Lost several people on my processing team, including multiple people with over 20 years of tenure. Apparently the layoffs today are fairly significant across a number of processing and underwriting teams
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Time to move to Chicago for all those branch jobs 🙄😂
its scripted and the attendee microphones are turned off - its not a recording
The company might be getting more efficient but the scandals keep coming. The latter will be the downfall of Charlie's regime.
Gets it, except the goal isn't to offshore as much as it is to shut down mortgage. Yeah, sure, maybe we do it on a small scale, but 90% of our mortgage operation is going to go away. Charlie doesn't "like it", which is all the reason he needs to ki-l it.
Most of my processing team in Charlotte gone
Processing took a huge hit. What the F is Charlie doing? Guess mortgage is in the final death stages. Just pull the plug and be done
hope this leads to more cuts in ops.
Yep! As one who was laid off today it was a recorded message and my severance package was emailed to me.
Post from TheLayoff.com
Is it now evident that WF is significantly reducing Mortgage business?
I just heard that someone got displaced by a recording!!! And emails will be sent about severance.
Yeah, I was laid off today- in Home Lending, with a number of others. I will say it was location based for this group- everyone not at a hub. Which I have been expecting, given how backwards-looking most executives are, even after the clear results of the great pandemic remote work experiment.
https://www.businessinsider.com/remote-work-return-to-office-dropbox-ceo-90-10-rule-2023-10
Here is one sane CEO.
Charlie stating the company is not efficient is quite the indictment of his 4 years of running the company. Shouldn't he be able to tout some efficiencies he's created or is he admitting he has no clue how to fix it?
“This company is not efficient — like period, end of story,” Wells Fargo CEO Charlie Scharf says.
The goal is to increase workload, decrease US based workers and hire offshore. Shareholders should vote him out
Yes processor here was let go today.not sure how processing will keep
Up with all of the the load. Good luck to all.
Haha. CEO states bank isn't efficient. Maybe, it is because your bank is firing the employees that know what they are doing and hiring a bunch of foreigners. I am waiting for a data breach in banking. I can't believe these banks. Compromised American personal information and class action lawsuits. It is a prophecy. It will happen write your government.
I was impacted, 12 years as an underwriter for Wells. They are driving the company into the ground. They had told us they were training folks overseas to underwrite. Oh well, on to next chapter!
All of the LOs for the part were let go. Lots of pretty amazing folks who were 20+ years now gone. It’s crazy. Chainsaw needs to just say it, he’s shutting down mtg and let everyone go instead of this nonsense.
Yep HLU here - laid off also. 6 on my team total.
Yes, especially with the additional work they’re giving us it’s been hard to stay on top of allll of it. WOW .. I wonder how this is going to go . We’ve been already so busy
OP here, I totally agree that the cuts are waayyy too deep. We couldn’t keep up with our workload before the cuts today. I have no idea how we will handle everything going forward. Customers are understandably pi---d because their files are not getting nearly enough attention. I just don’t know what WF is thinking with these crazy home lending cuts
What was their position ? Just curious . I’m also in mortgage
Like the last round, these cuts are too deep. We will not be able to perform and it feels like management is sabotaging home lending just to justify moving more stuff overseas, so they can hire 4 people for each one of us at 1/4 the salary. It's d-mb. It's time to unionize and pull things back.