Thread regarding Wells Fargo & Co. layoffs

Israel, what do you want to know? I'd be willing to speak to you but am curious what you're hoping to learn.

Des Moines will dramatically shrink as Wells Fargo is looking to sell or outsource its mortgage operations in 2027. That will be a big hit to staffing levels as there is a large number of customer service and back office operations supporting mortgage in Des Moines.

As for technology staff, there is technology staff in Minnesota and the new office in Texas. There is no need to have technology in three different states in the same time zone. That's not speculation, but something I heard from senior leaders.

@fd WF does not want out of Iowa. However, they have been troubled for several years that they were the biggest employer in Des Moines. They did not want the city relying on them that way and felt it was a risk for a city to be that dependent on a single employer. So there has been an intentional plan over several years to reduce the reliance on Wells Fargo as an employer and to diversify our number of lines of business that are represented on the campus. At the same time, the macro environment reduced mortgage operations almost entirely, which aligned with the strategy to become smaller in the market. Now, HEB is the top employer in the area.

AI is not the cause of layoffs. I have heard lots of people in the public blame AI, but Wells is using the same mortgage software from the 80’s. When I was there I was often asked by upper leadership “is this worth time to automate?” We had work arounds on top of work arounds on top of work around to get by with bad software.

As a Des Moines employee (I left in June, but was on the list to be cut), I honestly thinks the CEO just wants out of Iowa. I am not sure why except it is not a flashy enough city for him in his NY office. In my opinion, the cost of living is cheaper in Iowa, so it doesn’t make sense why they are moving people out of here into higher pay zones.

And yes, labor overseas is cheaper but not same quality. I was given requirements for a software enhancement. In testing they had broke some existing functionality. I was actually told by the off shore manager that it was my fault because I didn’t give them the requirement to “maintain existing functionality.”

The offshoring of not only jobs but career paths is so sad. The company is building careers overseas and destroying existing careers and any future prospects for younger people.. not to mention all of the personal information about customers sitting in a 3rd world country. If customers only knew the access given offshore to socials, bank accounts, credit , income , assets ….. sad sad state on what happened to this company

They are laying people off across the country. Thousands of American workers have lost their jobs because of Wells Fargo’s commitment to ensuring the c suite gets their bonuses.

Probably legit.
The DM Register has covered Jordan Creek layoffs every 2 weeks like clockwork..they also clearly keep a spreadsheet of WARN notices as they love to quote annual totals. Doesn't surprise me that they'd love to further expose WF for their readers. It seems to be one of their favorite topics even when reporters rotate in/out.

i also wouldnt put it past wells conduct team to retail Israel. Thats how dirty the place is.

ever think of whistleblowers and how the disconnect bt having to report retaliation and then being faced with it. conflict in values. people in power making 800k who just dont care. this is how institutions fail.

it will be the downfall of any company knowlingly building toxity into the walls of the institution.

No shortage of angles on this story...

• Having to mentally prepare yourself to be ready to be displaced every other Tuesday takes a toll on morale.
• People fresh to the workforce, maybe right out of college and this is their first job might be happy. But I'm not aware of anyone who is happy working there anymore.
• The main, perhaps only the only management focus is days in office, hours in the office on those days, and keystrokes are the main metrics now. You have adults with college educations and this is what they focus on now?
• AI isn't the main reasons for layoffs and as layoffs started a few years before the push to utilize AI started.