https://www.desmoinesregister.com/story/money/business/2023/05/22/wells-fargo-cuts-west-des-moines-jobs-sheds-500-workers-since-2022-mortgage-business-jordan-creek/70243245007/
Recap of what's happen
5 replies (most recent on top)
"Do you think this person understands that they're just shifting focus to West Des Moines at a huge newish campus, about 10 miles west of the downtown offices?"
That's asking a lot for people on this board.
"TL;DR Wells maintaining a hub in Des Moines no longer makes business sense."
Do you think this person understands that they're just shifting focus to West Des Moines at a huge newish campus, about 10 miles west of the downtown offices?
Why are there big hits to risk and control coming? That's all the C-suite talks about.
TL;DR
Wells maintaining a hub in Des Moines no longer makes business sense.
Des Moines has some "good" people (as the conversational expression goes), but operationally it's a S show.
Des Moines is small. Generation after generation, nothing muchchanges because no one there wants anything to change. That's their right, but it's bad for business for obvious reasons.
Des Moines made sense in the past because salaries were noticably lower than major metros. But somewhere along the way, things got carried away, and now DM can no longer be considered cheap.
Wells has to ask itself why it should continue doing business there when it's no less expensive than a much larger metro area with a much larger talent pool to recruit from.
Article says there are now 11k WF employees in the Des Moines area. When Chuckie started in was close to 14k; that's a 20%+ reduction and the big hits to mortgage, risk, and control are still coming.