Thread regarding Wells Fargo & Co. layoffs

OP, mortgage is cyclical BUT it won’t be for us. This is doomed and you need to move out. I say this with decades of mortgage experience and now am on the bank side. In the past, when there were downturns, it wasn’t that bad and almost as soon as they hit some target of laying off the best, the expensive, the seasoned, theyd turn around and hire a lot of ppl. This is the worst Ive seen it. Think about originators. If they aren’t making money now, what do you think will happen when we force a big chunk to service what we used to call sub-prime. They will make even less money and quit (going from bad to worse). Mortgage is dead at WF.

If you’re in mortgage you should have recognized the market is cyclical. If you didn’t - please don’t work here. You need to project when to go all in and when to get out before things get bad.

Saw the writing on the wall 3 years ago that Mortgage would be sold off. Open your eyes. I was fortunately laid off last April. Best day of my life to get out of the sh-t show. Now I work remotely for a company that trusts its employees to do the right thing for the company. If you want out, make the choice between staying until you are displaced or moving on with your life. Either way, you will be happier than staying at WF. No one in senior leadership cares about you personally or about your family - only you care.

To OP: not sure if you've heard the news, but WF is backing out of the mortgage business for all the reasons you listed. If you don't leave on your own, you'll be displaced.

The other big banks got out of mortgage years ago, so not so concerned. Wells will continue to have mortgages for customers. They’ve probably lost more than earned with defaults and other issues so why not reduce risk