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Thread: Wells Fargo to lay off 2,300 workers within its mortgage unit

  1. #1 Wells Fargo to lay off 2,300 workers within its mortgage unit 
    ...matter and pixie dust wegs's Avatar
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    NEW YORK: Wells Fargo to lay off 2,300 workers, including 48 in Raleigh and 284 in Charlotte | Real Estate | NewsObserver.com I found this troubling to read. Realizing that the refinancing sector has slowed, this layoff still seems large. Large maybe not for WF, as I believe this layoff makes up only nearly 1% of its workforce. Curious as to what you make of this....should we be concerned?


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    Last year, while shopping for a new mortgage loan to "swing" our move to Arizona from Missouri, we found Wells Fargo to be the least "customer friendly", most offensive to deal with, of the four banks approached.

    ALL deposits to our checking account had to be verified. They questioned two personal checks deposited, for $100 and $25! Those were from her mother to my wife, a birthday and Christman gift. We had to sign affidavits guaranteeing accuracy of our statements. Most personally intrusive bunch of bastards I've encountered in the banking game.

    In contrast, a new bank in town, took on our business with the no-nonsense old-fashioned approach to which I had been accustomed for most of my life. No verifications, little personal information demanded. I DID, however, question the young manager's thoughts concerning the fact that the loan he had just approved would be paid off during my 100th. year of existence! He just laughed! jocular


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    ...matter and pixie dust wegs's Avatar
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    Quote Originally Posted by jocular View Post
    Last year, while shopping for a new mortgage loan to "swing" our move to Arizona from Missouri, we found Wells Fargo to be the least "customer friendly", most offensive to deal with, of the four banks approached.
    I bank with them by default; I used to bank with Wachovia. I haven't had a lot of issues per se with WF, the local branches have been friendly enough. But, your complaint here is felt among many customers. Read a recent article that WF is not ranked high when it comes to customer service.

    ALL deposits to our checking account had to be verified. They questioned two personal checks deposited, for $100 and $25! Those were from her mother to my wife, a birthday and Christman gift. We had to sign affidavits guaranteeing accuracy of our statements. Most personally intrusive bunch of bastards I've encountered in the banking game.
    LOL It could have something to do with the scrutiny they're under now, since well...they did commit a lot of fraud. I was unaware as to the depths that the banking industry was altering mortgage docs, etc...but since becoming aware, I've read a bunch of things about WF in particular. NOT good. So, maybe some of this scrutiny is due to the pendulum swinging the exact opposite direction. IDK.

    In contrast, a new bank in town, took on our business with the no-nonsense old-fashioned approach to which I had been accustomed for most of my life. No verifications, little personal information demanded. I DID, however, question the young manager's thoughts concerning the fact that the loan he had just approved would be paid off during my 100th. year of existence! He just laughed! jocular
    haha I'm glad you found a good bank to work with...I've never belonged to a credit union, but heard they are great, in a number of ways. SO...assuming from your comments here, you feel WF is wrong for this large layoff? (reading between the lines)
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  5. #4  
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    Quote Originally Posted by wegs View Post
    Quote Originally Posted by jocular View Post
    Last year, while shopping for a new mortgage loan to "swing" our move to Arizona from Missouri, we found Wells Fargo to be the least "customer friendly", most offensive to deal with, of the four banks approached.
    I bank with them by default; I used to bank with Wachovia. I haven't had a lot of issues per se with WF, the local branches have been friendly enough. But, your complaint here is felt among many customers. Read a recent article that WF is not ranked high when it comes to customer service.

    ALL deposits to our checking account had to be verified. They questioned two personal checks deposited, for $100 and $25! Those were from her mother to my wife, a birthday and Christman gift. We had to sign affidavits guaranteeing accuracy of our statements. Most personally intrusive bunch of bastards I've encountered in the banking game.
    LOL It could have something to do with the scrutiny they're under now, since well...they did commit a lot of fraud. I was unaware as to the depths that the banking industry was altering mortgage docs, etc...but since becoming aware, I've read a bunch of things about WF in particular. NOT good. So, maybe some of this scrutiny is due to the pendulum swinging the exact opposite direction. IDK.

    In contrast, a new bank in town, took on our business with the no-nonsense old-fashioned approach to which I had been accustomed for most of my life. No verifications, little personal information demanded. I DID, however, question the young manager's thoughts concerning the fact that the loan he had just approved would be paid off during my 100th. year of existence! He just laughed! jocular
    haha I'm glad you found a good bank to work with...I've never belonged to a credit union, but heard they are great, in a number of ways. SO...assuming from your comments here, you feel WF is wrong for this large layoff? (reading between the lines)
    I am in no position to judge a business's operating decisions. However, the lady handling our loan application process indicated she believed their current policies, much more scrutinizing than in the past, were fueled by insistence of the Fed, their institution having been foundering before a huge "stimulus" intervention. It made us feel as though we were being checked by the Drug Enforcement Agency as money-launderers!

    To my way of thinking, private business should GO about it's business, unhindered by threat or coercion; should they faulter, it is then their own problem to be solved. The government, though it runs the country's currency affairs, should, IMO, have no say-so over individual banks' everyday affairs. After all, banking is a business aimed first and foremost at attracting customers' funds for the purpose of providing savings plans, while judiciously using those funds on deposit to produce income of it's own, which those individuals contributing savings cannot. You and I cannot loan money for profit: This is called a "numbers racket", loan sharking, or, when I was a kid, a "Policy Wheel" (!?). Running numbers is also a term used to denote the sale of "chances" "on the street". Surprisingly, the Mob paybacks for such illegal activity have always been higher than those of legalized Lotteries. Those, too, are IMO a serious intrusion into private affairs, offering the sale of "chances" at such ridiculously low odds of success to any given individual buyer as to be disgusting. (Don't get me started on State Lotteries if you don't want your "ear bent"!

    Credit Unions have always been an attractive alternative to private savings banks. My wife and I have belonged to one for over 30 years. Now, new Federal legislation is threatening to place them under the same types of control as exercised over the banks. The greedy never have enough! jocular
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    Wells Fargo is the least accommodating bank, and has been for years.

    We experienced that trying to pay off a loan, they had the paper on.

    Bof! wasn't much better.

    We pulled all of our funds OUT of those banks.

    Service is part of the job of the bank. Wells Fargo didn't deliver.
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  7. #6  
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    Quote Originally Posted by wegs View Post
    Curious as to what you make of this....should we be concerned?
    I think we should be overjoyed. It's impractical to keep workers around if there's no work for them to do. And well..... it's a good thing there isn't a whole lot of work for them to do. It means people are finally starting to live inside their budgets.
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    Been waiting for Wells Fargo to approve or counteroffer at the behest of a seller for a bid we made on a short sale home--they've been sitting on the offer for six weeks now.
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  9. #8  
    ...matter and pixie dust wegs's Avatar
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    Quote Originally Posted by kojax View Post
    Quote Originally Posted by wegs View Post
    Curious as to what you make of this....should we be concerned?
    I think we should be overjoyed. It's impractical to keep workers around if there's no work for them to do. And well..... it's a good thing there isn't a whole lot of work for them to do. It means people are finally starting to live inside their budgets.
    i suppose that is a way to view it...but what happens to all those people out of work? if their skill set is in banking/mortgage industry...it ultimately hurts our economy...when they can't find work right away. all banks will be in similar boats, since the higher interest rates are what is driving the lack of interest in homeowners refinancing right now.
    Last edited by wegs; August 26th, 2013 at 11:10 PM. Reason: dawned on me what kojax meant lol
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    Quote Originally Posted by kojax View Post
    Quote Originally Posted by wegs View Post
    Curious as to what you make of this....should we be concerned?
    I think we should be overjoyed. It's impractical to keep workers around if there's no work for them to do. And well..... it's a good thing there isn't a whole lot of work for them to do. It means people are finally starting to live inside their budgets.
    It's about time!
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    Quote Originally Posted by Lynx_Fox View Post
    Been waiting for Wells Fargo to approve or counteroffer at the behest of a seller for a bid we made on a short sale home--they've been sitting on the offer for six weeks now.
    Good luck with that! We fought the indeciciveness of both foreclosed and short sales, and wound up just buying below market, after losing the "best of the bunch", by twoo hundred bucks! joc
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