This one decision would save 50% to 60% of the most extravagant salaries at Wells Fargo. What makes more sense? Sending Susie’s $35,000/year job to India to save $21,000, or sending Charlie’s job to India to save $15,000,000?
Our C-Suite and BOD apparently think very highly of the talent in India. And their primary strategy appears to be cutting expenses above all else. Charlie is aggressively moving a significant portion of our workforce to India. Shouldn’t we move our leadership there so they can all collaborate and have a unified sense of purpose for pennies on the dollar? Charlie likes that this country produces an abundant skilled, English-speaking, educated workforce at a significant cost savings. It seems to me we could especially benefit from such a skilled talent pool on our Senior Leadership Team.
I recommend we get rid of (I mean layoff) Charlie, Barry, Saul, Scott, Kleber, Derrick, William etc + our entire BOD and then find cheaper more effective talented professionals offshore. Let’s be honest, there is a lot of room for improvement.
I would put good money on a new smarter harder-working CEO from Hyderabad not taking 4 or more years to get Wells Fargo out from under the Federal Asset Cap.