Thread regarding Wells Fargo & Co. layoffs

Does anyone know the official number of people let go yesterday? There has been no communication on this latest layoff. Just told people were laid off and we weren't affected.

"Sc--w corporate America. If a company is not losing money, they shouldn't lay off people. Greedy MFers. Billions of dollars of profit every quarter is not enough for them. If they want to reduce employees do it through attrition and/or offer buyouts."

Everyone in this industry is being affected by these rate hikes. Pipelines are down to almost nothing. How much longer do you expect to be paid to stay at home and do nothing?

Sc--w corporate America. If a company is not losing money, they shouldn't lay off people. Greedy MFers. Billions of dollars of profit every quarter is not enough for them. If they want to reduce employees do it through attrition and/or offer buyouts.

@1klq+1hWLdmiO
OP here again. I started in Non-Agency and was there for quite awhile. Then I was shuffled all over the place, closing teams were reorganized so many times. I ended up in Agency, doing the occasional Non Agency, closing both purchases and refis. Then I found myself in the refi only space, and the writing was pretty much on the wall as soon as the feds began raising the interest rates and my pipeline subsequently tanked. Then my manager was let go in May and I got moved again. I held on hoping for the best. My time (and a helluva lot of other folks too) just ran out today :(

I hope you ride through the storm!

i work in non-Agency and didn't hear anything today.

He-l's coming to breakfast and Charlie will be the feast.

WFA UW here. We lost all our MCD 1's and prior to that all the 2's and our terrible LM was moved to servicing. In MN.

I’m a processor that does VOE, my manager and over half my team members let go along with several other managers and their team leads. Around 50 I think?

if you’re sad, I am so sorry. If you are happy, don’t let the door hit you in the ars on way out. Mortgage is cyclical, what did you expect?

@ghm+1hWLdmiO
Consider it a blessing. And you're never too old. Our team (different bank, i left the WF dumpster fire in 2021) hired an employee that's in his early 60s this year that had been laid off from WF. He's loving his new role and doing better than ever.

Did the early 60's person become an employee, or as a contractor. A lot get put on a staff as a contractor at that age.

WFH conventional UW given 60 days non working notice today, not sure how many others were impacted in my area but was told it was more than just me.

@oyd+1hWLdmiO no, I'm not Iowa. I know several locations were impacted though

May the force be with you. Best of luck in your next chapter - enjoy that severance and don’t look back.

Consider it a blessing. And you're never too old. Our team (different bank, i left the WF dumpster fire in 2021) hired an employee that's in his early 60s this year that had been laid off from WF. He's loving his new role and doing better than ever.

Good luck.

I do not think there will be mass layoffs but I've heard that we are laying off in Mortgage and WFA again, smaller batches.

Wishing you the best OP. You're not too old at all. Look at it as an opportunity to do something you really desire. I had to do the same earlier this year and living my best life now. There's SO much more to this world beyond WF. You'll discover that very soon. Best of luck to you.

Best part is they are hiring all the laid off position over in India. Even though the website states "Services around the world. Wells Fargo does not have offices outside of the U.S. that provide services to consumer or small business customers." yet in truth they do 90% of doc handling and review. I wonder how the clients would feel if they knew one of the top countries for monitary scams was replacing a US citizens.

YES I GOT THE SAME MESSAGE 4 CLOSERS ON OUR TEAM AND ALSO MY MANAGER GOT LET GO . We were formally out of lombard illinois

Sorry to hear it OP. Iowa? Not in fulfillment, but was formerly and heard rumors

Post ID: @ojq+1hWLdmiO

What you say is true, unfortunately. Having said that I don’t think poor practices are excused because “everyone else is doing it.”

I used to work for a company who ran a little lean during busy times, and then didn’t lay off during slow times. That way, their people were experienced, had institutional knowledge, and could handle the increased volume when business picked up. They didn’t have to re-invent the wheel every time the wind changed.

I think my teenagers would make smarter decisions than our current leadership team. We have a bunch of monkeys in charge, and my apologies if that is insulting to monkeys.

@uqm. Yeah that giveaway to the rich and corporations artificially inflated Wall Street for a while but did nothing for Main Street who could have told you it has been a recession for them for years as that wage gap between the wealthy and middle class got worse.

But I bet a lot of people will swill down the kool aid on their favorite news channel and social media and vote against their own interests again.

@qlz. Yeah the former guy really screwed the low on the totem pole guy when those policies came home to roost.

Nothing happens overnight.

yesterday's rate hike, today's negative GDP report. It's looking recessionary. Tough time to have be looking for a new job. Best of luck all. There surely will be more of us joining the bon voyage party!

This isn't just Wells. All home lending departments are scaling back. This is very typical for that type of business. Then when rates drop, they hire out the rear end

My best to all who were let go today. Our leadership’s lack of ability to see beyond the nose on their face is appalling. They only seem to be capable of knee-jerk reactions.

Hoping this helps- my brother quit Home Mortgages for WFC in Iowa, a few years back, and went to work for a local Credit Union. He has never been happier and is now permanently WFH.

I hope this turns out to be a good thing after all is said and done. Losing your job is never easy, but getting away from Wells Fargo will probably be a positive when you have a chance to look back.

F this place!

UW funders closers, conv and DOM, out today 60 day working notice

Funder in home lending. Heard about 111 Funders let go today.

@cfv+1hWLdmiO I was a closer. I think this round really hit closers and funders hard.

@tkf+1hWLdmiO I'm close to 60 too. Hopefully you're right, everyone's hiring, so maybe they won't be too ageist!

I'm trying to look at the bright side....time to do fun stuff, hobbies, go visit family and friends.

So sorry, OP. Does anyone know which roles were directly impacted?

In my friend's case, it was every one on his team and a few other teams as well. Only 2 managers left in their side of home lending

I'm so sorry. I've been laid off twice and it sucks.

Ugh I'm sorry! I was just on a call with my two up saying that they had let people go. I heard around 50-60% of closers. What role were you?

Sorry to hear, but you are not too old. I know a couple people who were laid off around age 60 and found jobs. Take some time off, enjoy the rest of summer and you will bounce back.

Im so sorry. Wishing you the best for you, take care of yourself during your time off, all the best for landing on your feet

Good luck, OP, thanks for posting.

I'm the OP. I'm out effective immediately. As is my manager and all but 3 members of my team.

Sigh. I knew it was probably coming but the reality hits different when it's me, I guess.

I'm too old to start over elsewhere.

Turn out the lights, the party's over.

Let us know how it goes, good luck.

Tell me how it goes. I also work in home
lending but on PTO this week.