I don't doubt for a second that one of the ways to make up for the losses will be through layoffs and forced attrition (dumping too much work on people to see them quit). The only question is when it will start and how bad it will get. We are looking at a very interesting 2023.
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We know layoffs are coming and some lines will see larger cuts than others. Get those resumes updated now and start seeing what is out there.
Well, I know the signs of upcoming layoffs, at least in mortgage. We’re seeing more Power Sales meetings and dwindling leads in mortgage for the Seattle market. When they lay off processors, the next to go is the front of the pipeline. Offices have already been consolidated and I’m fully expecting to lose 50% of the 26 Originators in the office I was assigned to. I can tell folks aren’t preparing for it either. First part of Jan 2023 is gonna suck even if you do make the cut. Thanks Biden!
Let's start with Charlie, then his Wunderkind. I'm sure we could lose most of the product team from Digital.
Heres the fun facts. the majority of WF systems are so outdated that they still need an army of FTEs to run them efficiently. When they start investing in modern systems then you should be worried...
Layoffs are expensive. The company needs to pay severance and generally offers some continuation of benefits plus there’s a significant reputational risk on top of heightened regulatory scrutiny. It doesn’t mean it won’t happen, but they are more likely banking on attrition and selling off pieces of the business, decreasing expenses, and consolidation of their real estate footprint.
Oh - I think it will continue at the current pace
Comp comes out/delivered end of January or early February— I’d guess a number of people are waiting for bonus to hit their bank accounts before putting in notice
Depends on if you start at the top or bottom of the org. You’ll get to the number much faster from the top but since that’s who makes the decisions, expect it to come from the bottom.