Oh look, there's another announcement of a new Leadership hire - amazingly (insert sarcastic face) it's a buddy from their Leader's previous employer & no qualifications for THIS role to speak of either. I mean, why would they need to be qualified when they have their buddy to hire them. We can't hire US based resources who can actually HELP with the massive workload (you know that same workload that doesn't seem to change with the continual reduction of staff) but we sure can stockpile more US men and women managers who are buddies of other US men and women managers. They come in and become part a protected hive, they look out for their buddies. They are making an even bigger mess of this place, who knew that was even possible!
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When I was at Bank of America many years ago, there were Indian managers with the same last name in the same department. I found out that they were cousins. They were promoting each other by giving great 360 reviews to each other (they both started from AVP, VP, then became SVP within 2 years). They were also hiring only Indians within their teams (this was not a technology department by the way). So it's not just Wells Fargo.
I really really hope this is true. 90% of our current execs are absolute garbage. When Shart leaves I hope he takes a ton of them with him.
Nepotism? Are they related? Good leaders take people from their prior team with them. Get nervous if they don’t. It means they don’t want to bring anyone along who knows their prior blunders.
If one considers the totality of actions taken and their impact on the USA over the last 50 years, this conclusion is inevitable.
almost like there is a global plan (that WF is a part of) to destroy the USA... offshore a large number of jobs. bring in "contractors" from te------t led countries (pakistan, etc. - not saying we have contractors from pakistan here at WF but i know of companies that do)... make sure leadership is full of schleps who can be bought off and coerced into doing what They want. am i paranoid? sure. but is it true? quite possibly.
How do you figure? Seems they just keep adding more.
It’s pretty evident that the middle managers will be fkd! I am waiting for that day because that will truly get us to our money point.
It's amazing how often you can observe HY act and the inexplicable becomes obvious with one simple question. Does it hurt morale / drive attrition in the US? That's why they do everything.
What OP says is spot on. I cannot take seeing one more person from the JP Morgan JV squad. Meanwhile, we have to do at least 6 or 7 interviews with 10 page interview guides with ridiculous questions. God forbid I want to hire a white person when there was a POC also interviewed; I have to give several justifications. Meanwhile, one unqualified person after another are "direct placed" if they come from JPM. I can't believe this place anymore.
@bbb It gets worse, when I was at another large firm years ago. They decided it would be a good idea to start bringing I&P onshore to manage the locals.... Total culture clash
Plutocracy, elitism at its finest. Middle class getting decimated in the meantime.
During the next townhall ask scharf to step aside for the benefit of clients, employees, the firm, and shareholders. A petition signed by concerned stakeholders and then a takeover of the firm through a breakup and sale would be a good path forward. Scharf is not a leader but a job liquidator. There is no intellect, just endlessly reducing staff. There is no compelling reason to invest with the firm, and regulators agree.
At least they are not offshoring management jobs yet.
@wlz OP here - from the US, onshore and FTE. Do you have any other words of wisdom and incorrect observations/assumptions for us all??
Offshore fte complaining of nepotism in the us. Amazing lol
That and diversity hires with the same qualifications (none other than how they look).