Real Wachovia Layoffs - No Appraisal talk allowed.

lets leave this blog open for people who are really concerned about layoffs and the people who have been affected. At the same time with the addition of this blog you are able to subscribe and recieve instant emails regarding possible/current layoffs rather than senseless buzz sessions from appraisers or people who dont have any new info regarding such issues.

-Thanks GHWB

For those of you who want the "unspun" truth about what is happening out there, do yourself a favor...read and contribute to the orignal and HONEST Wachovia Layoff blog that has over 3,500 posts!

Oh, by the way, good luck GW.

The reason it has so many posts is due to the life of the post as well as the casual talk that happens in between. Do everyone a favor and communicate through your myspace or things of that sort instead of through a blog which thousands of other people read. We dont need to hear about when you go to bed, wake up, or when you completed your last appraisal. Lets keep the conversations relative to the topic which I would like to remind everyone is Wachovia layoffs.

So GB what area of the company are you from? Are you laidoff or still in limbo? I was in origination until recently.

What words of wisdom so you have on this layoff. Have you heard of any great companies to look at out of the industry?

I'm open to anything that will bring results.

I am definately in Limbo right now. There is a new projected layoff day for our department every week. =) If you are in origination then the good news is that sales jobs all over every industry are up...that is the beautiful thing about sales jobs. In terms on what can work for you, well, I dont have the answer for that. If you can land a "C" (CEO, CFO)level sales job that would be your best bet it gives incredible benefits and compensation packages. This is a tough biz though which needs a B2B background, a degree, and is typically a lengthly work day of 10-12 hour days 5 days a week. It is not for everyone. =)

George Bush in District of Columbia said: I am definately in Limbo right now. There is a new projected layoff day for our department every week. =) If you are in origination then the good news is that sales jobs all over every industry are up...that is the beautiful thing about sales jobs. In terms on what can work for you, well, I dont have the answer for that. If you can land a "C" (CEO, CFO)level sales job that would be your best bet it gives incredible benefits and compensation packages. This is a tough biz though which needs a B2B background, a degree, and is typically a lengthly work day of 10-12 hour days 5 days a week. It is not for everyone. =)[/QUOTE

Last Friday was my last day :( I was laid off recently. I can't find new employment for about 45 days and am wondering what to do. I am kind of worried about going back into origination, it is such a tough market out there right now.
I have been under such stress for about a year now due to worrying about the job, I feel like not doing anything at the moment. I went to an information session at the local college today about a new career. It is not easy what these layoffs have done, especially the way they were done, promising us that we would be integrated into the company for over a year and then abruptly laid off without regard to talent, just because we were legacy.

I can't help but say this. In spite of the economy, in spite of what's happening, there are many people out there being successful at what they do. Let's face it. Wachovia is going to lay off the World people. Period. It will happen before Oct. 08 or soon after. So, the best thing to do is to position yourself so that in your next professional life you are one of the successful ones. My suggestion is to 1) go take one of those analysis tests (Millers is a good one) to see where your strengths are as well as the areas you aren't good and don't like. 2) Complete a resume and gear it towards those areas where you should be 3) Get two good recruiters and 4) Go for it. If you are already displaced, know that you aren't alone and are blessed to have a good severance. Go through the above steps and mentally fight the anger, depression and sadness and move towards another good career either for another employer and possibly start your own business and do stuff on the side. I hope this helps.
We can help each other through this. I am really happy for this new topic.

George Bush in District of Columbia said: I am definately in Limbo right now. There is a new projected layoff day for our department every week. =) If you are in origination then the good news is that sales jobs all over every industry are up...that is the beautiful thing about sales jobs. In terms on what can work for you, well, I dont have the answer for that. If you can land a "C" (CEO, CFO)level sales job that would be your best bet it gives incredible benefits and compensation packages. This is a tough biz though which needs a B2B background, a degree, and is typically a lengthly work day of 10-12 hour days 5 days a week. It is not for everyone. =)

I think we know each other--there is a new projected layoff date for my department, too. =) I would imagine originators would be more likely to look at more entrepreneurial careers (less of a J.O.B. and more of a career) in some industry that capitalizes on current/projected e-commerce or market trends. Going on informational interviews now (for those who aren't laid off yet) is very helpful in weeding out the industries you aren't sure are a good fit for you.

There are rumors regarding layoffs in my department too. These rumors has put us in a limbo mode at work here, just the uncertaintly kills us. Apparently we will get word next Tuesday 12/11 or Wednesday 12/12. CoreyHart, I am a Mortgage consultant and i do plan on looking into an entrepreneurial career.

MC in San Leandro in San Leandro, California said: There are rumors regarding layoffs in my department too. These rumors has put us in a limbo mode at work here, just the uncertaintly kills us. Apparently we will get word next Tuesday 12/11 or Wednesday 12/12. CoreyHart, I am a Mortgage consultant and i do plan on looking into an entrepreneurial career.

Good for you. Having a sales backgraound, whatever pursuits you have should work well for you. Go for it.

MC in San Leandro in San Leandro, California said: There are rumors regarding layoffs in my department too. These rumors has put us in a limbo mode at work here, just the uncertaintly kills us. Apparently we will get word next Tuesday 12/11 or Wednesday 12/12. CoreyHart, I am a Mortgage consultant and i do plan on looking into an entrepreneurial career.

We work together, my fellow MC.

How nice to not have to sift through teenagerish banter. Thank you for starting a new thread.

The MCB's were laid off in Florida, Co, Il and Tx. As far as I know they were not invited to post, just given their walking papers.

Does anyone know what is going on in wholesale? Seems there has been little info about how wholesale is faring...

Teddy Bear in San Antonio, Texas said: How nice to not have to sift through teenagerish banter. Thank you for starting a new thread.

The MCB's were laid off in Florida, Co, Il and Tx. As far as I know they were not invited to post, just given their walking papers.

Does anyone know what is going on in wholesale? Seems there has been little info about how wholesale is faring...

I was a CLO laid off a few weeks ago in Fl, definitely not invited to post. To rub salt in the wound, the day before I left , my MCB wach replacement came into the branch and wanted my call lists, customers and advice because she had a family to support. I said, hey, I'm laid off and I have a family to support too, any advice for me?" What nerve. The day after I left, this mcb and her manager came by and were anxiously interrogating the staff on where to find my files. They of course, did not know. Interesting. Sounds like they are hard up, also heard their mcb pay was slashed big time. The boynton roc is still open for now, a lot of them don't know what's going on but they are still there (for now) Looks like wach is centralizing loan underwriting/processing and wanting to make the FSs sell the pick a pays. Not good for the customers.

Interesting Nasty...sorry you are displaced. I guess the difference is that in CO, IL and TX the whole program was cut. MCB's and CLO's together with their managers up to the Division Executive level - all displaced. Districts, Regions, Divisions....all gone.

Teddy Bear in San Antonio, Texas said: Interesting Nasty...sorry you are displaced. I guess the difference is that in CO, IL and TX the whole program was cut. MCB's and CLO's together with their managers up to the Division Executive level - all displaced. Districts, Regions, Divisions....all gone.

Wow, that is too bad. I think the whole MCB program is going away. Thank God I got a package that will hold me through, I'm looking at other job opportunities too. How many people were let go, do you know? I'm even worried about going back into origination, all the stress over the past year got to me I think and it is real tough especially here in FL.

George Bush in District of Columbia said: I am definately in Limbo right now. There is a new projected layoff day for our department every week. =) If you are in origination then the good news is that sales jobs all over every industry are up...that is the beautiful thing about sales jobs. In terms on what can work for you, well, I dont have the answer for that. If you can land a "C" (CEO, CFO)level sales job that would be your best bet it gives incredible benefits and compensation packages. This is a tough biz though which needs a B2B background, a degree, and is typically a lengthly work day of 10-12 hour days 5 days a week. It is not for everyone. =)

Most sales jobs with new companies are at entry level sales positions. Most companies that have management openings want to you to bring in whole departments. That's a no no with our severance package. For 2 years you can't solicit WB employees. However, displaced employees are fair game I hear. My background fits and 10 to 12 hours days were my norm anyway.
Nasty, if you were a producer I hearing Wells, Countrywide, Chase, SunTrust, and National City are hiring loan consultants. Hey with everyone laying off and the changes being made with all companies, it would give you a fresh start but no company can offer total security right now. If you want to try and get back into WB then get with your advocate and discuss your options. Also get onto the posting site and see what's available. Just prepare yourself for WB's interviewing process. It's very different than other lenders. Study up on the STAR process. It's on the HR website. It's a crap shoot now as far as bank careers go so until the market correction is complete job security may be compromised no matter who you are with. You're doing the right things by exploring all your options.

MC in San Leandro in San Leandro, California said: There are rumors regarding layoffs in my department too. These rumors has put us in a limbo mode at work here, just the uncertaintly kills us. Apparently we will get word next Tuesday 12/11 or Wednesday 12/12. CoreyHart, I am a Mortgage consultant and i do plan on looking into an entrepreneurial career.

As a mortgage broker there is money to be made. I've been told that if you do FHA they pay 3 bips on the backend and depending on the loan amount you can make 10 to 13k on each loan. That's not a bad sideline. If you have relationships then you could make some big bucks to help you through this period until you can decide what long term direction you might want to take. I've looked at many options.
What great ideas has anyone else seen out there?

Nameless from no-where said: As a mortgage broker there is money to be made. I've been told that if you do FHA they pay 3 bips on the backend and depending on the loan amount you can make 10 to 13k on each loan. That's not a bad sideline. If you have relationships then you could make some big bucks to help you through this period until you can decide what long term direction you might want to take. I've looked at many options.
What great ideas has anyone else seen out there?

I am also going to take the mortgage broker class and get the licensing. Hey, it can't hurt. I have thought about it.

I am hearing big rumbles about new layoffs in San Antonio. Lot's of closed door meetings and execs in HR.....scary

thank you for starting this new board. I was hoping to find information regarding the AGE/Wachovia merger.

Hmmm a scary place to work now in San Antonio, Texas said: I am hearing big rumbles about new layoffs in San Antonio. Lot's of closed door meetings and execs in HR.....scary

Do you guys have enough to keep you busy now that VIP can no longer do mods? Was there recently a layoff of a couple hundred employees? I thought that layoffs might be coming up in the future when I heard about that new restriction placed on VIP. Without the mods the portfolio bleed-off might start up again, but I'm sure WB acknowledges that mods are not a long-term solution.

Has anyone heard any updated info?

I was just laid off yesterday. I am in customer service in Real Estate Finance/Homebuilder Banking. Others were laid off as well...quite a substantial part of our department.

So now I'm lost! This is my second displacement in three years. I was a SouthTrust employee and was displaced and then hired by Wachovia a few months later.

Wow.....this forum is WAY more intersting than the other forums!! = signed Sarc Astic