Thread regarding Wells Fargo & Co. layoffs

@atb+1onI0kkb great points! I wonder if corporate America cares? Or, if they just care about reducing expenses and increasing dividends? For every 100k job in the US, it is 15-20k in India. If federal regulations don't prevent massive offshoring, I wonder which Corporate America cares about more? My guess is they care more about expenses and dividends. And, it's obvious they have the Federal Gov't in their back pocket so regulations aren't likely to change. Those of us in the US already feeling the strain on our pockets will be left to "deal" with it. I'd imagine many of us have been applying externally which is saturating the financial market. Is ano win for anyone but the C suite.

44,000+ last I saw oversees. Pretty easy to check on team works.

Go to people search advanced, put "USA" in the physical address country field, subtract that # of people from the total that work at WF (look at CSs total reports) and viola...

You can also put "IND" in that same field to see India employee count.

Hi OP here - many thanks to you to those of you who provided helpful feedback.

Don't forget Medicare and Social security are on the per employee basis. There are also unemployment tax on the state level.

Offshore employees and OPT visa workers do not have the obligation to medicare and social security.

Don't know if you notice that almost all companies hire OPT visa workers, and laying off people at the same time.

@hew+1onI0kkb
"Offshoring is recommended according to our tax policies."

No it's not. Look at where the US government's tax revenue comes from:

https://upload.wikimedia.org/wikipedia/commons/6/63/2022_US_Federal_Budget_Infographic.png

$4.1 trillion from individual workers (individual income + payroll taxes)
$0.4 trillion from corporate income taxes

With literally 10x as much tax revenue coming from individual income taxes, the government's incentive is to have as many high earners in the country as possible. More high earners in the USA translates into more tax revenue for the government.

You could try to argue that H1B visa holders are recommended according to our tax policies, since the point of H1B visas is to pick those Indian workers up from India, drop them in California and tax them here rather than letting companies send the money to a worker physically in India where the US collects zero tax revenue.

What you cannot argue because it is not supported by the facts is that the US is recommending companies stop providing the lion's share of tax revenue by getting rid of US workers. Companies do it because it's legal, not because the tax policies recommend it. We need to make it illegal for systemically critical US companies to have any critical workers, operations, or data leave the USA.

@jjm+1onI0kkb

Worry about AI instead. Offshoring is nothing.

No problem man, love your shirt.

We like to follow how Roman empire collapsed, and we will issue more debt, send our workers to unemployment line. Give jobs to the great foreign workforce, because that always works out at the end.

I buy clothes that made in Việt Nam too. Problems with that?

@nry+1onI0kkb - either live with it or put your big boy pants on and quit. Whining non stop won’t help. It’s pathetic

Post ID: @vjg+1onI0kkb

Yes - child labor, marrying your first cousin, and smoking on a plane used to be perfectly legal too.

Post ID: @lug+1onI0kkb

Yes - that’s a good question. I would be looking for jobs that took away employment from a US employee to reduce labor costs, as opposed to for eg employees in Canada who are providing financial service to Canadian businesses. I’m supposing that would be mostly India and the Philippines?

Offshoring is recommended according to our tax policies.

Offshoring is perfectly legal. Silicon Valley companies have been doing it for decades. Everyone is doing it. Nothing new or earth shattering. Live with it.

I think jobs that only existed overseas were probably held by American at some time before.

I'd also ask what you consider offshores? US jobs where we laid off people and moved it overseas vs jobs that only even existed overseas, or just all overseas jobs?

There is a weekly report that goes out to the powers that be with all the wfip headcount broken out country and city in addition to details about net adds and deletes, lob, etc.

Go to people search advanced, put "USA" in the physical address country field, subtract that # of people from the total that work at WF (look at CSs total reports) and viola...

Don’t know if this helps - but there are currently 484 job openings in India and the Philippines.

Using initials so I don't get this post removed by using full names. If you can access Teamworks, you can still follow along.

Look up Scott, then go to his direct report DO, and then go to DO's direct report AB. AB currently has just shy of 45k employees. Is this everyone in I&P? I don't know. But it seems to include people from both I&P. They don't seem to be anywhere else under DO.

This is almost 19% of Charlie's headcount. They will increase to at least 30% while also dropping US headcount (and perhaps marginal cuts in other international locations for groups like CB). Goal is to get to 210k total employees or something like that. Could be even lower. Do the math on that. Lose 30k total employees to get to 210k while also increasing I&P by 18k employees to 63k total (30% of 210k). Means they will cut 48k of the 195k employees outside of I&P, at least. This will take time, but that's where they're headed.

Look on Teamworks under COO>CAO>Regional Operations Senior Executive, India. Most offshore employees report under that org structure even if their role supports various lines of business.

Post ID: @ejj+1onI0kkb

You should spend less time trolling and more time learning to be a decent human being.

Why? Maybe spend more time working or looking for another job