What exactly is the hub and spoke model in layman's terms? I see that more business groups are adopting the concept, which has triggered hiring new roles, and laying off other people.
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They can shove their fake "opportunities" right up their A. The real gigs will all go to their friends / fam from JPM anyway, so that dog won't hunt. F the location strategy, F the hubs, and FRTO.
Is nyc a hub?
What are the hubs? Only in NC, NY TX, AZ?
Hub = India
Spoke = US
This doesn't sound very Agile
NC closing? LOL, there are 26,000 employees in CLT and they are investing millions in the CIC with construction already started. Raleigh has consolidated to basically one office, not sure about Winston. As a director in one of the businesses, remote workers outside of the 40 miles are first on the chopping block. Has already begun really, but that group of employees is at risk going forward. I have heard this on calls with execs going back to last year.
There was a meeting yesterday where a leader suggested that if non-hub team members wanted opportunities they might just have to move.
You know that will be on your own dime. DO NOT move for the bank unless you're moving somewhere you'd have moved anyways -- the company is so unpredictable right now you might just find yourself jobless or hub-less when they change things again on a whim.
What are the current hubs?
This was the model about 8-10 years ago. Heard over and over hub and spoke, then it kind of drifted away. Kind of funny to hear it again.
It looks like Corporate Risk is next on the list for hub and spoke.
There are a lot of locations closing, but people in those locations haven't all been laid off, so not sure how much time is left for them.
I'm sure we paid pwc or ey millions to tell us to do this
@xol+1mms68bA "I have heard they eventually plan to eliminate roles that exist outside of hub locations. I don't know what the timing of that is though"
Started happening in October..... before covid it was the "relocation strategy" which was put on hold thru pandemic, but promised to resurface and it did.
lots of locations closing and if you're not in a hub..be prepared! TX, AZ, NC may be offered up. not going to sell my house or soul for this sh*t show company
Who is adopting it? It isn’t a new concept…
"I have heard they eventually plan to eliminate roles that exist outside of hub locations."
Everyone has been hearing this rumor since 2019, must be like when they said they'd close Cassie Hill "next year" for a decade and a half.
First time I heard this term was when we hired a developer, who turned out to be part of a contracting scam. She was not a developer at all, would send all code work via personal email to an external hub of developers in India. Clearly a bad thing for WF at the time on so many levels but ingenious business model.
That's what I thought it was. Essentially new people are hired to filter and distribute requests and communications, right? Then they layoff other people, so instead of experienced people doing their jobs, there are now more layers, and more hoops to jump through to get something done?
Does that also tie into the location strategy? I have heard they eventually plan to eliminate roles that exist outside of hub locations. I don't know what the timing of that is though.
Picture the WF stagecoach wheel. The circle in the center is the hub. The “sticks” that connect the center circle to the outside circle (wheel) are the spokes. Get it?
The hub is a centralized team that reaches out to all other teams to get answers or approvals. This isn’t new. We just work with mo--ns that love regurgitating (new to them) jargon in an effort to sound smart.
Look at me, I’m using new flashy catchphrases that sound like I made a thoughtful decision to be innovative but I’m just a clueless monkey doing my bosses bidding with so much enthusiasm and Red Bull you want to smash my face in. Okay that took a dark turn. Leadership here are so ignorant and fake.