Thread regarding Wells Fargo & Co. layoffs

Auto isn't going anywhere

People keep saying on this board that Auto is going away.

But there's all kinds of work (i.e. money and manpower) currently going on (and has been going on for years) regarding e-statements. It's a weird, yearslong obsession that this LOB has. Sure, electronic is cheaper than paper. But maybe...I dunno...put forth the same money/effort into modernizing and growing the business?? Cost-cutting is nice, but growing new revenue is even nicer.

Anyway, just wanted to put the rumor to rest once and for all that Auto is going away. Too much time and money are being spent on this tiny LOB to support a rumor of a selloff.

Discuss.

by Anonymous
| 1276 views | | 11 replies (last May 17, 2023) | Reply
Post ID: @OP+1mEV8YZW
Comment! It's anonymous!

11 replies (most recent on top)

Bless your heart.

by Anonymous
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Post ID: @1umz+1mEV8YZW

You are in denial. Wells Fargo is and will be getting out of auto. Same for mortgage

by Anonymous
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Post ID: @wgi+1mEV8YZW

Pretty sure Retirement was busy with a lot of work before they were sold. Corporate Trust also had a ton of stuff going on. Student Loans didn’t do anything, so that was expected. I tend to believe that Asset Management team also had a lot of work on their plates.

by Anonymous
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Post ID: @kgc+1mEV8YZW

@qfw+1mEV8YZW

That BETA conversion wasn't just for selling to Wachovia. It was a popular platform in the brokerage industry and it didn't make sense to keep developing an aging in-house backend for ClientOne. We already used Thomson Reuter's ILX system for market data.

The logic behind the sale to Wachovia was stupid. Bagby just wanted a paycheck. AG Edwards could have bought a small regional bank. AG Edwards was already tied to Wells Fargo for mortgages and other services, which ended when Wachovia bought it.

They could have used the deal with Wells Fargo while growing the newly acquired regional bank.

by Anonymous
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Post ID: @osa+1mEV8YZW

And people thought correspondent mortgage was safe too...

by Anonymous
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Post ID: @ttd+1mEV8YZW

Auto might not be going anywhere but a lot of the people who work there are leaving

by Anonymous
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Post ID: @hkh+1mEV8YZW

Naive.

by Anonymous
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Post ID: @wdk+1mEV8YZW

Auto might not be going anywhere but lot of people who work there.

by Anonymous
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Post ID: @ogu+1mEV8YZW

My only thought is the fact that they are working on a long and expensive project in a LOB doesn’t necessarily mean that business is safe. In other words, the right hand at Wells Fargo doesn’t always know (or care) what the left hand is doing. The bank sent their mortgage bankers to an expensive retreat and then laid them off days later.

My original employer spent years and many $ converting our back office system over to BETA, We found out later this was only to make us more compatible with the company we were eventually sold to.

Don’t trust them. Don’t give them more credit than they deserve.

by Anonymous
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Post ID: @qfw+1mEV8YZW

You hiring?

by Anonymous
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Post ID: @cib+1mEV8YZW

Auto’s underwriters recently took a hit, supply chain issues have caused vehicle and chip shortages, the bulk of our risk ops are in Manila, there’s a hiring freeze, Tanya is a corporate lackey who’s here as a stepping stone, I could go on.. but really.. Auto is out of gas. Sell it and sever the staff.🤷🏻

by Anonymous
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Post ID: @rix+1mEV8YZW

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