I don’t know if there were layoffs of smaller volume, but definitely none of the other banks had any announced layoffs, nor did they have layoffs in the amount that WF had.
Looks like higher interest rates are only affecting WF, but not other banks.
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Here are some:
/pennymac-financial-services -- https://www.thelayoff.com/pennymac-financial-services
/quicken-loans -- https://www.thelayoff.com/quicken-loans
/pnc-financial-services-group -- https://www.thelayoff.com/pnc-financial-services-group
/caliber-home-loans -- https://www.thelayoff.com/caliber-home-loans
CHASE+mortgage+site:thelayoff.com -- https://www.google.com/search?q=CHASE+mortgage+site:thelayoff.com
they have, i think all of them had cuts.
if you look here on the layoff you will see chase reported cuts
also, quickenloans (not sure what's the new name) had 2500 cut
other loan companies and financial services companies reported cuts but they are just not as big as we are
you have cuts that are happening at mortgage companies daily, 10 people here, 20 people there - it's just all over the place. at 5 or 6 % rates the number of folks being able to affort mortgage is small, so the industry will slow down
it'll get much worse unless the fed reverses the policy and start dropping the rates. i do not think that will be happening, so we will be in the world of pain for long time.
Wells had a glut ever since the Wachovia purchase. They were determined not to layoff most of the Wachovia people because they believed that was the moral approach. So, we held onto that glut and didn't take advantage of attrition like we should have to slowly reduce headcount. After a decade of being oversized the new executive team had a mandate from the board to reduce headcount and employee costs, and here we are. Personally I blame prior executive teams for not using natural attrition over the last decade to minimize the negative impacts of mass layoffs. Now we have to sleep in the bed they made.
Uh, they did.
Even Sofi and other fintechs took headcount cuts. Mortgage volumes decreasing double digit in just the last month. Why do you think WF is any different?
Why would higher interest rates not affect other banks? Makes no sense. The answer to your question is not interest rates. It's the fact that WF only cares about the bottom line and is a bloated, inefficient organization that poorly manages both hiring and headcount. So then they turn around and do layoffs. They over hire then don't think long term. Seen it in many areas not just mortgage. It's poorly run and not well thought out, at all. Other banks aren't as bloated.