Got an invite for a required "Touch Base" with my manager this morning and was laid off! I'm in REVs and was told I'm one of 83 people being displaced today.
Non-working notice, in NY will be paid for 90 days before severance kicks in, 2 weeks/yrs of service
Maryland lay offs get 60 days THEN severance kicks in. Many who got laid off in the last 8 months confirmed this with me. The handbook changes Every year and Wells doesn't put everything in writing so they can change it at will.
17 more people got displaced in Title Ops yesterday as well.
@1nit+1l4r7xXj absolutely 100% correct. Severance begins after the notice period ends which is typically 60 days but in NY it's 90
@emq+1l4r7xXj It's all of NY state not just NYC and I'm right there with you LMAO!
What a bunch of dopes running this place!
This reduction was due to the reduction in correspondent loans. But there should be another round this year after WF sells off much of its servicing portfolio, correct?
The comment about notice period counting toward severance is not true. Severance pay begins after notice period ends.
I am so sorry that you lost your job but at the same time I wish that I would get one of those meetings
The handbook changed a year or two ago. The two months now comes OFF your two weeks per year of service -- so up until five years, you now ONLY get two months (required by OSHA).
I really hope that's wrong but we all know if it saves Schark a buck its true.
I hope management took into account having to give 90 day notices to all their NYC employees when they decided NYC was a hub. ROFLMAO
I see that several UW in Revs (previously OPUS) who worked in Charlotte are no longer employed- VA
83 displacements total, about 10% of the group's headcount, due to decreased appraisal volume and the announcement that wells is exiting correspondent.
Were you supporting Correspondent, OP?
REVS is Real Estate Valuation Services. I am sorry, OP. I also an in REVS.
This is completely in line though, with REVS resources who support Correspondent finding out a few weeks back that their jobs were gone -- not through management but through the news.
real estate valuation?
What is Revs?
The last displacement in my department was also on a Tuesday. At least you weren’t told in a group conference call like they were.
Is 90 days for non working notice an NY thing? I thought it was 60 for everyone before severance kicked in?
Some in MD also the people who moved from ECMO over to call centers.
83 in your area?