Thread regarding Wells Fargo & Co. layoffs

How many people in Home Mortgage were laid off today?

Heard a couple of former co-workers' were displaced. Anyone know what cities, areas and how many?

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Post ID: @OP+1gm3f7WP

27 replies (most recent on top)

I'm a closer in refi. My pipeline has dropped like a stone. From 100 or more to 8 in a matter of weeks. I can't see them keeping us much longer.

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Post ID: @jfqq+1gm3f7WP

Hello -- I'm a reporter with Business Insider. We wrote about these layoffs here: https://www.businessinsider.com/wells-fargo-confirms-mortgage-lending-layoffs-as-rates-climb-2022-4. I'm sorry to those of you who have been affected.

I'd like to speak with anyone who may have gotten a notice, to learn how it was handled, communicated, etc. I will keep your identity anonymous.

Please reach me by phone or on the encrypted messaging apps at 917-408-3732 or on encrypted email at dakincampbell@protonmail.com. Thanks in advance!

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Post ID: @7sit+1gm3f7WP

@6hwx+1gm3f7WP

Thanks for the update! Sorry you are in this boat. :-( I’ve been down that road before. If you weren’t hoping for severance and actually wanted to or needed to keep your job, it is very hard, but it does get easier to swallow with time.

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Post ID: @7lmm+1gm3f7WP

Names were not provided however on the displacement notice there was job titles and ages disclosed. 10 pages worth. By my count it's 450 just in Phoenix.

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Post ID: @6hwx+1gm3f7WP

Do any of you even have business, or even any degrees?

Interest rates are now rising because inflation is ramping up why the Federal Government is pouring out fiat money.

Obviously there are layoffs in mortgage origination and it’s going to get a lot worse very quickly. This pattern is about as reliable as the solar cycle. For anyone involved in mortgage origination to need an explanation of the displacements in mortgage originations boggles the mind.

Are we even hiring college graduates?

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Post ID: @6ipi+1gm3f7WP

I seen some zz in banking in Idaho. Wondering when they will hit Frederick Maryland since we won't have office space after October due to the lease being up.

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Post ID: @5abu+1gm3f7WP

Citizens bank - senior underwriter Jan 2022 approx 200 people

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Post ID: @4cyy+1gm3f7WP

Email to mortgage saying displacements in underwriting and processing. Not sure where or how many, I’m an underwriter with private wealth based out of San Diego, CA. 10 person team, not impacted as far as I can tell, will see if there is any update in morning huddle.

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Post ID: @1kxm+1gm3f7WP

Recently had a job interview with them where they asked me about hiring tactics and how I support “underrepresented” groups. I started laughing and told them that I’m a POC and would be offended if I was hired because someone felt I was “underrepresented”. Also told them that I don’t have that victim mentality and hire ppl based on skills and not anything else.

Needless to say I didn’t get the job. American corporations are a woke joke…and not the funny kind.

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Post ID: @1etk+1gm3f7WP

San Antonio had some don't know exact numbers. My team lost 3 UW's. Another team also lost UW's and the manager, not sure how many from that team.

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Post ID: @1eqt+1gm3f7WP

Processing, underwriting, and credit administration teams were notified "their position would be eliminated because of the changing mortgage market." They were given a 2 week notice.

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Post ID: @1ekc+1gm3f7WP

@1ylr+1gm3f7WP Agree! If you've been displaced and are reading here trust me when I tell you this can be a huge gift to you. I was laid off during the dot com bubble era and while it was stunning to suddenly be unemployed for the first time in my life, it was one of the best things that ever happened to me.

That was a much tougher employment environment but I managed to get a much better job within a week of being laid off. Double dipped for 6 months (severance payment) paying off all debt and investing what was left. Look at what consumer tech stocks were in mid 2000 and now.

Be smart. Don’t drop into a slump. Get right out there and hustle. This is a great employment market - you’ll get something! You may need to look at areas adjacent to what you do now but you have skills, you are employable and you will be better off!

Good luck!

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Post ID: @1kpb+1gm3f7WP

Raleigh has some people let go. The ones I know are diligent, hard workers and definitely not "low performers" or "dead weight". These are people's lives we're talking about here. It's never fun being laid off and it can have life long consequences.

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Post ID: @1ylr+1gm3f7WP

hopefully they started with the ones who weren’t going back in office as required

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Post ID: @1kic+1gm3f7WP

Our division is doing very well now. So when I hear of layoffs, I have to think that most of the time there is deadweight. But let's just hope that those who get kicked out of a job are truly the deadweights.

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Post ID: @1ami+1gm3f7WP

Charlotte had some, but don’t know a number.

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Post ID: @1wde+1gm3f7WP

Portland Oregon displacements as well

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Post ID: @eoe+1gm3f7WP

Des Moines, San Antonio, and Minneapolis teams were impacted too. I’ve heard Phoenix was too. No exact numbers given yet. Only heard of processors and UWs so far on refinance teams.

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Post ID: @xsf+1gm3f7WP

My processing team was cut in half today, Phoenix

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Post ID: @bcx+1gm3f7WP

I heard a couple teams in technology were displaced today in DSM today. Might have to see how many new “.zz” is in the GAL after tonight’s batch

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Post ID: @ucg+1gm3f7WP

Des Moines had layoffs but they refused to give an exact number

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Post ID: @edx+1gm3f7WP

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