The most important risk areas, Credit Risk, Market Risk, are best in class at Wells Fargo. You know where all the failed bank customers go with their deposits right to Wells Fargo. Wells Fargo is going to clean up once again like every major market pull back.
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Well, I'll have to agree with the OP. I'm in the Bay Area and enjoy working for WF. I really feel DEI in my department and the management has plans to grow with new products. Not sure about layoffs, so far there hasn't been any talk about it with people i interact with.
“ Will be serving bank and wealth clients only. You going to still be super busy when pipelines are cut 80-90%? Good luck with that.”
Nope. If you’re a banker within “footprint” it’s business as usual. Doing loans for tons and tons of non WF customers and that will continue, as long as you’re in a big (elite) market.
The environment is going to absolutely phenomenal for mtg bankers in the focus markets.
which communications exec wrote this lol
@xsj, sounds like you took too many long lunches and are missing the plan. You may be busy now, but company is moving away from mortgages. Will be serving bank and wealth clients only. You going to still be super busy when pipelines are cut 80-90%? Good luck with that.
17 years for me, recruited to portfolio from agency. All annual review at “exceeds”, 5% raises the past 3 years. Perfect quality scores. Guess where I’m at now? Sitting on my a-s after being let go on Tuesday.
OP can’t put together a proper sentence, so I’m not moved by his/her assessment of Wells Fargo’s power.
Delusional
I loathe mindless Yes Men like the OP. Unless you’ve been in a coma for 10 years, you should know that Wells Fargo isn’t “best in class” in anything.
“mortgage).”——you’ll be unemployed in 2 months.”
Unlikely. In 2 months I’ll be working remote from the beach.
It’s good to be a mortgage banker in the new “footprint” !!
Reputational risk is real. WF needs to merge and rebrand or it will be the next SVB
no, it's not good to be working for any financial institution now. Plan now for our impending layoff and future semi-retirement or start networking for a new opportunity.
@OP+1lAkPjAa Yeah, a stampede of money in right after you can locate the direct deposits of the current customers, finish paying the fines for all the past criming and offer some actual novel products besides low yield rate accounts and credit cards.
“ Personally, I expect to make $850k this year (yes I work in WF mortgage).”——you’ll be unemployed in 2 months.
I believe the LO comp plan requires them to pay the commission to the original HMC/banker if a loan funds within 30 days of their exit/layoff date. Otherwise yes agree with @kmu I am already seeing bankers in the non-conforming space inherit many large, active pipelines of loans. Once rates fall, not back to 3% but they will tick down in the next 12-24 months there will be another refi bo-m from any purchases in the last 12 months.
Mortgage guys at WF are gonna do fu----g phenomenal during this mess. I wouldn’t be surprised if many doubled their income from 2022 due to inheriting fired bankers books plus sucking up all the failed broker and small bank business.
Personally, I expect to make $850k this year (yes I work in WF mortgage).
I signed up for a credit union, huge mistake, customer service is horrible, place is closed when I need help, they have a laundry list of fees. They're a mess. And to top it off they don't have many locations. Credit unions are always hyped in the end are trash with a mess load of problems to deal with.
Ugh, NO! Move $$ to WF only to have them sc--w up your direct deposit (back it out so you have no funds) so you can't pay bills, like what happened TODAY?! Abuse your trust amid scandal after scandal?! Credit unions are the only viable alternative.
WF is like the brawny man when the tide washes out. And this is just day 1 or 2. Prepare for your stock to go SpaceX.
Perhaps, for now. Once the consent orders and asset cap are lifted, those areas will downsize.
Smaller banks are in big trouble, who in the right mind would keep their money with them and risk fighting to get their deposit money back. Sure there's insurance up to the FDIC limit, but have fun getting your money back from the gov't and spending a year remapping all your accounts, fking nightmare. If i were a smaller bank customer i would close my account Monday and have it moved over to WF or another big bank.