I am one of the people that got let go from WF last month. I still haven’t found a job but I updated my CV and have been job hunting since then. I even landed two interviews.
Anyway, the question that bugs me these days is whether it is a wise decision to apply in the banking sector at all. Even though most of the companies there seem like good and stable choices, you will have to agree that the banking sector is in a strange place right now. With the inflation skyrocketing and interest rates rising violently I figure that it is only a matter of time before any company in this business goes through certain reorgs and reductions. Is it a better option to try to seek my fortunes out of the banking business?
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No. Where is your career gonna go? Personal bankers, tellers, district managers, bank operations, it’s been moving online, being automated and sent overseas. This isn’t the 80s where you work your way from the branch to advisor or stocks. Go into accounting if you just love math and money but that degree will cost you.
I’m an information technology worker. I was living the dream at Pacific Life annuities and mutual funds when they decided to outsource and offshore the entire IT department. Everyone blew smoke up my bu-t and I thought I would easily find a job with one of pacific life’s financial partners since we were such a pedigree organization.
Within a few hours of searching and scratching my head how these immense corporations didn’t have one single IT job in California. It became apparent that all financial and insurance institutions send all the work to India.
As much as humanly possible. The future of banking at least from an IT perspective seems to be.
- Automation
2 Cheap overseas labor
It was 2019 so that also meant they literally started to plan canning all in 2017 right during Trumps first year and the fresh tax cuts.
So when I see people on linked in say “you can thank President By-d-mb for them layoffs” I have to just laugh out loud.
If our President was a bald eagle holding an American flag and a bazooka the American flag would still be made in Bangladesh and the bazooka made in China. Don’t kid your self..:
Include FinTech companies in your search
Best of luck
Banking is OK (for now), just avoid returning to WFC. Good luck in your search.