Mortgage just announced they are no longer doing manufactured homes. The shut down continues. Charlie is ki-ling mortgage one step at a time. The bank is next.
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You need to understand the depths to which HY will go to eliminate the domestic workforce. Hamstringing morale and production is a feature of the scheme, not a side effect, it justifies even further action when those downtrodden employees aren't getting enough done and therefore don't represent a good value vs contractors or outsource or automation. The only real difference between the US internal workers and the other options is that the former 'give a damn', which is why there is an intentional and concerted effort to create an environment where those employees no longer do. Ki-l that golden goose and suddenly "the data" tells you that you need to get rid of them and is a self fulfilling justification.
What happened to the days when there was 1 large layoff a year that was thoughtfully determined. Then employees could relax and be productive.
Now, Year round layoff schedule is causing people to completely stop working the week leading up to layoff times. Was any thought into this never ending layoff philosophy . Is any of this thought through
I’m a processor and we have lots to do. Been super busy this last month especially
The hold up is that the displacement team can only process so many per week. Don't worry, the axe is coming to mortgage.
I do wonder what is taking so long. Many people with nothing to do, but no layoffs. I keep thinking this can’t go on much longer just paying people to just sit on their phones and do nothing . Is there a disconnect somewhere?
@1ins Hopefully, everyone else in your area can write legible English.
No one gone I’m my area. Sure not gone. Most workers still here.
Is WF investing in SFH rental communities instead?
Charlie is scaling back, selling off or closing down many LOBs which have resulted in fines and lawsuits:
Examples: Mortgages, student loans, Auto loans, servicing of International accounts on the brokerage side, employee 401Ks, etc
I would think that for $24.5 Million per year, we could have gotten a CEO who can properly manage these businesses rather than the guy who just says he can’t or doesn’t want to fix them.
I hope you're right. It might take something like that for the HY crowd to figure out that they could save billions via WFH.
MH were a tiny fraction of our business. This is not a big deal.
OCC Cease and Desist:
The order restricts the bank from acquiring certain third-party residential mortgage servings...
Is this order still effective?
They are not cutting expenses quick enough and we were late in scaling back mortgage business. There are many issues in this business that aren’t publicized. There are hundreds of employees which have been deducted to remediation efforts for over a couple of years.
It’s too bad he never made a public announcement that we were cutting down on mortgages so we could see this coming!
Scharf is doing exactly what his mentor Jamie Dimon wanted. Ki-ling WF from the inside.
The BOD should be held accountable for allowing this to happen. BOD is negligent at best, complicit at worst.
why would anyone lend on manufactured homes
People have NO idea how bad the CRE/CMBS, Treasury market, and housing bubble tsunami is. What's coming is going to make the Great Depression look like a blip.
The bank will be next if mortgage isn’t downsized. Mortgage is not currently profitable and most likely will not be profitable for quite a while.