I'm a closer in refi. My pipeline has dropped like a stone. From 100 or more to 8 in a matter of weeks. I can't see them keeping us much longer.
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2ftk you should be able to access all of that information in Teamworks; the fact that you are asking these questions leads one to believe you don't even work at Wells; and, if you do and can't figure out the answer to that very basic question, you should volunteer to be on the list.
They'll need to keep teams on board. There will still be closings, and they can't get rid of everyone.
If they do let you go, please report back here on what happens.
Do they give you a severance? How much? Medical insurance included? Do they make good on the 401k match? Other things?
Inquiring (and worried) minds want to know......
Nothing new. Some areas are cyclic. When things are going great, you need more people, so you hire more people. When they take a downturn, you need fewer people, so you let a lot of them go. It's just business! It would be ridiculous to keep twice the people needed to do a thing when times are slow.
It seems like anything Mortgage faces cuts on a regular basis.
Your analysis is correct. Your job is at extreme risk of being cut. It's not your fault, it occurs when rates move up. Update your resume and start looking for a new job asap, watch for where other co workers are able to land, keep in contact with your network.
Same. I'm surprised we survived the last round of cuts. My manager was let go and I was absorbed into another team -- for now. I figure they're just kicking the can down the road and laying us off in increments. Maybe so the numbers don't look as bad? Who knows.
Sorry, good luck to you.