Anyone hearing anything on additional layoffs in Auto? We just had a small round but with lending guidelines changes announced today there likely is going to be a lot more.
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Yeah, I heard Tech is affected. Auto Tech!
Completely anecdotal with little context, sounded like was speaking to a spouse or perhaps longtime colleague...confirmed WFDS exec waiting for flight at SNA yesterday was overheard discussing "consolidation of business units" and "eliminating low performance dealers from roster" correlating to "achieving newest Q2 mandated FTE levels". Peripherally connected to auto finance lenders here, so conversation caught my attention. Hang in there friends at WFC.
Worked here for over 30 years plus. I.have amazing credit. Got the run around from WFC for used car auto loan with extremely high rate. Of course, went elsewhere. Can’t imagine what someone gets off the street. Surprised WFC auto still here. Thought they already got rid of it. They are getting rid of mortgage, Why would auto even be a consideration.
Wells Fargo Dealer Services is still doing a lot of auto loan business. The reason people don't see it is because they no longer advertise direct to consumer loans on wells fargo website or online banking. If you go to the auto loan section on the website, it says they are only available directly through dealers now. So if you are using a dealership for your financing (bad idea) they will shop your credit with WFDS and a number of other banks to see where they can get you a loan and mark up the rate to hide profit in the deal.
Over $1 billion a month of Auto loans
we have auto loans?