The CEO finally comes out and confesses “outdated IT” after hiding behind an industry problem. Once no one else in the industry has the problem the truth finally comes out - as an apology for running on razor thin margins to increase profits. Totally screwing their customers in the process.
Enough of these companies who put their profits over their customers!
There’s also a lot of turnover in sr mgmt of IT - externally and internally. The internal rotation SvB did mid year was one of the most ridiculous things I’ve ever been witness to.
If there was a cohesive tech strategy all areas were following, moving leaders around would have little effect other than to expose them to new areas of the business. Instead, once they all got to their new deck chair on the Titanic they began scrapping things in place and putting their own spin on what was already working and should have been a slice of a larger strategy.
They layoff the people doing the work and grow the management ranks. Also bring their pets with them from one org to the other since they can’t possibly be bothered training anyone. Directors here, Sr Managers there, all looking for someone to do the work they think up after a week of brainfarts in an offsite.
@ses+1kpnqfjR Don’t confuse getting the money with knowing what to do with it. Plans with no chance of succeeding but cost a lot brings the same result as never having had the money.
There’s also all the palm greasing for the large implementation vendors like PwC, EY and others. They do cookie cutter approaches without regard to the specifics of the client. Gotta hand it to them, they rake it in with one repeated approach. Places like WF empty their pockets but are marginally to no better off, sometimes worse off, because they changed a system in a way no other system works.
Yeah, well, welcome to the party pal. Pretty rich commentary considering the company spends more on tech than anything else any other group is pleading for. Not saying you guys are over funded, but you're late to the party for sure.
@eli. This is not new news for banks, insurance companies, government entities, etc.
If you wanted to work for a tech company, don’t work at a bank or an insurance company especially.
@lla. That’s because Corporate America, and especially banks, treats IT as an expense rather than the investment it truly is.
Post ID: @eli+1kpnqfjR
10 years behind is being generous. Our department has been asking for a growing list of basic enhancements for 20 years. Last I heard, there were 3000 system enhancement requests ahead of us. I guess we can assume, at this point, they are never going to get done hah! This place is a joke.
Any new hire knows WF is 10 years behind in all things IT
lolz, airline profits and growth are typically abysmal. Do you really wanna cut S back and then get on a plane? Better bring a parachute as a carryon. Personally I wish that industry performed better financially, it'd make me less nervous about flying. But go on with your bad selfs lefties, and start flying Laoche airlines.
I like Southwest, its the best airline for commuters. Wells Fargo is also a great bank, what bank has been around since the 1800's. Apple almost went under at one point. Things change get used to it.
What profits, we pay everything to the gov't in either fines or taxes, there's no profit. Let's hope the bank just raises rates through the roof to cover all these burdens, its not a charity.
@OP+1kpnqfjR Pretty liberal use of the word “apology” there. He blamed IT for not spending all the money they were given? For not prioritizing updating a system at least 20 years out of date? Musta been, execs and BOD would never be the reason for something this catastrophic. 🙄
IT is the beating hearts of most companies but the budget is continually slashed and projects are constantly kicked down the road because few executives want to make an actual investment and would rather spend the $$ on buybacks to puff up the stock that make up the lion’s share of executive comp.
Wells Fargo and Southwest Airlines - yesterday's technology.... tomorrow
That’s funny. I made the exact same comparison over dinner with my wife.