I have 30 year banking experience plus master degree (from a big ten school) I’m American and I have been with bank for over 14 years. My job is being offshored to India. I can definitely walk across the street and work for another bank, but if this is where management thinks that it can lower efficiency and manage risks effectively, they are short sighted.
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I agree with the poster below. I can’t count the number of calls I get a week claiming there has been fraud on one of my WF accounts by someone in a call center with a thick Indian accent, they know our card numbers, names,addresses…wonder where they are getting that info from, when asked a few questions, they hang up…hmmmmmmm
It won’t be a bo-b taking us out, it will a well placed team of software engineers in an offshore data center, bringing down the entire US financial system. Then Charlie and his peers will all scamper off to the Caymans to spend their billions as Rome burns.
WF has been sending US jobs to India for many years now — well over 10+ years. India has had access to view social security numbers all of that time.
The real problem is that today all the 5+ US jobs here and there that were all paper pushing or filing has now turned into 45,000+ India employees who now have higher titles than their US counterpart, have actual financial decision making roles AND roles that place them in OVERSIGHT positions over the US. The US employees may not YET report to them but WF has set them up for this. Just wait. They are working through the details of that.
Look at all the positions India has been allowed to hire in Risk, Control, Compliance, Testing and Audit. Tens of thousands!!!! They are already telling US employees what they did wrong or reviewing and testing on your US process. The tables have sadly turned, my US friends.
Shows WF does NOT care about the US employee.
IMF raises 2023 economic outlook for Asia, sees China and India making up half of global growth
https://www.cnbc.com/2023/05/01/imf-asia-outlook-china-india.html
Nice GED.
While WF is a follower of other companies who are sending jobs away, it feels more amplified for us because the company for 20 years did things that we all were aware of:
- No to slow adoption of new technologies
- Poor execution and lack of accountability of project work
- Zero commitment to cross training employees and promotions
- Neglect of overhead across many departments
- Ethics Hotline failures
"I have 30 year banking experience plus master degree (from a big ten school) I’m American and I have been with bank for over 14 years."
Sounds like it was a Big #2 school if it let an "American" graduate with grammar like that.
You guys will believe any troll who comes along and makes up a little fable to suit your narrative.
Robbing Peter to pay Prakash.
On the mortgage side all tax returns go to India to be reviewed by their accountants. What a joke. Wonder how borrowers would feel knowing their social security numbers are floating around India and overseas. I would love the WSJ to do a Tory on this
Regarding @dye's post, 6 people (so far) have 'masters' degrees 😄
https://www.forbes.com/sites/jackkelly/2023/04/12/how-offshoring-and-artificial-intelligence-threaten-us-white-collar-workers/?sh=1c95753e42a1
Outsourcing banking, HR, risk , call center and tech jobs to India or Philippines is nothing new. It’s done by Chase, BofA, Citi, DeutschBank, Goldman Sachs, Boeing and many many more. It’s all legal too. These are good paying professional jobs and you add H1B visa sponsored jobs, what are left for American workers besides high techs?
I’m surprised that heavily regulated financial industries are allowed to do this!
I wish we could get a major news source to publish a story about the safety of offshoring sensitive financial information to third world countries, as well as allowing access to our 1980’s technology!! I would love to see an in-depth study done by the WSJ.
Masters degrees are where I would start too with layoffs.
If there was ever a misnamed degree, it's the 'masters' degree. Ever met someone that displayed true mastery of their major after getting a master's degree? Me neither.
In science and other fields, masters degrees can mean something. But in business it's fluff. If it was only fluff, that may not be so bad. But it goes beyond fluff. The people that have their fluff degrees often tell themselves that they're entitled to more than they really are.
It's not a bad idea to get a masters degree, however. Recruiters and managers somehow haven't yet figured out that these degree are useless.
How does DE&I work in India with their caste system?
They're shipping jobs off to India, a country known for complex scammer operations that target people to drain their bank accounts.
Wells Fargo is just giving future scammers inside access to how banks try to fight against them.
Completely agree. Outside of the national security implications of offshoring customer financial data, sending American jobs overseas to be done on the cheap while Charlie and the C Suit pockets the savings is absolutely predatory and a cash grab at the expense of the working class in America. There’s no other reason for outsourcing than they want more profit for themselves and Wels Fargo’s stakeholders. It doesn’t bolster efficiency, it hinders innovation and growth.
What was your title/function?