Although Wells Fargo executives did not explicitly mention impending layoffs during a Q1 earnings call on Thursday, the company has been closing branch offices.
https://www.inman.com/2022/04/15/wells-fargo-warns-it-will-cut-costs-as-mortgage-lending-continues-to-slide/
Seems to me that a smart thing to do would be to call for volunteers to take severance packages.
That way everyone who doesn't really want to work for WF would be incentivised to go, and the people who want to stay can stay without having to continuously worry about a layoff.
Why not just do that...?
If one has scruples, one would not work at that US empire corporation. Hustlers, hucksters and opportunists
Pick me, pick me!!!!
You can practically remove the human element out of mortgages. They are so highly regulated and most decisions are based on algorithms. When was the last time a local (to the customer) decision was made on a refi/mortgage? Unless it's Private Bank or special situation with a big client, you don't need a 'mortgage specialist or several layers of management watching over his shoulders.
Obvious that there will be more layoffs in mortgage and they need to update their resumes.
Chainsaw Charlie is sharpening his favorite saw to make mayhem of this well timed opportunity.
Auto needs to start making cuts. With chip shortages, lending is down and we’re literally tripping over each other for work in corporate risk.
Wells ALWAYS slashes mortgage / refi people at a time like this. It's been going on for decades. The ranks swell when there is high demand, then they cut way back when demand tanks. This isn't new.
If JB can blame all things bad in the USA on Covid, so can Wells. That also means it is just a rough patch and there is much light at the end of the tunnel. See, that was easy.