Thread regarding Wells Fargo & Co. layoffs

Defeating RTO

There's chatter about commercial real estate facing a major flop. This is good. Get rid of office buildings, and put something (anything) in its place that actually serves the surrounding community.

To help this along, and to always show that we refuse to live and work like it's still the 90s:

  • Never spend money in or near your office location. No vending machines, cafeteria, etc. Never spend a penny. Every time you get lazy and spend money at work, you're sending the message that you like being there. Please stop doing that.
  • Bring food from home. Hit a store/drive thru/restaurant near your home on your way. Use the fridge at work, or bring a lunch bag.
  • Don't get gas near work. Get gas near your home.
  • Only give minimal effort on in-office days. Give your best during WFH days. Make your metrics reflect greater productivity at home.
  • Any PTO counts as in-office. When possible, try taking more half days (instead of full days) spread over different weeks to give yourself more weeks of 2 days in the office instead of 3.

Wells is not other employers. We're spread all over the country. There is no "collaboration" going on - at all. People waste significant time and money driving across town to log into a zoom meeting. It's ridiculous. There is literally no upside to anyone.

RTO is an abject failure that the current C suite will likely never be able to dig itself out of, in terms of morale and credibility. And it's not just the C suiters. Many of their brown-nosing lackeys also lie and claim that RTO is good. The moment a "leader" attempts to sell RTO, their staff immediately questions everything else they say, and for good reason.

The world has permanently changed. We all know it, even the few dinosaur bootlickers that post otherwise.

There's mild evidence that Wells is quietly trying to shrink its commercial real estate footprint. But it's taking too long. Pay the early out on the leases. Don't get greedy with profit on properties being sold. Just be happy you're free of it.

Then communicate to employees that WFH is the new culture, and explain how productivity will be measured. Sustained lack of productivity will result in consequences, just like in the office.

The company saves oodles of money, employees are happier and do better work, customers are happier, shareholders are happier, everyone wins. EVERYONE WINS

(Oh. And you can still lay people off as needed. At-home or in-office has no bearing on that.)

Lastly, the difference between us and them is that we genuinely care about this topic - they don't. They will fatigue of our resistance, while we never will. As such, it's inevitable that the RTO battle will eventually be won. But we need to do everything we can to hurry that along.

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| 2187 views | | 20 replies (last February 28, 2023) | Reply
Post ID: @OP+1lkGZrWc

20 replies (most recent on top)

CRE across all business lines will be a ghost town. People don’t wanna work in a skyscraper. Companies know they’re overpaying and will leave leases / rent asap.

And if Houston, Dallas and Orlando are any sign, Wells’ CRE team is a bunch of overpaid whiny millennials, tokens and id--ts.

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Post ID: @5anb+1lkGZrWc

@2qbj+1lkGZrWc

lolz, have fun defining that.

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Post ID: @4rcp+1lkGZrWc

"Any PTO counts as in-office. When possible, try taking more half days (instead of full days) spread over different weeks to give yourself more weeks of 2 days in the office instead of 3."

Guess what smarty-pants. Managers have been told to look out for cutesy tricks like that, and it's obvious from the attendance reporting. Gaming the system can and will be counted against you.

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Post ID: @2qbj+1lkGZrWc

The government is not going to let banks fail. Congress is not going to bankrupt themselves. Banks will get bailouts and we're going to pay the bill. The US dollar is the world's reserve currency and it will be protected at all costs.

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Post ID: @2wvf+1lkGZrWc

@pfq+1lkGZrWc

In-office work is wrong for the company, not just me. But keep on making those buggy whips, I'm sure cars are just a fad.

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Post ID: @1gbo+1lkGZrWc

@pfq+1lkGZrWc

Your post is a downright LIE! I worked for WF from 2015-2020 and was 100% WFH(remote) employee. I was in EIT, and the decision was left up to the manager. It came down to feasibility and if it was logical(basically, if it made sense, and productivity wasn’t affected there was never a problem).

Sure we has an onsite meeting a couple times each quarter(back when they actually allowed the teams to travel). Travel became less and then the pandemic hit so I left for greener pastures.

It sounds to me that the company has essentially we-ponized RTO. For a company to we-ponize some RTO policy as a cost saving initiative is a terrible idea. Many studies have shown this(Mkinsey, KPMG, Gartner, Towers-williis, Barrons and many more. This will result in a massive loss of talent, and create many additional risks by taking this approach. You’re leaders need to get with the times, or at least look at the data. Based on the company’s efficiency ratio, it seems to improve when everyone worked from home. The efficiency ratio is even better(high .50s -low .60s overall) when you remove the company’s regulatory fines from the data(past 5 years). Keep “leaning in” everyone.

I believe CS tried this at BNY Mellon, and failed! Maybe now he has something to prove? I would think his efforts would and should be focused elsewhere. Such as resolving the ridiculous amount of problems and lonnggg standing issues(asset cap, any new risks, investing in the outdated tech, investing in your employees).

Team’s dont make it to the superbowl because of only their quarterback. It is a team effort. If you start treating your blockers(employees) poorly, your gonna get sacked, or they’ll throw it away…..Again

There will be layoff’s in march. Alway’s has been in the past.

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Post ID: @1iub+1lkGZrWc

@maz+1lkGZrWc

Big layoff event 3rd week of March 2023…..

You’re argument/statement is repetitive, and not factual. Time to get out of your dinosaur way of thinking, or retire because you are clearly senile.

Everything you state is not relevant! Are you aware of the lack of housing in this country? Clearly, you don’t have a clue! Or, you would realize these empty offices can be rezoned, and populated with residential buyers/renters which would solve not only the lack of housing but provide the economic support in downtown area’s.

You baby bloomin nerds need to chikkity check yo self, before you wreck yourself. Tell me, how much do you enjoy licking CS’s boots? “Go get your shine box” ya Jabroni! You’re a joke!

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Post ID: @dcd+1lkGZrWc

Yeah. If Wells Fargo gives the buildings away to those they virtue signal for, I will give myself a pronoun I made up. Deal?

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Post ID: @gcw+1lkGZrWc

@ijm+1lkGZrWc umm we already have, bro. We just did it for two years effectively and want it back. What a ho-o.

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Post ID: @ygm+1lkGZrWc

We can do this. People don’t understand how powerful they really are. Don’t get distracted. These are simple and effective ways to win this battle. They already lost the war because 4 day workweeks and WFH are the future and Wells Fargo can get all their pa----s in a bunch til the cows come home and it still won’t stop that from happening. Why doesn’t Wells Fargo and every other company scratching their heads about what to do with their decaying buildings, let all the Ukrainian refugees they virtues signal for all day live in them. Or the homeless people surrounding our offices downtown pi----g in the garage. At least our offices have working toilets and and central AC.

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Post ID: @sob+1lkGZrWc

Counterproductive. Who do you think all those businesses and commercial real estate owners bank with? They go down, we all go down.

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Post ID: @tlj+1lkGZrWc

Someone commented "A perfect way to send the economy in a downward direction. Then you'll really be home with no work. "

So, do what the economy (aka "shareholders") needs, not what I need?

That's the exact kind of "logic" that is used to prevent us from fixing half of our problems.

"Oh, noes, don't make any changes that benefit you and yours, think about the poor, poor Wall Street hedge funds and bank execs!"

I don't work for the economy, the economy needs to work for me.

What a twisted world view.

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Post ID: @uae+1lkGZrWc

Do you realize what would happen to the lenders if these landlords start to default en masse? You wouldn't have to RTO because you wouldn't have a job. Banks would start folding and there would be blood in the streets.

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Post ID: @jeb+1lkGZrWc

@pfq

You need to TL;DR your own ishtty posts.

Keep licking those boots though.

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Post ID: @rww+1lkGZrWc

The bootlickers are out in force today.

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Post ID: @hen+1lkGZrWc

This is all unprecedented and will require more time and active constructive collaboration between workers, employers and local governments.

Incredible advancements in the Information Age + Pandemic has changed a recipe that has been cooked since the founding of our country.

People shouldn't be upset right now because of RTO, it is merely the growing pains of change. It is never as simple as one thinks it may be.

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Post ID: @nqy+1lkGZrWc

So much jibberish to read in that OP, you need to TL;DR your ishtty posts.

The only thing that stood out was refusing to work like it's the 90's. You're DAF. Remote work en-masse didn't start until 2020. Prior to that WFH wholly existed, at-least in limited applications, everywhere. And you're all salty that they are taking a step back and forcing the troglodytes back into the office? The only folks with valid complaints are those who were hired from the outset with a defined telecommute agreements and knowledge that the position was never intended to be localized. Anyone else, from COVID realignments to in-office workers who were offered telecommute agreements, knew it was a cherry on top of their employment status situation that could be revoked at any time. You're allowed to feel bu77hurt of course and plan your exit accordingly. But right now you're the equivalent of the kid throwing a tantrum because mom said it was time to turn off the TV and go to bed.

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Post ID: @pfq+1lkGZrWc

if you want to work from home full time then find a new job that allows is

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Post ID: @ijm+1lkGZrWc

Everyone doesn't win, unfortunately. Businesses in metro areas will suffer if workers stop coming downtown or wherever to work and spend money. I don't think we should "prop" those companies up, however; that'd be no different than "propping up" the coal industry just because it provides jobs.

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Post ID: @swy+1lkGZrWc

A perfect way to send the economy in a downward direction. Then you'll really be home with no work.

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Post ID: @maz+1lkGZrWc

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