The Masked Tulip Posted April 20, 2011 Report Share Posted April 20, 2011 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 Quote Link to post Share on other sites
South Lorne Posted April 20, 2011 Report Share Posted April 20, 2011 http://www.fins.com/Finance/Articles/SB130330708434608203/Wells-Fargo-to-Shed-4-500-Mortgage-Writers?Type=0&reflink=djm_modulewsj_widgetnews_FNmarketbeat ...surprised they have lasted this long ...who needs them ...fewer mortgages and it can all be done online....?.... Quote Link to post Share on other sites
johnny5thumbs Posted April 20, 2011 Report Share Posted April 20, 2011 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? Quote Link to post Share on other sites
South Lorne Posted April 20, 2011 Report Share Posted April 20, 2011 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...?.... Quote Link to post Share on other sites
thecrashingisles Posted April 21, 2011 Report Share Posted April 21, 2011 Wells Fargo To Shed 4,500 Mortgage Writers They shouldn't worry. There'll always be a market for light fiction. Quote Link to post Share on other sites
200p Posted April 21, 2011 Report Share Posted April 21, 2011 Goodbye mortgage broker job, hello tent city. Quote Link to post Share on other sites
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