Thread regarding Wells Fargo & Co. layoffs

I worked 30+ years at Wells F-kugo and was sent packing over a zoom call. Benefits and pay were good but the working environment was threatening. DEI is just another attempt to purge the qualified. Ask yourself: How many senior executive jobs have been outsourced? Sure, WFU created token exec positions to cover their a$$s. If you are an outsourced executive, their package would easily provide for dozens of talented IT folks.

President Trump should look into outsourcing of jobs in addition to outsourcing of factories.

Banks CEO make millions while they outsource jobs for small savings while putting the American family at risk of not having to pay for food, clothing and shelter.

Everything stated here about offshoring is true. The shortsighted strategy is obvious. Now, there is a huge difference in offshoring today, than back in the day, as you have all referred to.
That difference is Technology ya old fogies! The tech was nothing like it is today at large financial institutions. If WF was doing whats right for their customers, they would not be allowing their data go to a habitual offender of corruption. The IDA loopholes have been beyond exploited, creating absurd risk. The same goes for H1B in corporate America in general today(were not hiring rocket scientists here). It is all Just for greed, and I would bet the customer is not aware. The company would be better off with a virtual CEO.

Wells Fargo’s “Location Strategy” is just another “credit default swap” word. If you mingle with these offshore Jabronis beware, they have your info.
Muahahaah….. anyone notice an uptick in spam texts lately. The USA WF Employees struggle is real! And this thread is stale. Pffff

Adios

This should unwind with the incoming administration…..I wish lol.

We’re sc--wed.

It is real. It is not just entry level jobs. WF has appointed several architects and Engineering "Leads" in India. I am qualified but was not given an opportunity. In fact, the location I work in was deemed to be "not in our location strategy" because I am in California and it is expensive to do business here. I was told that I would either be invited to move (which I will not) or take a package. I am still employed but am disheartened by the traitorous management that is in place. They hate America and the people in it. I could not sell my soul to be part of this strategy but apparently there are many that will.

https://www.deccanchronicle.com/opinion/columnists/sanjaya-baru-are-india-us-relations-going-into-a-free-fall-888009

Most of us at wf have accumulated large chunks of stock…. Start voting at the shareholder meetings.

These are the kind of people we are dealing with:

Indian Wells Fargo VP fired for urinating on passenger on plane

https://nypost.com/2023/01/06/wells-fargo-vp-shankar-mishra-urinated-on-passenger-on-plane/

@3frg This board has people that treat it as their own personal street corner for their pet schizo rants. That guy is one of them.

Lol that @3vpb+1pAaA8qV has that copypasta ready to misapply whenever someone mentions India on here

@ajj+1pAaA8qV, the guy in the current administration will not do that. He will reward these companies with tax reduction incentives.

"Modi, Biden pledge to deepen India-U.S. partnership as world leaders descend on Delhi for G20 summit"

https://www.cnbc.com/2023/09/08/modi-biden-india-us-g20.html

It's like wfc finally caught up to 1995. Too bad we didn't notice that everyone reversed the offshoring trend by 2000 when they realized what disaster it was.

The government needs to start taxing companies whos outsourcing US jobs overseas. All the lost Income tax revenue needs to be covered by someone

They will have to start opening branches in India and the Philippines. No need for a bank when you don’t have any money because you don’t have a job.

I'm a mid level employee and am trying to reign in unnecessary expenses and pay off debt. So when the axe comes for me, I can still survive off a smaller salary. It's sad that I've worked hard all these years just to be here. I should be looking at a larger house, maybe saving for a special vacation, or putting away money for college. Not planning for survival.

Short sightedness

many companies learned a long time ago, after offshoring first gained steam with call centers, that while it helped the bottom line, customer hated it and they lost a lot of the cost benefit as a result of customers leaving. Because of this many companies moved their centers back. This will likely happen again in the future after the short sidedness of the short term cost savings start to wain and costs start to rise due to failing and innediquate processes. The increase in offshoring here at WF may be one reason we haven't got the feds off our backs yet

There are material differences in the hiring requirements for an off-shore employee than domestic. Off shore is loose, fast and many of these people hired are woefully under qualified. Forget about DEI, hiring most qualified, etc. does NOT apply. Dispiriting to say the least watching it unfold in a highly risky and rapid manner. Another risk failure for the once great Wells Fargo.

Nothing ever got better by moving it to India and the cheapest option is rarely the better option.

It’s not just India, it’s also the Philippines. I hadn’t dealt with a single one from either that is competent. The downfall of this company is coming. The asinine decisions made by senior management are mind blowing.

"This gives a lot of anxiety to me since I am in mid senior role given the general outsourcing trend . . ."
Cry me a river. People like you didn't say a word when all the computer jobs were outsourced, in fact, you probably laughed at the "nerds" who either lost their jobs or had to take reduced pay to "compete" with India. Now it's happening to you. Boo hoo. Now you can come work with me loading trucks at the warehouse.

In my area (quant), almost all new job postings are in India.

WF can save a few million bucks if they get rid of useless TK.

It won't end well. No one in India gives an S about this company. Ditto for contractors. Sounds simple, but it will be our undoing.

Ripping apart our country

A few smaller companies (50 - 300 people) I personally know sponsor about 5 to 50+ H1b.

Government will not realize this - when you take out HR, compliance, admin, legal, directors, partners, and all the client facing roles: H1b can take a major chunk of the jobs.

Work for smaller American companies who may be less likely to send jobs overseas. Change employers every few years.

I wish we Americans had the fortitude to band together and stop financially supporting companies that send jobs overseas. But we can’t seem to do without the latest and greatest gadgets or be inconvenienced to bank at a small FI. It’s a shame because we do have buying power but we don’t collectively use it to force changes. Yes I know that won’t solve it all but it can make a difference or at least it’s a start.

Move to India.

The C suite should all be tried and hung for treason.

My other companies have required an MBA since the mid-2000s. This is all new to WF.

I don't understand the issue here. If "our senior management had clearly stated that wells is “inefficient” then why do you need "senior folks out there any words of wisdom on how to navigate this sh---y trend/environment"?

Just pack up all your sh-- and go!

Trust me, the "senior folks" out there have some real serious issues to deal with and from what you heard "all the big 4 banks in the US" are also outsourcing. What's that tell you?

News flash: Corporate America has only one concern. The bottom line and how it relates to all of their shareholders. Outsourcing to third world workplaces is not a new strategy, it has been ongoing for many years now. All part of the "One World" long term strategy that Corporate America was so eager to join. Outsourcing is here to stay, sorry to say, there is no way around it.

This is truly disheartening but unfortunately true. This alarming trend of outsourcing mid to high-level finance and tech jobs doesn't bode well for young and mid-career American workers in the industry. While I'm relieved to be nearing the end of my career, I can't help but worry about the challenges our younger generation will face.

Will they issue work visas like h1b for you to take those jobs?