Thread regarding Wells Fargo & Co. layoffs

@1lsg+1sHC5UQF we do have about a dozen IT registered users. They don't necessarily support the brokerage systems, but they are the sacrificial lambs so that IT in general can support the brokerage systems.

The rule described in the story applies to only those people who are registered with FINRA. From the FINRA site: You must be registered with FINRA if you’re engaged in the securities business of your firm, which includes salespersons, branch managers, department supervisors, partners, officers and directors.

So this is going to mostly effect Brokerage. But I would guess most of the brokers and the people who directly support them are already in the branches close to 5 days a week because they are customer facing. The FAQ's even describe a scenario where an IT person is registered (not sure if we even have any registered IT people at WF - I would tend to say we don't) and as long as they aren't doing any supervisory functions (FINRA supervisory functions - not people supervising) they are exempted from this.

we were 4 days a week pre pandemic and with assigned desks

It's hard to argue that WF cares much about using their own employees to keep CRE afloat, the company is dumping zillions of buildings across the nation and consolidating even withing huh markets. We have repeatedly done this, even when taking huge losses on buildings relative to what we paid for them. There's also a massive outsourcing effort. None of these actions are consistent with a company that is trying to slow down the coming CRE apocalypse.

Because WF had hired thousands of remote employees many years ago, the current office capacity cannot accommodate all employees at once. So WF will divide all employees into two groups in each LOB, and alternate their RTO schedule every two weeks between the two groups. Some LOBs have been already doing it for the past several months.

Damn this is real. They want us to get back 5 days a week because why, it’s about commercial real estate. Banks and politicians have a huge investment in real estate, they want us back five days a week to keep their investments, just telling you guys the truth.

I'll be laid off before they start this .

So the banks are trying to blame it on FINRA as their scapegoat for 5 days (where applicable at least) and FINRA isn’t necessarily mandating it. Lmao. I can see the email announcement now.

This doesn't have anything to do with the vast majority of employees. Not that it matters anyway, we won't have domestic workers bees when Shart is done.

Two words: FINRA shminra.

Work from home in India is allowed?

Those people this would affect is literally a handful -- Not everyone in the bank falls under the tight FINRA regulations.

Literally hundreds of employees

https://archive.is/yArVp