Anyone that doesn’t have a customer facing position may be asked to relocate to one of the strategic cities or risk being let go. Strategic cities are MInneapolis, st Louis, Portland, Salt Lake, San Antonio, Raleigh, Des Moines, Charlotte, Phoenix, Dallas, Denver, Atlanta. reducing staff levels in area 0, 1 locations equals big savings in salaries and rent. Might want to figure out which city you like or dust off the resume
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WF is getting adverse selection by having high level positions in SF/Bay Area. Banking just isn't s-xy in Bay Area and we get a bad pull from the distribution. There are a lot of really weak and deadwood types in WF and they need to go. Moving them out of SF would help.
For what it's worth - the Minneapolis Home Mortgage campus is in the midst of building a new 300K+ square foot parking structure. When that news came out earlier this year the local paper had WF quoted as saying the campus was identified for a potential increase of up to 1,250 team members. This all started before the layoff announcement, of course, but seems relevant given this mention of strategic cities.
I see that, just as an observation though. Jordan Creek in Iowa has numerous empty seats all over. A lot of work from people laid off has been absorbed by teams there. Closing down other areas and bringing it there won’t surprise me.
Most if not all of the C-level “leaders” and their direct reports - in other words the people who matter - work in San Francisco and live in the Bay Area. They’re not going to do anything to inconvenience themselves. Those people and their support staff will stay right where they are.
"main office located in San Francisco, CA. " -- doesnt make sense to complete pull out of CA - higher taxes or not. Huge part of WF business is in CA
Columbia is one of the first cities they are looking to cut people from just like San Francisco and NY
Is MD (Columbia & Frederick) an area 0 or 1 zone?
The company has a lot of dead weight everywhere so focusing on prime locations is a metric the other metric is to focus on employees who don't work and are involved in misconduct as part of a forced ranking. Therefore, all executives and board of directors must be fired.
The marketing positions have been migrating towards San Francisco, where Moldofsky and most of her minions are, for the last few years. They could certainly save money if they left the jobs in Charlotte or Minneapolis, but that doesn’t seem to be the plan. At least it wasn’t.
@nxd Cali is not SF - there are many cities that are business friendly, probably much more than Atlanta and Portland. I know we have a massive footprint in CA, so having no location here makes no sense. Good luck The list above has minimal West Coast presence (Portland), given the size of the markets in the West this makes no sense (1/3 of our customers are in the West).
Not a surprise WF is pulling out of California. sAn Fran is getting ready to tax big employers as a way to pay for the homeless.
Nothing in California, huh?