Wells Fargo is cutting costs, that is not a secret. Nor is it confidential that some of the bank's attempts at slimming down spending have verged on self-parody.
But one place that every bank targets in these scenarios is headcount, and one Well Fargo insider tells us that the new regime atop Wells' tech division is looking to make some people quit before they're eliminated. According to our tipster, Wells Fargo is calling a "Location Strategy" and it goes like this:
This May we learned that non-customer facing telecommuters would be consolidated into centralized 'hubs' (Charlotte, St. Louis, Minneapolis, Phoenix area, Des Moines). Evidently, they think putting people in offices will fix poor management and bad employees.
Which is going over as well as you'd assume:
The only redeeming benefit to stay at Wells Fargo is being yanked out from under us. Us hardworking, high performing and experienced risk minded employees, who don't live in these hub major cities, our reward for sticking with this company through all its scandals is termination due to zip code.
Another Wells Fargo insider tells us that "I've heard about this and people in tech are pissed at [Saul] van Beurden...But if you step back and look at it, it has to happen one way or another. And he's just doing what he has to."
But that's not really going over for those affected:
More info to come from the head of tech at end of August but he had said that states with little to no Wells Fargo presence would be impacted either by layoffs or relocation. Of course NO written or valued details provided...You see, Wells Fargo now says they want to be 'transparent'. Who is willing to give up their family and spousal jobs, uproot their kids for a flailing bank with no CEO?
And with morale like this, who wouldn't want to be CEO of Wells Fargo these days?