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(Des Moines Register)   If you were one of the 5,500 Wells Fargo employees who was recently laid off, take comfort knowing that because of your sacrifice the company was able to post record earnings   (blogs.desmoinesregister.com ) divider line
    More: Asinine, account of profits, mortgage refinancing, comfort, West Des Moines, Wells Fargo, U.S. Bancorp  
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1793 clicks; posted to Business » on 11 Oct 2013 at 2:54 PM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-10-12 08:37:52 AM  

sure haven't: We'll get there someday. For now though, we can only cut bit by bit. Soon though, every person will be their own company will gloriously be employee-free, and will finally be able to make the board even richer. It will be paradise.


FTF Delusions of paradise.  Hey, we elected Barry for Hope, right?
 
2013-10-12 08:38:53 AM  

sure haven't: Employees don't make the company happen, employees are an annoying cost. A liability that needs to be eradicated. If every company did away with these "employees", they would save millions to distribute to lottery-winning upper executives.

We'll get there someday. For now though, we can only cut bit by bit. Soon though, every company will gloriously be employee-free, and will finally be able to make the board even richer. It will be paradise.


You laugh, but I've read this same argument from at least one Farker I won't name.
 
2013-10-12 08:43:06 AM  
Hm. I see that I should have read the thread first.
 
2013-10-12 08:47:58 AM  

TDBoedy: Did Wells Fargoneed to fire those 5500 individuals in order to perform better? Were all 5500 dead weight? I suppose that is a possibility. Much more likely is that this is a short term stunt to prop up profits for the Q4 reports. Sure its cynical but probably accurate. Many companies like Wells Fargo are lobbying Congress to be able to import more foreign workers as they fire existing domestic employees. The H1B system is used as a wage-slavery system by the corporations so they can pay a discount and hold down wages even further. (Citation) And yes I know he's a prof of computer science and no economics...doesn't make him wrong or uneducated in these regards.


Why do you hate the system of pigeon-holing people into one area of knowledge and assuming they can never have any more than one relevant skill on which they are qualified to speak?
I bet you hate mindless bureaucracy, too.
 
2013-10-12 10:32:45 AM  

gingerjet: Diogenes: The mortgage business won't be in a slump forever.  When it recovers and that portion of the business is restored, they will need to hire again.  But they just lost people with a body of knowledge because of the layoffs.  This will create quality problems.

You clearly don't know the financial industry. Shuffling mortgage around is a labor intensive position that requires no real skills.  Its better to let them go then have them sit around updating Facebook all day.  And Wells is very efficient at hiring and hiring people.  When Wells needs to scale up again - they will put out the word and five thousand people will show up and they will be productive immediately.

/stockholder in WFC
//also an ex-employee



Seriously disagree with this point; a good underwriter, processor, and closer can be the difference between an easy, compliant process that helps the bank and borrower simultaneously vs. a shiatshow ordeal that eventually defaults.  Mortgage process post Dodd-Frank is a completely different beast than it was three years ago, and there's a shrinking pool of qualified workers that really understand how it all works.  IMO, WF is setting themselves up for long-term service problems.

Look, I agree that WF probably did need to lose some people (mortgages are way down, after all), but WF is notorious for hiring in masses and laying off everyone six months later.  They've lost a large contingent  of the eligible work pool that will hesitate to come back next time there's a round of hiring.  Qualified candidates will eventually work for a place they'll still be employed for two years from now, and WF is going to be scraping the bottom of the barrel to find untrained underwriters to screw up your loan.


/ex-employee
//never going back
 
2013-10-12 10:42:59 AM  

TDBoedy: The H1B system is used as a wage-slavery system by the corporations so they can pay a discount and hold down wages even further. (Citation) And yes I know he's a prof of computer science and no economics...doesn't make him wrong or uneducated in these regards.


No, in fact it gives him an insider's perspective. The H1B's first market of abuse is the computer science industry. American universities still try to recruit hundreds of new students into tech degree programs every year, because they were such high-paying jobs during the dot-com bubble. But for the last 15 years, H1Bs have made most tech degrees into worthless scraps of paper... because India churns out 10-15 tech graduates for every one of ours. On paper, their degrees (and language proficiency) are equivalent. So by holding the H1B over their heads, tech companies have been able to hire 2-3 Indian graduates for the equivalent wages of every 1 American graduate. Americans taking those jobs are never able to repay their student loans, because they are forced to work for Indian wages (lest they be replaced by an Indian).

CEOs in non-tech fields took a good look at what was going on and said "damn, I gotta get me a piece of that action." Just about every single company and industry involved in the H1B game have experienced a drop in overall sales. They write it off as being caused by the poor economy, and hire more H1B employees to keep their profits high. It never crosses their selfish minds that the drop in sales isn't caused by the poor economy... It's helping to cause the poor economy by decreasing the collective spending power (and increase the debt ratio) of American consumers.

Didn't Henry Ford have some good quotes about treating his employees like potential customers?
 
2013-10-12 01:28:53 PM  

WayToBlue: They should be keeping employees they don't need? Sounds like the kind of foolproof strategy that has made many of our government bureaucracies so efficient.


If they didn't need them, I'd expect them to be laid off in small numbers over a long period of time as real need rarely jumps up and down that suddenly. That strategy would allow the people to find jobs as the local economy would only need a few new job openings at a time. This massive dump of employees is more likely due to some policy decision by an exec rather than local determination of real need for workers. It also costs the tax payer money as the local economy can not absorb that many new workers at a time, so you have people hitting the social safety net.
 
2013-10-12 02:01:49 PM  

clkeagle: TDBoedy: The H1B system is used as a wage-slavery system by the corporations so they can pay a discount and hold down wages even further. (Citation) And yes I know he's a prof of computer science and no economics...doesn't make him wrong or uneducated in these regards.

No, in fact it gives him an insider's perspective. The H1B's first market of abuse is the computer science industry. American universities still try to recruit hundreds of new students into tech degree programs every year, because they were such high-paying jobs during the dot-com bubble. But for the last 15 years, H1Bs have made most tech degrees into worthless scraps of paper... because India churns out 10-15 tech graduates for every one of ours. On paper, their degrees (and language proficiency) are equivalent. So by holding the H1B over their heads, tech companies have been able to hire 2-3 Indian graduates for the equivalent wages of every 1 American graduate. Americans taking those jobs are never able to repay their student loans, because they are forced to work for Indian wages (lest they be replaced by an Indian).


oh really now? Brookings found that h1b workers are paid 26% more than Americans, not the other way around

http://www.brookings.edu/research/papers/2013/05/10-h1b-visas-stem-r ot hwell-ruiz

www.brookings.edu
 
2013-10-12 03:29:12 PM  

dumbobruni: clkeagle: TDBoedy: The H1B system is used as a wage-slavery system by the corporations so they can pay a discount and hold down wages even further. (Citation) And yes I know he's a prof of computer science and no economics...doesn't make him wrong or uneducated in these regards.

No, in fact it gives him an insider's perspective. The H1B's first market of abuse is the computer science industry. American universities still try to recruit hundreds of new students into tech degree programs every year, because they were such high-paying jobs during the dot-com bubble. But for the last 15 years, H1Bs have made most tech degrees into worthless scraps of paper... because India churns out 10-15 tech graduates for every one of ours. On paper, their degrees (and language proficiency) are equivalent. So by holding the H1B over their heads, tech companies have been able to hire 2-3 Indian graduates for the equivalent wages of every 1 American graduate. Americans taking those jobs are never able to repay their student loans, because they are forced to work for Indian wages (lest they be replaced by an Indian).

oh really now? Brookings found that h1b workers are paid 26% more than Americans, not the other way around

http://www.brookings.edu/research/papers/2013/05/10-h1b-visas-stem-r ot hwell-ruiz

[www.brookings.edu image 850x498]


Hey now - let's not let facts get in the way of our blaming others!

I'm a software developer and I don't make 120k or more per year.  I BLAME BROWN PEOPLE!
 
2013-10-12 08:40:00 PM  
Capital One laid off a few hundred this week but more will follow depending on the third quarter. The most overpaid ceo of 2012 has to get his money somewhere.
 
2013-10-12 11:58:53 PM  
Next thing you know homes will be overpriced
 
2013-10-13 01:32:50 AM  
*quietly places Rik01 in the high kittystatus Blue Section*
 
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