I'm a CSBB employee and location strategy is coming quick...There are roughly 37k non-customer facing employees in CSBB 3k are remote an I would estimate 10-15k of them are on the chopping block for forced relocation or severance as CSBB is spread out quite a bit. I would assume many employees have a WF Mortgage including myself. I enjoy a < 3% mortgage but if I choose to relocate I'm looking at +6% on new mortgage. I mean we are talking about WF profiting $100k+ more in interest by making me relocate to keep my job...not a lawyer or anything but isn't this some form of conflict of interest? Do we have any legal options here or are we sc--wed do to "employment at will"?
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I can't tell if you are in the first or third stage of grief. Move or or don't, this is company policy that is HR driven, managers have no input so when you are on the list you are done. You could be the greatest employee of all time it won't matter. I am trying to just be real with you to help you come to the best decision for you and your situation.
@1nsz Home Lending has WAY more. Those 37k do everything from reviewing procedures, answering banker questions, working on customer communications, managing bank alerts, control/risk/baco/legal/udaap partners. It’s not much considering it’s the group supporting the entire bank, wf app, website, training, support, marketing, etc.
37,000 non customer facing employees is insane…
OP - grasping at straws. move along. relo doesn't work for your life circumstance - start looking for a new job.
Your first problem is you let WF originate a mortgage for you. :/
Used to be the best in the business with good, local people in the community, and very competitive pricing…starting about 10ish years ago it all went to he-l and there are way better options out there
Your consumer debt choices are not the company's problem.
You raise an excellent point! Not only are you expected to pay for your own move, any house purchase will be at today's rates, and those are higher than they were. More out of your pocket than just the cost of the move.
Grasping at straws.
I'll say it again. The Location Strategy has absolutely nothing to do with consolidating, bringing employees together, and getting rid of buildings, and everything to do with getting rid of domestic employees. That's the entire goal. Once everyone is hubbed up they'll simply moving on to yet another tactic/excuse to keep firing people until almost all the US workers are gone. I&P/contractors will do just about everything and we'll all be SOL.
Lol 90% already in hubs... More like 70-75% get your facts right. The non-customer facing is actually about 29k employees and Oregon, Florida, Alabama, Georgia, South Dakota and South Carolina together have nearly 6k employees.
- someone who actually knows
I would never relocate for WF because there is nothing keeping them from laying me off after I’ve uprooted my family to a new city and sold my former forever home with a mortgage of 2.875%.
You are wrong. More than 90% of non-customer-facing CSBB employees are already living in hub markets. Also, you can get a mortgage with any mortgage lender.