stock holder - sold it all two months ago. I'm on my way out and didn't want to deal with another last minute hassle. I'm not a stock expert, but I am a people expert. There are plenty of trolls on this site, but the struggle for employees is real and they're not standing for it. And, they don't have to because plenty of other companies are implementing policies that actually support employees.
Just one of the teams of highly educated and skilled professionals I support has experienced over 60% attrition the past year, and it's not unique to this team. Our HR teams cannot hire fast enough to fill these voids and it will honestly take years to get new people in and up to speed (not to mention clean up all the messes from ba--s rolling off the table in the meantime). Our stocks may be fine for a little while longer, but I will not be surprised if they start tanking as customers become more impacted by the rising attrition. Maybe Charlie is counting on some attrition to meet his final headcount, but he hasn't been able to choose where the attrition comes from - and it's having a major impact on business.
Also, I anticipate huge uproar from regulators in 2-5 years because of all "effeciency" changes we've had to implement.
It's the CRE market. Enough people want to work from home that it'll severely impact CRE if it's allowed. Big banks can't stand for that, so they're pushing people back into offices to spend money in businesses that have CRE loans to repay.
Always remember that Charlie has no understanding of working up through the chain to accomplish meaningful change and results. No… by right of birth Charley started at the top and stayed there. He cannot manage and is limited to cost cutting (layoffs) and selling lines of business.
He has one year left at max.
I haven't heard that they're forcing us back into the office just to implement Agile. What I have heard -- nothing to back it up, of course, but have heard -- is that CS and the OC have some sort of financial incentive to push us back in the buildings. I don't know if it's true, and if it is, what the financial incentive is, or in what form they'd get it, or when they'd get it. But given that the bank's attrition rate is believed to be somewhere between ~10 and ~20% (which is horrible at any company, including WF), there must be something driving them to do it at the same time that many folks are walking out the door. I wish there was a way to find out if this rumor is true, and expose it if so.
Most of us don't believe the "collaboration" reason at all -- the last two years have blown that out of the water. Most of us collaborated just fine remotely, and many were doing it effectively for 10+ years before CV19. Yes, some folks have to be in the office due to the nature of their roles; however, why not let those who want to and can work remotely continue to do so? If it's okay with your direct manager, it should be allowed. There are so many benefits to the company, employees, the environment, and so on. For everyone else, if you'd like to go back to the office, that's fine too -- nothing wrong with that if it's your preference.
I wouldn't be holding any individual stock right now, but that's me. Sell, sell, sell!
@qvs+1fgcWocn - Indeed. Same sh-t, different day/company.
Exactly why I sold out of company stock in my 401(k). In the eyes of Wall Street, the stock looks cheap and on paper it would appear that things are changing for the better. Anyone who works here and pays attention knows that it is all a facade, things are changing in ways which are not leading towards any long term benefits for the company.
Internal processes are breaking as departments are mindlessly re-orged at the same time key people are leaving, and managers don’t even have a clear explanation of what is changing or why, all while senior execs tell us that everything is fine and we are becoming a “stronger company “ or whatever bs corporate speak of the day.
Is anyone on an Agile team only reqd. to come in for significant mtgs or is it just Tech and Consumer Lending?
Based on the reply from the person below...
It appears the CEO didn't LEARN anything at BNY. This is a dangerous person to have running WF... stubborn and refusal to learn and running a multi billion dollar bank...a disaster in the making......this will be discussed in shareholder meetings...
Additionally, our current CEO tried to do this at one of his former companies (Bank of New York Mellon) and they rethought their strategy because employees rebelled.
See link: https://fortune.com/2019/03/07/bny-mellon-remote-working/
So we are not the only organization he has done this to during his tenure at it.
Return to office was not to implement agile within technology development. It implemented by our CEO because he felt it would result in innovation with people being around each other to be able to be in person to talk. However, many, many organizations within WF have employees spread across all different locations, therefore, entire teams won't be together, regardless. They will still be working with some of their team members remotely regardless. It was also instituted across the entire organization. Some groups (such as Technology and some portions of Consumer Lending that I'm aware of, but I'm sure there are more that I'm not) do not any longer have a requirement to return to the office. However, all the other parts of the organization that do NOT have an exception will be required to return to the office at least 3 days a week, regardless of whether or not you were a remote employee to begin with (only those that are greater than 40 miles from an office location don't have to return, yet the direction has also been that if those people remain living where they are and don't move closer so that they can be in the office, eventually, they will be laid off). Additionally, our current CEO tried to do this at one of his former companies (Bank of New York Mellon) and they rethought their strategy because employees rebelled.
See link: https://fortune.com/2019/03/07/bny-mellon-remote-working/
So we are not the only organization he has done this to during his tenure at it.
Sell now. WF is just artificially inflated junk. Stock buybacks and cost cutting are the only things Charlie does. There’s zero innovation. It’s a zombie corpse of a company. Eventually we’ll need to put it down, have the funeral, pick the meat off the bones, and move on.
@xsz man out the window or trainwreck might be more appropriate.
Sell sell sell. -Cramer
Propped up at our (rank and file) expense while the C Suite feeding at the trough like pigs grows like crazy.
As Gary Busey would say:
AGILE = A Great Inefficient Lie Exposed
And Gary never lies… Should be our CIO.
The stock is being propped up to pad Chuckie’s pockets and the pockets of all the cronies he’s brought in. Meanwhile, the company’s culture has been gutted, employees are apathetic and demoralized, and when they get the money they are after they will leave and Wells will be a sad shell of the company it was or could be.
I’m currently an employee, but will be selling my stock soon as well and finding a new job that actually respects its employees. It’s a sad, depressing place to be right now.
Agile coaches love red tape and wasting time. So RTO works perfectly for them bubba.
To the person that says
You should go read the RTO FAQ specific for tech.
Quarterly Planning
Quarterly Retrospective
Monthly team meetings (or as needed)
Backlog refinement and sprint planning.
Our team plans on coming in about once a month…
Then your team is special...cause my management is wanting different...
If you are on an agile team you do not need to come in three days a week. You should go read the RTO FAQ specific for tech.
Quarterly Planning
Quarterly Retrospective
Monthly team meetings (or as needed)
Backlog refinement and sprint planning.
Our team plans on coming in about once a month…
As a person working in tech for WF...I can tell you...Agile is mandatory...managers are being held to have things done as agile by their senior management team...all tech staff I know are on Agile teams...no exceptions...
And we were told come in at least 3 days a week ...even though all our staff are in separate locations....
And this Agile process is doing nothing for existing applications except making the work harder for no reason.
I buy the story the one person wrote that someone sold Agile as part of their job and will leave once the bank catches on they really have no clue...
225k, office one day a year
To implement agile? No. They are following the playbook of all the other FS companies. actually in tech if you are on an agile team you only need to come in a couple times a quarter. Not on agile team = 2-3 days a week. So no, not because of agile.
As a shareholder with technology background I wonder also how they are implementing AGILE...most people do it wrong..they try to use it for everything...they forget...there are different tools for different things...
If a senior manager did come in and made the decision...agile everything...they need to be fired...right away..it shows they actually don't understand the business and the problem...
Here is a article that explains when agile is right
https://techbeacon.com/app-dev-testing/when-agile-wrong-choice-your-organization