Contractors are getting cut, managers positions not being posted or being withdrawn, scopes increasing, seasonal processor hiring not occurring, offshoring ramped up, underwriters converted to low level service reps
Writing is on the wall, get out
11 replies (most recent on top)
They won't do layoffs. They will move employees to different positions... reallocating talent. Have you read the 2022 severance policy? Basically every reason under the sun is listed as an ineligible reason for severance. They can basically move you to a completely different position now. It's pretty crazy! Also horrible that you are terminated after 45 days unlike the previous policy that kept you as an employee for internal job postings while on salary continuation leave. I've heard it's because of Workday. It's definitely not as good as it used to be.
@2gdi+1fLK1je0
All tech is supposed to be centralized. If not, it will be. LOBs don’t get their own tech groups. Everything is being moved to standard tools and languages so they can pop devs in and out as needed. It’s the Agile way.
HL tech was decimated the past couple years. No big surprise the rest is now too.
They are all in with offshore. I’m sure our customer love that. 🙄
All of this is expected; however, is there going to be a Uturn once default picks up? At some point, the Cares Act isn’t going to protect homeowners that were behind before covid. We are talking an increase in BK, FC, loan mods, which in turn means the Default UW team, and remediations. So, we will be hiring inexperienced contractors to get us through then let them go? What’s the long game here? Oops, I forgot I’m talking about Wells…..there’s ZERO planning. LOL
leaves more room in the office for social distancing
@ujy+1fLK1je0
If you’re only considering US-based jobs, then yes.
wqe+1fLK1je0 in addition to more fluid much,much smaller.
Offshoring yes. Contractors being cut so they can offshore those jobs, yes. Moving positions from other areas instead of laying them off, yes. They are being trained and should be fully onboard in mid summer.
HL in general is going to become much more fluid as far as job duties goes.
Let’s hope it folds up like 2014 also
Not much will be left for US workers after the cloud and continued off-shoring. My ops team is fading fast.
Offshore folks are inept or don't care. We've already been through this cycle back in 2014