They are hitting Home Lending again. Honestly, given the macro situation there will be even more cuts. The interest rates are over 7% right now and it'll go even higher. So, more pain and more layoffs. This meas less profits, less profits mean less capital to invest and less expense money for projects etc.
This hits IT the most.
Coworker and I got laid off today, worked in home mortgage campus in mpls for 7.5 years and he was almost to 10 years. It was extremely abrupt and the lack of instruction was pathetic. They wanted us to delete PTO requests for rest of year and leave an out of office not saying “welcome to wf, I no longer work here”
other lines of business had layoffs too.... you can count on it first Thursday of the month!
I hear that all the risk related jobs they created and hired for years ago when they were in trouble with regulators are part of the next big wave of layoffs.
Who is getting the boot and from what locations?
Prices haven't caught up to rates yet. Don't confuse this with 2008 though. A lot of that was attributed to ARM resets, poor underwriting, etc
https://www.cnbc.com/2022/11/02/wells-fargo-mortgage-staff-brace-for-layoffs-as-us-loan-volumes-collapse.html
Who thinks Chuckles will address this in the clown hall?
33% of NDS underwriters cut today.
"Things are really bad, I'd say it's worse than 2008."
This impending collapse will be 10x worse than 2008
4 market managers in HL distributed sales
Frankly who can afford a 7% mortgage?
Prices are not going down, just interest rates are going up.
Things are really bad, I'd say it's worse than 2008.
Anyone have any numbers on how many were impacted?
They’re laying off the people in home lending who were around for the 08 crash and are one of the few sites with a foundation of default experience.
It’s almost like they don’t want people to know what’s going on when the other shoe drops.