I’ve read a couple of articles about an ounces Mortgage layoffs online and they all basically contain the same company statement that the number off laid off people will not be disclosed. No word about what positions could be affected either
Any info about what number of employees could be affected realistically and what positions could be in most danger?
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Without a crystal ball, you could take the restructuring fee (usually announced in each quarterly statement) divide that by the average employee salary *2(benefits) and you can arrive a general headcount of folks let go.
I was in home mortgage for many years and was recently "deployed" to bank call center. I guess they put us in the call center so we will quit before they do more mass layoffs. Many have quit so far while the rest of us are hoping we can retain our positions but the fine print said after 90 days of deployment I would have to apply for my old job but only if they are hiring.
Post ID: @1cxz+1gpITG9o
Just read the businessinsider article and they say the info was sourced from this website so aside from the lazy reporting, the numbers are probably made up anyhow. I wouldn't put much stock in what they're saying.
https://archive.ph/IGiV7
Almost 600 ppl which I read online.
Come on man… who really cares about “an ounces Mortgage layoffs online”. And about that grammar, it’s “AN ounce” of mortgage layoffs.
Wells Fargo home mortgage has 13+M loans 10 years ago. They are under 5M now. It’s a death spiral and cost per loan continues to increase because they are unable to modernize the technology. There is no way thru survive this. Once the asset cap/reg items are worked through it will dissolved or sold off.
Interest rates will be going up to 10% (and it won't be a slow climb); home sales are going to dry up and delinquencies are already on the rise. The whole unit is going to be sold in 12-18 months at a discount to one of Charlie's connections.
Tell me why I'm wrong.