The new comp plan is out in Oct I think?
Wonder if it’s gonna be a big change?
Is Charlie gonna try to axe all the big bankers in big markets that make north of $1M each year?
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Just avoiding warn/bad PR. They'll shut it all down, just a matter of time.
@qpf doubtful. All of the highest producers are already in focus markets such as bay area , SoCal, NYC and have a big book of business with affluent clients. Almost all deals the client is moving $1MM to wells to get the whopping 0.75% relationship based discount, if they didn't already have that much at the bank. And as soon as interest rates go down (they will, forecast is Q2 2024, not back down to 3% but 5.5% is better than 7%) anyone who used a purchase money mortgage in the last 12 months will be able to do a rate/term refinance.
Major wave of layoffs to hit Minneapolis and Des Moines within the next couple of weeks. There are still way too many employees dedicated to the Mortgage business on the payroll. Don’t know why Wells Fargo is dragging their feet.
Nothing going on here. Many of my coworkers are just waiting to be laid off. Until then we are enjoying the light workload.
Isn't part of the comp plan the terms of the severance package? Could the number of weeks per year of service be reduced? The elimination of medical benefits?
He doesn't get involved in that level of work