Home lending has a lot of recent hires due to rto attrition in non front line positions e.g servicing, risk etc. does this mean most of these people will be let go in the next 6 months? Why didn’t they freeze hiring earlier if they knew the plan many months ago
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It’s funny you don’t understand yet. Must be a newbie. High level (C suite and up) don’t talk to the lower half with candor. I wouldn’t be surprised if they held info internally not to spook anyone. The bottom line is the HL LOB and support staff get tunnel vision and hire based on need. They never think strategically. They make a case foor their group and plead to 2-3 up managers for more ppl. Those managers cave where we are bleeding money. It’s all a circus wheel. Good TEAM MEMBERS are going to be collateral damage. Thanks, Shart.
Probably. Considering they were laying off HL ppl all of 2021-22.
I was once hired for a job, and never showed up for it. I forgot why. Must have been a better job elsewhere. Dude was pisssssssssed though.
They are getting what they deserve by agreeing to work at the most dysfunctional organization in the country.
Yes they do it all the time in mortgage. WAs part of a ramp up site of 800 people when rates went down and then all gone within a year.
Yes! Absolutely the new hires could be gone in under a year. I was hired to process loans for Norwest Mtg in September 98 and was laid off 14 months later…only to be called and returned to mortgage processing 90 days later. Wells Fargo’s cheapest expense is a new hire…you’re not vested in anything and you won’t get much severance. The 60 day notice is the most expensive part.
Worked in Wholesale division that hired 70 people in less than 6 mos. Then division folded due to Yorke debacle. FT abandoned team, took leave to avoid getting cut, and is now appallingly back at WF.
All of the earlier answers are correct.
The quickest turnaround I've ever witnessed (not at WF) was where we hired an employee only to lay them off after just 3 business days.... Shame on senior management for doing something like that.
Because there is only a one quarter plan to make the stock look good when the numbers come out. That’s as far ahead as any American company thinks.
You give our execs way too much credit for assuming they think that far ahead.