I was "displaced" on Tuesday. I am a PMB and didn't do much of the wealth business. it would appear that WF is looking to reduce the outside sales staff to about 300 or so and focus on two types of business. Community Banking and Wealth. If you don't do either, you will get eliminated at some point. I knew about the June 27th round and i was prepared for it... that being said, 20 years out of a 26 year career was spent with the big Red machine so it is bittersweet for sure.
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Do mortgage layoffs mean servicing/collateral layoffs are coming?
Mortgage hit. Let the ax fall. More to come in July
The ax continues to fall. Mortgage was gutted today. Charlie is finishing ki-ling off mortgage. The blood bath continues
Mortgage hit hard which is no surprise. Charlie wants to finish axing everyone. Wells is exiting mortgage. Big mistake!
Makes me wonder if there were any layoffs in Loudspeaker.
Your layoff notice time frame can depend on your role. If you have access to sensitive information, you may be sent home immediately on a non-working notice. If not, or if you need to train someone to replace you, you may receive an 'working' notice of various number of days. Something like a '30 day working notice' where you continue to work for 30 days then not work for the next 30 days is common.
There isn’t an email, they just shut off your access, you wonder WTF went on, then your manager calls you.
FCO onboarding team saw layoffs today and the remaining employees are being rewarded with more work :)
oxo+1nklhfcU, NDS is a level of underwriters who make exceptions and variance decisions on agency and government mortgage applications that fall outside of published policy and/or do not receive an AU approve decision. BM is Branch Manager.
I don't believe they can do that. They at least have to give you 60 days notice. But I really doubt that there will be any major changes to severance in the future.
What does NDS or BM mean? Pardon my ignorance. Saw those acronyms a couple times in this common thread, and I’m not familiar.
60 days notice is mandatory for mass layoffs per the WARN act. But the WARN period is separate from severance policy, which Wells has yet to touch.
The people who met w Strawser and got axed, is today their last day?
Echoing another poster -- is this real? Are they really doing away with severance after July 1 and only paying out remaining PTO?
“Silver lining, anyone laid off after July 1, 2023 won't receive this generous handshake.
They will be paid only their remaining PTO.”
Every one that met with Strawser got the ax. Happy Me actually!
Mortgage support team impacted. Everyone that does not sit near a Hub let go.
Any sales in mortgage let go?
May the odds he ever in your favor
Any in commercial banking?
@uiw - meaning exiting completely. Are they going to have a distributed presence? Wonder how this compares to jpm mortgage business.. they outproduced wf q1 and q2 .. but both CEO’s don’t like mortgage so wonder what the end strategy is here.. maybe too many regulatory issues so wf is fine with being somewhere in the middle.
I was so hoping I would have gotten the notice today, I'm in mortgage sales, such my luck...lol
50% of the remaining NDS underwriters and management cut today.
@kft what planet have you been living on?
Wow mortgage sales producers across the country also let go in addition to the BM… so entire offices gutted. Is WF exiting home mortgage?
What about Loudspeaker?
Post ID: @xop+1nklhfcU
Please elaborate on your statements below. Are you saying employees wont get a 60 day non working notice??
“Silver lining, anyone laid off after July 1, 2023 won't receive this generous handshake.
They will be paid only their remaining PTO.”
In Correspondent Lending, just ran out of loans, guess will be gone within a week
I hope I get sent packing today PLEASE
34 NDS underwriters left in USA.
Laid off over 200 from top middle and bottom of Agency.
Silver lining, anyone laid off after July 1, 2023 won't receive this generous handshake.
They will be paid only their remaining PTO.
Liberty comes in various ways...
Notices are starting in Commercial Bank technology... lots of IMs across teams reflecting the hits. Managers are not saying anything.
BMs being laid off today
I just received my Non Working 60 day notice. 4 other peers in U/W also let go. When’s this going to stop? Every 60 days more people are let go.
Yes; Underwriting getting hit today!
Looks like UW getting hit.
Nothing here yet…
West coast UW
Received confidential meeting at 930am local time with Strauwser
Will there be layoffs in Loudspeaker?
Wondering the same. It's 1030 local time and none here.