Im seeing on linkedin that layoffs occured today and there was that article that speculated it would happen today. Who was affected?
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It was not performance related for a lot of the laid off employees. I did notice that anyone who had a medical leave over the last year, even if they had strong performance and were heavy hitters in the department, were laid off first. Supervisors of top performing teams were let go and all of their staff was retained. People who were not a part of the "In crowd" of cronyism saw their way out the door too.
Seems to be a lot more than just "some" from things I've read/seen. And not a performance thing - though I'm sure any UWs on corrective action plans were definitely let go first - Chase has been mass hiring UWs for nearly two years now (and paying at a premium for them). My colleague was one of the layoffs and she was solid, but she was one of the newer hires. She said similar to another comment here - they said it was due to the fed announcing rate increases and low volume.
I am in CIB, I got laid off as well so don’t think it’s just UW...
I have some breaking news. There is no job security in corporate America.
I'm not sure what the criteria is/was, but for me it wasn't performance. I had my February scorecard review on 3/22... 1st on my team in production, 100% quality, and 100% csat. As well as more than 6 months department tenure, 13 years total tenure, and mid-range salary (up to $30k less than some of my peers who were hired externally last year). Almost seems like they picked names out of a hat. I'm in IL, but coworkers from NY were laid off as well.
Tenure performance and your salary or cost are all factors
Does anyone know if tenure in the position would be a factor on upcoming lay-offs in the mortgage department?
Thank you and good luck everyone
Was it just underwriters? Were support roles affected? HLA’s or CCS?
Laid off and said it was due to interest rates increasing and low volume. Uggh.
Did anyone knows if layoff will be on the Phoenix Az mortgage department? See in the comments they were underwriter got layoff but from which states. And good luck everyone.
Mortgage underwriting had layoffs and more will be coming for the mortgage department as a whole
Mortg underwriters…. Market is still over saturated. The ones I heard of had long tenure. Managers and UWs affected.
I'd assume we are wildly overstaffed in auto and mortgage lending, against the backdrop of rising interest rates.
There were some underwriters who were laid off today. Its being dressed in some departments as being done because of performance. However in other departments they are just saying it's mostly people who were hired within the last 6 months...