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The Masked Tulip

Wells Fargo To Shed 4,500 Mortgage Writers

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http://www.fins.com/Finance/Articles/SB130330708434608203/Wells-Fargo-to-Shed-4-500-Mortgage-Writers?Type=0&reflink=djm_modulewsj_widgetnews_FNmarketbeat

Wells Fargo & Co. laid off 2,500 mortgage originators in a tough first quarter and told another 2,000 that they would be gone by July.

The value of new mortgages that the firm wrote declined by slightly more than a third, compared with the last three months of 2010.

The company's net headcount dropped by 2,000 in the first three months of the year to 270,200, a .7% decline. However, it set aside $5.8 billion for salaries, commissions and incentive payments in the quarter, 9.3% more than in the year-earlier period.

Wells Fargo also kept its ranks of financial advisors unchanged and maintained 16,000 workers to modify delinquent mortgage

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http://www.fins.com/Finance/Articles/SB130330708434608203/Wells-Fargo-to-Shed-4-500-Mortgage-Writers?Type=0&reflink=djm_modulewsj_widgetnews_FNmarketbeat

Wells Fargo & Co. laid off 2,500 mortgage originators in a tough first quarter and told another 2,000 that they would be gone by July.

The value of new mortgages that the firm wrote declined by slightly more than a third, compared with the last three months of 2010.

The company's net headcount dropped by 2,000 in the first three months of the year to 270,200, a .7% decline. However, it set aside $5.8 billion for salaries, commissions and incentive payments in the quarter, 9.3% more than in the year-earlier period.

Aha - sounds familiar. Would incentive payments be in any way related to huge bonus increases for senior managers and directors to ease their pain in sacking workers and thus increasing productivity?

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Aha - sounds familiar. Would incentive payments be in any way related to huge bonus increases for senior managers and directors to ease their pain in sacking workers and thus increasing productivity?

...or introductory fees from third parties ...lawyers , estate agents..etc ...bribes...?.... :rolleyes:

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  • 277 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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