Wells Fargo Move

[SydneyCarton]

Big banks (and other companies) have been moving lower tier workers (e.g., IT, HR, Marketing, staff lawyers, etc.) out of NY, London, and SF for years.  First, they can pay them A LOT less outside of those areas.  Second, the office space in places like Charlotte, Jacksonville, and Salt Lake, which are all banking hubs, is a fraction of what it costs in NY, SF, or London.   Third, when they transfer jobs from NY or SF, the recipient cities pay big incentives.

Someone with a family who makes a $150,000 per year will lead a pretty lousy life in NY, London, or SF,  but a pretty nice one in the QC, Jax, or SLC, even if they take a $40,000 pay cut.

This is good news for the Queen.

Edited August 5, 2019 by SydneyCarton

[KJHburg]

this belongs in the Charlotte Coffee House not in this general worldwide UP coffee house. 

[CLT2014]

Wells Fargo has a new CEO. Charles Scharf will be based in New York City (where he currently lives). 

https://newsroom.wf.com/press-release/corporate-and-financial/wells-fargo-names-charles-w-scharf-chief-executive-officer

Of the current leadership team:
Charles Scharf, new CEO: New York
Douglas Edwards, Interim General Counsel: Charlotte
Derek Flowers, Head of Strategic Execution and Ops: Charlotte
David Galloreese, HR: San Francisco
Richard Levy, Controller: San Francisco
Mary Mack, Consumer Bank President: Charlotte
Avid Modjtabai, Payments/ Virtual: San Francisco
Amanda Norton,Chief Risk: San Francisco
Perry Pelos, Wholesale Bank: Portland
John Shrewsberry, CFO: San Francisco
Saul Van Beurden, Head of Tech: New York
Jonathan Weiss, Wealth & Invest Mgmt: New York

San Francisco (5), Charlotte (3), New York (3), Portland

Edited September 27, 2019 by CLT2014