Thread regarding Wells Fargo & Co. layoffs

It is 100% entirely about the money, but I am truly sorry if this move was a surprise to you.

@sjx+1r68EPMf

Sup?!

Another manager just confirmed this plan to me. My location is not a go-forward, so I will be placed into one of three buckets...

Displaced (by far the largest bucket)
Relo (or displaced if you don't accept)
Special skills (probably not real)

The decisions are being made (for tech) at a level 2 or 3 down from TK. So they're probably just rolling dice to fill the buckets.

It's not all about the money. There are clearly other considerations behind RTO. It's much cheaper to have remote workers vs big buildings full of workers. If it was ALL about the money, WF wouldn't have admin buildings at all.

@3rsc+1r68EPMf

“Even in tech, where there were great proclamations of ‘remote forever’ there have been a lot of reversals.”

For the few companies that will continue to hire remote, this will be a boon to get better talent at a cheaper cost. Unfortunately for the current remote worker, you will have to be willing to take a pay and benefits cut if you want to remain remote. The employers now have the upper hand and they will exploit it. Keep in mind that corporations only have one god: money. You are just a “resource” to them and not a human being.

"Thankfully there are some companies out there that do believe in the wisdom and efficiency of remote work."

Fewer and fewer across industries, not just banking. Even in tech, where there were great proclamations of "remote forever" there have been a lot of reversals.

TK is part time leader. MSP will determine where Technies login from and what they get paid. You can run this company technology with her knowledge . Are you guys living in a dream having her for long time in this role? Diversity inclusion is not for that.

@1pyj+1r68EPMf

HY doesn't care about quality, because they don't really care about WFs long term prospects at all.

LETS GET ON WITH IT!!!!!!!!!!

@1wui+1r68EPMf

Many of the hubs are undergoing significant renovations so there is not immediate space available in those locations. Thus, the timing may depend upon where you are.

Does anyone know if they are planning to return remote workers to the office right away? Or that will also happen in phases? There are a lot of wfh tech resources.

@1ptr+1r68EPMf

Yes, that guy in India will do the job in India for less money, but it takes 4 of them to produce the same level of output with the same quality. Where are the savings?

Yes, all the big banks are using the same PR campaign to cover their treachery. It's not a surprise, it remains evil though. F these clowns. They don't give two Ss about in person work or collaboration. All that matters is that a guy in India will do your job for less money, hence the mass terms will continue.

Thankfully there are some companies out there that do believe in the wisdom and efficiency of remote work. It will serve them well. Dinosaur tactics will fail eventually. It's a matter of time. The big banksters are actually well aware of this, it's exactly what they will cite when they eventually come to the people in the hubs, one building at a time, to say "oh no, unfortunately we're going to have to shut down your hub and as a result you'll be displaced..." It's the next logical step, and HY can't wait to take it.

@1nkw+1r68EPMf

Agreed. The workplace strategy has been posted on the Tech home for a couple of years now. All the leaders of large banks have been public about getting workers to work in the office. Even though I hate RTO, I believe those that are remote and unprepared for this have only themselves to blame.

Not being snarky or condescending at all, but how is this new to anyone under TK? Or really anyone for that matter but specifically under her? Are there groups that have not been attending CTO TH’s or reading the emails for the last 3 years? Leadership under Gillet has been making this either crystal clear or you could very easily read between the lines and know this.

Perhaps it’s just jarring that this is now written in plain English?

Faaaawk, I'm not going to lie, I used to talk a little bit of trash whenever "tech was effected" because for years you techie types were so smug about RTO and never being impacted due to your 'current skills', but between I&P, AI, contracting, the faux location strategy etc. the tech group is in real trouble. I actually feel bad for you guys.

FHY. Every one of them.

What is the market going to be considered now under TK?

what a trategy?

"Drop the useless Agile positions. There’s a huge cost savings alone and no need for location strategy nonsense. "

Considering we're following agile in name only, and basically calling using JIRA, and having daily meetings Agile... yeah they should start there.

Well hopefully laid off just in time for spring!

Fu-k this company if this is true, and fu-k it if it's not.

@iyh+1r68EPMf

Any more than Saul van X-Ray Glasses knew about technology, or banking, or real-estate, or property management, or retail. But damn, could that mo---------r sip a coffee.

You realize these people are just bobbleheads that are in charge because we let them.

Drop the useless Agile positions. There’s a huge cost savings alone and no need for location strategy nonsense.

TK doesn’t even know what location she is in. Her idea of DEI is wearing a rainbow lanyard and glasses on her head. Some of the real journalists should ask people past and present about her job skills. She does not know technology.

@sjx+1r68EPMf

On 2/27 you will believe.

Will believe it when I see it

That’s the best info I’ve seen on this site!