So far Wells in pretending there will be no mortgage technology layoffs. They refuse to use the word layoff. Instead they imply they will just move people to other open jobs. Don't believe them. They know that is not true. Everyone knows you don't shut apps down and reduce the size of the business without laying people off. If you're working on a part of the business being shut down or scaled back, you need to start looking for a new job today.
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over $300MM put aside in q4 for mortgage severance; that translates into a lot of jobs, some of which have to be tech
There’s never been coordination between business lines that could use talent and business lines cutting staff. At best, you’ll get laid off and have dibs on the opportunity to try for new open positions. The writing is on the wall - if you’ve been waiting for severance just hang in there.
Maybe they are planning to get rid of the offshore group?
Yeah, people very very rarely actually get moved to other open jobs. They even shut down the Star program, which was already used in pretty limited scenarios. The vast majority of people impacted will simply be downsized. "We'll move you to open positions!" is code for "please don't leave, we need you for a while longer until we shut it down completely."
So apparently poem-guy is 2023’s version of 2022 “Is tech affected” guy.
Wachoiva- wells fargo saved from fail
Not long before acquired bank attempted to sail
Golden West giant mistake it aquire
In 2008 epic result books were on fire
Wells fargo swooped in to save its d-mb tail
Bernanke immensely he pleased
Someone would buy this enormous disease
The bank much to big to fail
Epic mistake yet no one in jail
And now Wells Fargo has suddenly seized
The bank it under constant scrutiny
Congress even openly calling it mutiny
Why anyone would want to bank here
"We lend to blacks, hispanics and q_eers"
Survival of Wells Fargo not absolutely
Last testimony more fraud rise once more
This time with Zelle payments going ashore
Chukky say quite absolute
"Its the system" not give a hoot
Regulators again dig deeper they sore