Wells Fargo did it again. This time they laid off most senior employees in portfolio underwriting and kept most non performing and lesser experienced underwriting team. This has to be the biggest mistake and this new management team has no direction and very little vision. Can’t wait for Charlie to go away, he has destroyed one of the strongest unit of this company.
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They were laid off because the government dropped an ~$2 billion fine on Wells because they did not approve a greater number of Black applicants.........the government did not listen to the banks explanation that the applicants did not fit the criteria for sustaining the mortgage they applied for........skin color was more important than qualifications, the bank is risk averse......dump the mortgage business and no more problems like this will occur..... what you vote for DOES matter
Since taking over as CEO in 2019, Charlie has not performed as reflected in stock price and overall earnings. Same ole reasons as before paying off Uncle Sam for past mistakes. Since 2015 same ole issue with regulators. This will never get fixed. Come on 8 years and counting and it has not found its footing. Bring a new CEO who loves mortgages.
Chain Saw Chailie
Did they receive a package
“alj+1lyV3jkq Let’s be honest though. The requirements are pretty low to become a mortgage pedaler. I don’t think it even requires a GED. Make your calls, play the numbers. AI could perform better based on how I see mortgage flunkies handling their social media marketing.”
Lol. 99% of the jobs at Wells Fargo shouldn’t require a degree if you’re being honest. Unless you’re a quant, or something highly technical, college degrees don’t mean much. 99% of your job knowledge comes from working.
The value of a mortgage banker comes from their ability to originate high quality customers and take quality applications. It’s not easy to be good at that despite what you may think. They don’t just fall in your lap.
And if you wanna play the AI game, we can EASILY replace commercial bankers, financial advisors, etc too. Probably lots more.
alj+1lyV3jkq Let’s be honest though. The requirements are pretty low to become a mortgage pedaler. I don’t think it even requires a GED. Make your calls, play the numbers. AI could perform better based on how I see mortgage flunkies handling their social media marketing.
A sister team lost several who’s names I wouldn’t say were “highly regarded” but they were definitely known as solid workers in general. I believe it was a budgetary requirement coupled with “who is least favoured in this moment.”
I saw some true deadweight dumped in this round that should have been cut in the 2021 layoffs that came through my department.
I also saw management of multiple teams cut with no idea who is going to manage those employees going forward.
I'm over 60, I have been an underwriter in consumer, commercial, mortgage for 40 years. I have high survey numbers and low/no error rate. I have lost 30% of my annual income due to lack of production. They will not let me get dual authority and WF cannot train any more FHA underwriters due to cheating on testing (of course). I do not live near a hub. I have not yet been laid off. I think its because of my numbers and probably underpaid. Who knows why they do what they do. It's like living in a constant Russian Roulette.
I’m sorry to hear. Charlie and Co don’t give a fvck about mortgage. They view it as an annoyance, something they unfortunately “have to do” just cause they’re a bank. Mortgage folks are like uneducated hayseed hicks in their eyes. Nothing like the elite, brilliant execs in NYC brought over from Chase.
Charlie & Co does not value Human Capital. The most important resource in any organization is its human capital—the collective knowledge, attributes, skills and experience, of the workforce.
Charlie thinks he can run Wells Fargo like Walmart. A small team of elitist overpaid executives at the top lording over 250,000 underpaid, inexperienced, insufficiently skilled workers wearing blue polyester vests.
Charlie will take down Wells Fargo if the shareholders don’t take him out first. (Somebody agrees - the stock is outpacing the market to the downside even though Charlie is spending Billions of Dollars in a failed attempt to support the price.)
Was their layoff due to their location or simply dumping highest salaries? Possible ageism at play?