Thread regarding Wells Fargo & Co. layoffs

Real estate slump hits home as Wells Fargo axes hundreds of mortgage bankers days after taking some on a California retreat

Wells Fargo bankers were recently treated to such a company-sponsored trip to the city, a common feature in the finance world following a successful year. Now, just weeks after the retreat, many who went to Palm Desert have had to pack their bags after Wells Fargo laid them off. Hundreds of mortgage bankers have reportedly lost their jobs in the past week as the San Francisco-based bank shifted its strategy, CNBC reports. The cuts involved more than 500 employees in the mortgage unit, according to Bloomberg.

https://www.msn.com/en-us/money/realestate/real-estate-slump-hits-home-as-wells-fargo-axes-hundreds-of-mortgage-bankers-days-after-taking-some-on-a-california-retreat/ar-AA17QqC2?ocid=hpmsn&cvid=c9e70b326a754f81a9b859c89be9aa01

by Anonymous
| 2404 views | | 14 replies (last February 27, 2023) | Reply
Post ID: @OP+1lkE9rGC
Comment! It's anonymous!

14 replies (most recent on top)

@4wse+1lkE9rGC

Look at the 2023 benefits book. Appendix F.

by Anonymous
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Post ID: @4xbc+1lkE9rGC

What is the severance package? Been with the company for 13 years. Is it paid as a lump sum?

by Anonymous
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Post ID: @4wse+1lkE9rGC

Never been in a trip with this company for 15 years. Must be nice, but that's sales I guess. At least they used to provide Golden Spoke sh-t that nobody in WIM could qualify for. Then when WIM could qualify, they cancelled the program.

by Anonymous
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Post ID: @1fwn+1lkE9rGC

At least they got to go on a nice trip!

by Anonymous
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Post ID: @1hkt+1lkE9rGC

Charlie never liked or understood mortgage banking. He desperately wants to be an investment bank. Mortgage got a reprieve when Covid created a huge refinancing wave. Eventually mortgage will be a very small centralized call center at Wells.

by Anonymous
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Post ID: @1wmz+1lkE9rGC

@xqv+1lkE9rGC

If you aren't in the footprint (hub), it doesn't matter the LOB. Your future employment at WFC is at risk.

by Anonymous
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Post ID: @1hsa+1lkE9rGC

If they got rid of the people that bring the loans in, unfortunately there is no need for underwriters, appraisers, appraisal managers, review appraisers and managers, support staff. Most of the blood letting with mortgage processors has already occurred.

Notice and severance should bring you through at least part of the summer. Catch some rays and restart in the fall!

Terribly unfortunate, good luck everyone!

by Anonymous
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Post ID: @1drx+1lkE9rGC

Anybody in mortgage that did not see the handwriting on the wall can't blame anyone but themselves. Sorry.

by Anonymous
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Post ID: @qsx+1lkE9rGC

At age 63 and with 17 years at the company, please pick me. With 34 weeks severance and the standard 60 day working or non-working notice, I have plenty of time to downsize my home, line up my retirement income and retire. Fu-k this place.

by Layoff volunteer
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Post ID: @uyk+1lkE9rGC

Imagine cutting high performers because they don't fit in the footprint. Unreal.

by Anonymous
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Post ID: @xqv+1lkE9rGC

I assume Home Equity is NEVER coming back. Hopefully they’ll sh!tcan the id--ts at the top of Mortgage credit policy and save us all a ton of salary money. Natasha, Mike and the lot will be hard pressed to find job’s paying big salaries to let them mismanage another department into the fu(king ditch.

by Anonymous
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Post ID: @ioe+1lkE9rGC

I'm glad there's a third thread about this. I wasn't 100% certain it actually happened, until now.

by Anonymous
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Post ID: @kgv+1lkE9rGC

The cuts also included many of the bank's high performers.

by Anonymous
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Post ID: @pjr+1lkE9rGC

The real question - what is the next big piece of Wells Fargo to go? We could be seeing a breakup of the bank by others doing.

by Anonymous
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Post ID: @sov+1lkE9rGC

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