Thread regarding Wells Fargo & Co. layoffs

@ubg+1rBpkDKb

If WF cared about such tax breaks, they wouldn't be shutting down 80% of their admin building portfolio. Sure, they take them when they will be at a site anyway, but it's not a primary driver. Eliminating the US workforce is their objective. Everything they are doing confirms it. They hate WFH because WFH people are happy and tend not to quit, and they want as many people to quit as possible. That's it, that's the end game. It's not tax breaks, it's not increased productivity, it's not culture, it's not collaboration. HY doesn't care about any of those things, AT ALL. They don't care because they know that it's a matter of time before the domestic workers are almost all gone anyway.

@ubg+1rBpkDKb

I spent 18 years in office and was WFH for 4 before COVID. In my current role driving to a building is a complete waste of time and reduces my productivity time and my availability to support my distributed team. There is literally zero business case for it other than "because we say so". FHY. They can downsize me if they want, but they'll be writing checks for a year for no reason. FCS.

OP. You can only hope so. That it swings back to being a customer-oriented bank.
However, it may also evolve into being the leader in AI driven digital banking. The center of AI in America is San Francisco. Wells Fargo is a San Francisco based bank.

What percentage of the company works within 40 miles of their location AND spends 4 hours daily commuting?

And the studies are not conclusive that remote work is the same productivity. Some say that but there are plenty of others that find otherwise.

Look - I manage a large group that is 90% remote. They are all great. I have been with the bank for over 25 years, 15+ as full-time remote. My team is gone soon. I'm gone soon. I'm the last person who should be defending the company but spreading false information isn't productive.

It may reduce employees cost, but it will ultimately lead to more displacements. They have a number of jobs required to keep the tax breaks from locations where they have a lot of office space. If they lose that, it will cut down the headcount and it'll be a trick down affect. Also, the corporate real estate market have been hit by the employees working from home and bank's are not receiving money from the tenants like they were before. All of like wfh, but we also like our every other week pay so weigh the two. Or, quitting is always an option. I'm sure you were in the office prior to covid and no sympathy here since we never really left the office. Stop being a spoiled brat.....

Wells Fargo top executives only care about themselves. They actually don't care about the company or the shareholders. We are the peasants who feed the rich and powerful.

Especially frustrating for those of us remote much longer than the CV days...18 years for me and now I'm told I cannot perform my job WFH.

Most people use to work in the office before COVID.. So complaining about having to go in is kind of whiny, especially when you live near one of the select location. It's a privilege not a right to work from home. That they're offering people a choice and then severance if they don't move, should be looked at with a positive note I'd think. Many companies don't offer squat.

WF doesn't care about the bottom line at all. If they did, they'd embrace WFH and BYOD, which combined would massively reduce employee costs.

name me a corporation that doesn't care about the bottom line?

It won't swing back when the current execs leave but it might slow down/stop the progress if they do.

Current leaders are from JP Morgan not Morgan Stanley.

Your post is wrong in that the location strategy stills provides severance even if you are given a choice to relocate. if you're within 40 miles though, then that may be true. There are also time limits in accordance to the displacement policy which means any commuting 2-4 hours would also qualify for severance.

Sorry, I learned nothing from this post. Same old story.