Commercial Banking has forced some employees out last month after offshoring underwriting, support, etc. to India. Commercial Banking will be laying off soon.
12 replies (most recent on top)
@1msd Agree. Off-shore is a watered-down version of getting work done. Sure it may cost less per head, but it takes many more heads to get ANYTHING done! Less accountability, more confusion. Yet maybe it will work if we throw enough $$ at it? More like throwing good money after bad.
I'm sure it's all OK with Charlie, as it furthers his mission of running WF into the ground. (When is his 5 years up and he can leave?)
Layoffs are coming in Commercial risk/portfolio management as they move a lot of the work to India. My guess is by June 1st. But does anyone have specific dates?
It remains to be seen if India can actually do the work. The tests have been a failure, but Sr leaderships has made up their mind. They will just throw more money at India and hope they figure it out.
Can India and Philippines do the job?
Every business group has been or will very soon be in the same positions.
Expect maybe the C-Suite.
The enterprise has goals and numbers to send to the Philippines and India.
And it is no longer administrative or non/lower skilled tasks. They are making decisions and taking skilled roles from the US. Search “risk” on the jobs hub and see how many of those alone are posted for India.
Perhaps the Board should consider offshoring Charlie’s role.
After all, I’m sure we could get his replacement in India with only 1/4 of his salary. And that replacement would certainly show up to a town hall prepared with a fancy PowerPoint doc, graphs and colorful charts.
CB has been losing business and things are not getting better. India is a drag on everything.
When? Any idea of timings. I’m thinking by the end of second Q.
OMG! Those people can't even read or speak English. If I were a customer, I would be very afraid. WTF?
No LOB is safe from the offshoring. And, is more than entry level jobs. I'm in Corporate Risk and we have projects managers, developers, risk officers, compliance jobs, etc being offshored. And, back fills and net new jobs are only being filled in India for most areas. Everyone needs to take whatever training they can on WF dime for when layoffs come to you.
See the rush of $ to brIC.... We will soon see more pedicabs (rickshaws) in America as gas approaches $5.50/gal
Lay off then sponsor some more H-1b workers from India and China - genius.
https://h1bgrader.com/h1b-sponsors/wells-fargo-bank-na-510jeye2vo/lca/2023
True… non income generating portfolio management of low complexity loans are being outsourced to India, WF has to cut its overhead, India and Philippines are just much cheaper, quality of work is poor. You get what you paid for. They laid off too many last time and had to hire new ones, there is no continuity of a long term strategy for this bank.