Wells Fargo To Shed 4,500 Mortgage Writers

[The Masked Tulip]

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

[South Lorne]

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....?....

[johnny5thumbs]

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?

[South Lorne]

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...?....

[thecrashingisles]

Wells Fargo To Shed 4,500 Mortgage Writers

They shouldn't worry. There'll always be a market for light fiction.

[200p]

Goodbye mortgage broker job, hello tent city.