Just wondering if anyone has heard anything more about layoffs in Frederick. It’s been rumored for years because it’s the top paid site, so just wanted to know if anyone has heard anything more about this.
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I find it hard to believe Frederick is the top paid site...what about the San Fran office?!? Lots of high paid heavy hitters in that office...
I can’t go into the details, but I have it on good authority that the Frederick lease is through 2022 with heavy $ to break it. There is atleast some hope in that.
However it looks like shutting down 1 of the 3 buildings and leasing it to someone else is on the table.
The new badges are interesting with the chip reader similar to a debit card. Makes me wonder if they’ll close down part of the building and lease it to another company.
Notice coming this summer, shutting it down
I’m not sure who can truthfully provide you any insight here. Mixed messages dependent upon the messenger. Based on the actions in 2018 to eliminate well over 100 jobs in Frederick, it seemed the writing was on the wall. There also hasn’t been a mortgage related position posted since that time. At this point it seems certain that hiring managers in servicing are not allowed to fill positions at this site.
That said, I have seen finance and compliance positions still posting positions in Frederick, but they are almost always part of a multiple site requisition, never exclusive to Frederick. Where I assume the preference is to hire elsewhere with Frederick being the last resort.
Nobody seems to know when the lease is truly up and the building is half empty. I can’t imagine they are going to continue paying for all that space that’s unused. The message has been that Wells wants to centralize all servicing functions into their hubs they’ve invested in, that happen to be in lower pay zones, aka the middle of nowhere....or worse, India or the Philippines if they can.
I say this as someone who was let go at the end of summer last year. Bless you and best of luck. 100 applications later, 1 interview. Many of those applications were for jobs with less requirements and pay than the one I was displaced from. I am not alone either, as many that were displaced with me are in the same boat. I’m convinced corporations are in cahoots with politicians to make it appear as if the job market is booming. Yet I regularly receive notice that positions I spent hours applying for are “cancelled”. So many postings out there 30+ days old going unfilled. I know all the tricks of the trade in catering my resume for every position to assure I hit all the key words to beat the HR review systems. I’ve actually applied for some jobs that I can’t even believe come available because I’m a perfect fit with my experience and it feels as if the stars have aligned only to hear crickets. I’m not some scrub either, as I was always rated a 4 or better when they used that system, and received numerous promotions over the years. It is an absolutely hopeless, gut wrenching, depressing place to be. My advice is to start scouting employers now and no matter how long your severance is, you better start applying immediately. The market is scarce enough as it is and don’t overestimate your employability just because you’ve been successful at Wells.
All the best.