There were lots of posts about this topic for a long time and recently my entire department was officially put on notice - list of hubs and 60 days to decide if you’re moving. However, there seems to be no word about this hitting the operational side of mortgage. Was my department told first or what? Has anyone else received official notice in home mortgage?
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While there was LOB variability, the pre-COVID move to hubs looked something like this:
- We want to move you to a location where this LOB has a concentration.
- Here are the locations where you can move to and keep your job as is.
- Your job cannot continue "as is" at your current location.
- Inform us within 60 days of which location you want to move to. You will have X-X days/months to report to your new location (sometimes date can be negotiated with manager).
- If you choose to not move to one of these locations, you will be resigning from your position at Wells Fargo.
After these points above, this is where it started to vary:
- The resignation may/may not come with severance.
- The resignation timeframe could be a couple weeks or a few months (has been negotiable in some areas).
- Paid relocation may/may not be offered.
The enterprise location strategy was one of the worst kept secrets at Wells Fargo. It was never formally announced, that I know of, but with hundreds of people working on it across the bank, many were aware. To the best of my knowledge, Technology and Home Equity got closest to implementing it when COVID started.
@OP above asked this, "So, if it’s “LOB Specific” why wouldn’t they let an employee report to an office in Denver IF there is no intention of closing it???"
The answer is that there could be a plan to either close that location or for your LOB to leave that location and it just hasn't been announced yet. There are a ton of factors at play in the location strategy, including facility improvement costs, lease expiration dates, what retention looks like in that market, the cost of labor, access to transportation/amenities, where businesses want to operate (or where can they operate depending on the regulations), how businesses want to operate (e.g. on-site working teams). There's a ton that is considered and all the nuances aren't communicated for any number of reasons (generally because it falls under the category of "this is how the sausage is made and most people really don't care that much"). In the end, it's the company's decision to make. But if you wonder "why can't I work at this location where there are already WF people?" assume it's because something may happen to that site in the near future and it hasn't been communicated yet or it's a business operating/work style decision.
company is not offering relocation; you have to move at your own expense. also as many have stated, hub locations are going to vary by LOB. Of course there will always be the main ones that are common across multiples like Charlotte.
How/when did Boston, Chicago, LA, and DC get designated as hubs?
No monetary assistance.
Are they offering any relo assistance ?
Each LOB is treating their hub/location strategy differently. Some of them are laying off those who don’t move to a hub, some are just applying it to new hires (for now), and some aren’t really doing it at all. Typical WF consistency.
You think the force-to-hub strategy is 'fun', wait until they start 'consolidating' hubs. Pick the wrong one now and you'll still be downsized.
A list of hubs and 60 days to decide if you’re moving sounds to me to be a great class action lawsuit or a great time to ask for a package. You can always sell your time but you cannot buy it back. Trust me on that one.
You job has moved to a hub and if you don’t show up in 60 days, you don’t have a job.
Mortgage was bound for a trim. But I am not happy to say so. You just knew it was coming. Not the staple it once was.
@uqa:
What you are describing is what happened to my team long ago when I was in another area of Wells. This is not what was communicated when we were given notice recently. They said, hey you live in Houston (ex.) and it’s not a hub so go to a hub or you will be displaced. The end. No mileage considerations. No funding the move. 60 days is how long you have to decide.
OP here…
We have team members in AZ, PA, CO, SA, Houston, etc. and all those team members have been given notice. There are literally campus locations and they either move or severance in 60 days. So, if it’s “LOB Specific” why wouldn’t they let an employee report to an office in Denver IF there is no intention of closing it???
Hubs are Boston, Charlotte, Chicago, Dallas, DC, Des Moines, Minneapolis, Los Angeles, New York, San Francisco, and St Louis. This is not news to me but why have we been told and no one in ops knows? The news is delayed or it is LOB specific, which I find hard to believe. We have to get to the magic number somehow.
This isn’t about remote work.
if you do not report to a hub it depends on how far away you are from it. Within a certain distance you are required to report or you lose your job and any severance, bonus etc. If outside of required distance then you can opt into a severance package.
"What happens at the end of 60 days if you do not move to hub?"
I asked that same question, below, and was downvoted.
I heard tech is affected
Where in home mortgage do you work? Were you always remote or do you have a nonhub site and where? What happens at the end of 60 days if you do not move to hub? Will your 60 day notice of layoff start at the end of the 60 days to make your decision? Or is this your 60 day notice?
I work in mortgage operations in a nonhub location and have not received anything yet.
The new locations for HUB access:
Philippines
Malaysia
India
Afghanistan
Best of luck to everyone!!
60 days to decide if you're moving or...?
It's LOB specific
I'm in home lending and haven't heard anything. Can you please provide more specifics, such as what are the list of hubs and some of the roles impacted?