Overseas hiring

In a 2019 congressional hearing the ceo Sloan indicated there was NO plan to hire overseas while u.s. employees were being let go. hiring in India has increased significantly. Looks like over 30% of current postings are in India. Why is this ok and how does this NOT increase risk? How many employees do we have overseas now compared to the 2019 numbers below?

2019 congressional excerpt..
AXNE: I have a signed affidavit here saying that an employee in Des Moines was told her job was being moved to India and employees in that area have gone to India to train those replacements and I’ve heard from employees that are using your virtual classrooms for that same purpose to train other people in other companies. Are these recent layoffs really just you moving jobs overseas?

SLOAN: No. That’s incorrect.

AXNE: You’ve added more than 10,000 employees between India and the Philippines in the last five years and I know you’re building a new facility in Philippines for another 7,000 employees I believe. Can we expect that more of your planned layoffs are going to be jobs moved overseas?

SLOAN: No. I don’t believe that’s going to be the case. We have 20,000 job opening at Wells Fargo today. 90% of those are here in the US, probably more than that. We hire between 40 and 50,000 —

AXNE: I fail to understand, though, how we’re laying people off in this country and building jobs overseas. thank you.

Comment! It's anonymous!

10 replies (most recent on top)

Imagine they start hiring our wealth management sales people out of India. Clients would love that.

Home Lending set a GOAL of 30% hiring for India and the Philippines PRIOR to 2019. 30% is now a standard ask of all. The businesses are routinely asked to review their numbers and re-up their plan if they are not at 30%. Many are not quite there yet. These are NOT only front line processing or tech roles. Both locations are loaded with tons of new hires in Risk & Control roles in India & Philippines over the last two years. So not only are we losing US jobs to them, but we are also losing our oversight roles to them.

They absolutely did this. Almost all of the jobs in my department were moved over to India during that time and they did send people over to train our replacements.

@efk+1kzrFhEP I really hope you’re a troll.

@gxw+1kzrFhEP
Right, I trusted Sloan. Now leadership is bottom of the gutter along with their strategies=destroy once great company.

What Tim said has nothing to do with today. He’s no longer with WF and the leadership and strategy changed.

Guys I think rather than complaining about this, we need to be looking at ourselves.

Why are companies needing to do this?

Americans have become lazy. Gen Y and Z expect to make tons of money and not work hard. They could care less about being profitable and making their employer any money. Companies have an obligation to their shareholders to make money. This is hard to make happen if their employees are their biggest charity cases which gen Z employees are currently.

Companies are not the bad guys - our laziness has forced them to go to India to find other ways to compete.

We are blatantly laying off u.s. workers and then primarily hiring from India. If it was not a plan in 2019 it sure is THE plan now. Why are these numbers and plans not transparently communicated.

Yes. We understand the VP for Indian operations was terminated for an unfortunate mid-flight error. But that has nothing to do with this congressional testimony from 2019.
They micturate on themselves all over the place in congress.
Just look at it.

They are micturating all over us in the US, when we were finally flying high.
Just showering the other country with gold.
The money doesn't matter. It's the idea.

Thread regarding Wells Fargo & Co. layoffs

Overseas hiring

10 replies (most recent on top)

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