Thread regarding Wells Fargo & Co. layoffs

IT outsourcing is happening as soon as the new CEO is in place?

IT outsourcing is happening as soon as the new CEO is in place. A couple reasons why WF is going this direction. First IT hasn’t delivered systems to satisfy regulator MOUs. The regulators want to see old legacy systems updated and it just hasn’t happened so the regulators are requiring a differently strategy. The other point is WF’s core business is banking (some may say fraudulently) and not IT. Investors want the bank to simplify operations and focus on core competency. Think about it this way - if WF’s core competency was IT, they would sell the in house built technology to other banks. But they can’t sell the technology because it all is terribly years behind.

The good thing is many in IT should have job opportunities to join the company taking over IT. That should also look good on the resume.

I this statement by @Z0EUzty-1wws true? Does anyone know more specifically on this matter?

by Anonymous
| 1001 views | | 5 replies (last May 17, 2019) | Reply
Post ID: @OP+Z2RRxS8
Comment! It's anonymous!

5 replies (most recent on top)

Fact is this is all bs the shoreview incident proves this point as when it went down India was usable to work. Now imagine that with all it. Also it in India generally refuses to work overnight shifts so sorry to say most of you don't know anything about it

by Anonymous
| | Reply
Post ID: @4jlh+Z2RRxS8

Sometimes this site is a like a man on the street interview.

Really, folks, just because someone puts a microphone in front of you that doesn't mean you know what you're talking about, and that's okay.

Opinions are not facts, no matter how right they "feel".

by Anonymous
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Post ID: @2jdc+Z2RRxS8

While there will be employment opportunities at the outsourcing vendor, they will have pay reduced and tenure reductions. Far less certain employment for those chosen to migrate to the new company so not a ‘good deal’ for a lot of people.

by No bed of roses
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Post ID: @2nsb+Z2RRxS8

The next phase of outsourcing is to sell off the IT to another group and not just send jobs to India. WF can then show significant decreases in staffing level and will have contract that requires system upgrades. The regulators will support it because they don’t have confidence in WF leadership to get any system upgrades complete.

by Anonymous
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Post ID: @1mjs+Z2RRxS8

IT offshoring not just outsourcing has been going on for years and will continue. Offshore is to another country all together not just outsource.

by Anonymous
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Post ID: @aof+Z2RRxS8

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