Let's consolidate what we know in this thread.
21 replies (most recent on top)
Columbus Origination has been hit big time...
I am not sure how many, they are not saying.
People are speculating that up to 3,500 will be laid off over various Columbus sites.
hey @1kpz I do not think they plan tech layoffs. it's hard to fill open reqs anyhow, hard to find tech people.
Who decides who will be laid off?
A lot of contractors are helping out in fraud investigations from other groups. My understanding is that those positions are transitory for most people. Some may get the FTE position.
It’s all rumors and speculations now but logically it makes sense: Wednesday is the only day when everyone is in the office regardless of what hybrid schedule they are on. Security/privacy wise it’s better to do layoffs when the person is in office to avoid potential “retaliation” screenshots etc. The SHOC building lease is up in July, from a logistical standpoint it’s better to do layoffs now, before transferring the rest to other buildings. We will find out tomorrow.
Are we for sure that more are coming Wednesday the 22nd? When they send a town hall invite what’s the subject?
Will they layoff technology employees?
I see an invite for town hall on Thursday. Means nothing though. When they transferred 200 plp from mortgage to credit cards invite was sent that morning (last Tuesday) about 8 AM
What I am seeing is ~70% drop and it's not going to get any better anytime soon. The rates will go up, the drop will be even bigger.
So, Home Lending Advisors, Underwriters, CCS, Closers will be laid off. As someone posted below, there will be a large reduction in all levels of management - it'll be shocking to some but it'll be a big exercise.
I am not looking forward to none of this.
https://twitter.com/TheLayoff/status/1539394839267094531
What's this and where is it from: "There are 603 grade managers heading out the door as well"
I saw post above says nothing is certain with layoffs. A couple people say Thursday. It will be Wednesday, June 22nd. There are 603 grade managers heading out the door as well.
It all starts with loans. 60% - 70% less loans means far less HLA's, Underwriters, CCS, Closers, ect. There is no getting around it. They may "want to keep as many people as possible" but they are not going to pay people to do nothing and there are not that many jobs with Chase which mortgage people can easily transfer to. By the way, Chase Mortgage has a HUGE Lower-Middle-Upper management staff who have nothing to do with production. They have simply been "managing" the HLA's, CCS's, underwriters, closers, when there were thousands of loans around. Those folks make big bucks and are nothing but a LOSS on a Profit and Loss. Expect a large consolidation in management as well. It has to happen. The only way any of this could be avoided would be a huge turnaround in the amount of mortgages coming in. That is not going to happen anytime soon.
Am interested to see how sales is affected too. Both sides dependent on each other and with large cuts in one group typically comes with cuts in other groups. In the end, though it’s not required of course, hopefully they do right by as many people as possible.
Will underwriting leadership development program be laid off? They were new people hired over a year ago. Low performers If you ask me but part of diverse hire.
Anyone working in Mortgage knows that the volumes are 60% or more down. It'll get even worse. The 30 y conventional mortgages are pushing 6% and it'll go to 7% or 8% by the end of the year as the Fed has promissed us more interest rate hikes to tame inflation. Now that cute million dollar condo will at 6% cost you 60K or 70K per year just in interest, that translates to $5K to $6K monthly interest payment. That's nuts. Less than 1% of people can afford that. The mortgage market will collapse. IMH, I know....
I’m in Phoenix Shoc and we’re supposed to move to the new location in Tempe.
For now it's all rumors but we'll find out soon.
We will know more on Thursday.
There is a lot of anxiety, people know it's coming.
Also, I heard they are really trying to keep as much people as possible - i'ts not going to be like some competitors where they just cut people.
No matter what happens on Thursday I wish you all the best.
The Town Hall on Thursday is not headed by Sean G. He has not been heard from in a meaningful way since February. The real news in mortgage will come from him or Mark O. There has been nothing from either of them regarding the current situation. We need to hear from them at some point. When we hear that they are planning a town hall, then we will know that a real announcement is afoot. Until then, I'd be surprised if anything important really happens. But it will at some point. It has to.
Apparently tomorrow is the day, but historically usually it’s Thursdays which makes sense with Thursdays town hall.
Town hall meeting suggests credit card “exciting opportunities”
Nothing is official, it's all rumors right now.
Potentially 1,800 affected but there will be transfers, retirements, etc. Layoffs will not be this big.
Not sure about locations, Phoenix for sure.