Wachovia News and Gossip.

What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Wachovia stack up against the competition?

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Wachovia stack up against the competition?

WACHOVIA LOOKS AFTER THE EMPLOYEES PRETTY WELL. THEY OFFER LOTS OF BENEFITS AND PERKS. THEY ARE BUYING AND MERGING WITH LOTS OF DIFFERENT BANKS ACCROSS THE COUNTRY, SO THEY ARE HERE TO STAY.

They are the fouth largest bank in the country

Their recent acquisitions place them in a precarious position. World Savings has cluttered their portfolio w/over $2B of questionable loans that may not perform over the long haul. They have just had a major lay-off, as has everyone else in Charlotte in the banking industry. I would steer clear of their stock until the impact of their recent acquisitions become more clear.

I interviewed for Wachovia in their card area. Did Wachovia overall layed off people in all areas? How many approx

SA in Charlotte, North Carolina said: Their recent acquisitions place them in a precarious position. World Savings has cluttered their portfolio w/over $2B of questionable loans that may not perform over the long haul. They have just had a major lay-off, as has everyone else in Charlotte in the banking industry. I would steer clear of their stock until the impact of their recent acquisitions become more clear.

wachovia's acquisition of World is a very smart business decision. these so called " questionable loans" are both profitable and loved by the customers..these loans are not "subprime or option arm" loans. this is verifiable because they have one of the lowest payoff rates in the industry. in addition, wachovia just bought a.g.edwards, so this clearly shows wachovia is not going anywhere anytime soon.

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Wachovia stack up against the competition?

*** Do not waste your time ... with WACHOVIA-PALM BEACH ALL AREA managers think only on themselve. They strive to rich high standards for each branch but at the end of the day --- Branch Managers are under pay & push to the limit... Shortage of tellers, customer service reps vs sales reps,. bonus are not equally shared...

At the end of the year... the hours you put in,,, do not equal the pay...

What ever they say ... if FALSE....

Wachovia/World Savings just let go over 600 employees. And an expected 1500 total in northern California alone.

loving wachovia in Washington, District of Columbia said: wachovia's acquisition of World is a very smart business decision. these so called " questionable loans" are both profitable and loved by the customers..these loans are not "subprime or option arm" loans. this is verifiable because they have one of the lowest payoff rates in the industry. in addition, wachovia just bought a.g.edwards, so this clearly shows wachovia is not going anywhere anytime soon.

World Savings was all about Option Arm loans, so I'm not sure what you're referring to. Their employees live and breath the Option Arm. When I went through one of their trainings they saw no advantage to a 30-year fixed loan. I could see advantages to the Option Arm, but there are also disadvantages. Lenders must also agree, since it is very difficult to find an Option Arm loan out there any more. They have all but vanished from the mortgage industry in the last couple of weeks.

World Savings did fine with the option Arm, it did have its positives and negatives, which we were always honest about with the customer. Wachovia came in a year ago and bought a very well run company. The company employed close to 5,000 employees in San Antonio alone (headquartered out of Oakland) and in the last week alone Wachovia has laid off 300 sales reps from World and 53 Loan Service personnel ( and 64 due to background checks that World had already approved and were long standing employees, some who had been with the company for over 12 years and had incidents from when they were 18 years old.) Rumor is - more layoffs to come in the San Antonio campus and that Wachovia actually plans to sell the San Antonio campus to Northwest Vista college (right behind World) and after layoffing people- move whoever is left to the I-10 Wachovia location. Legacy World people do not think highly of Wachovia for coming in and ruining what the Sandler's built up. Some are beginning to say "hostile takeover." I myself, just received my notice and severance package and will be moving on out of the mortgage industry for good. With legacy World Savings gone, I cant think of another mortgage company with integrity and who actually cared about their people who are left anymore.

I am a legacy World employee and am very disappointed with this merge. Wachovia does not have the same standards that the Sandler's built their company on. I just got word that my entire staff is being let go and with little severance.
I may leave the mortgage industry for good. And I have been doing this for more than 15 years. When I put my name on a product and a compnay I need to know that we are all reaching for the same goal. Wachovia will not stand when they let go of World employees.

Loved World, did you not receive the enhanced severance package for World Savings employees? That's supposed to be valid for layoffs until next October.

What is the typical severance package?

2 months if employeed leass than 1 year

KC in San Antonio, Texas said: Loved World, did you not receive the enhanced severance package for World Savings employees? That's supposed to be valid for layoffs until next October.

I did not consider the "enhanced severance" much of a package after so many years of service.

It is hitting the fan all over the US for World Saving employees. Many locations being shut down

I'm mad and upset.

Nebur Soretsellab...why so mad. Did you get let go?

Curious in San Antonio, Texas said: Nebur Soretsellab...why so mad. Did you get let go?

That is normal... then you will feel betrayed.

best thing to do is accept it then move on!

Good Evening all across the nation and here in SA... 1st my heart goes out to the long haul employees that gave countless (free) hours to World Savings. Not because it was asked but because it was your home away from home. We all built the place together with the drive smarts and know how to make things right. We've taken our beatings from upset or confused customers (which any industry receives) but we all believed in the philosophy behind the people that invested their heart and soul into the company (i.e. Sandlers, Judd). We all had the days where we felt used and question again; "why do I do this" but the same thing came to mind.... STABILITY, unfortunately times have changed and no one knows the real numbers affected as no one is being removed from communication until the end dates. Therefore, we are all affected but the customers are too and our names giving a bad reputation in the process as our customers are awaiting a response or return call and never get it. As the 60 day release date are being abruptly shortened. Someone should have told Wachovia not to panic with the rest of the market as the Sandlers never flinched and what... NEVER had to lay people off, you would have thought people would have taken notes on their success. Especially as they were the only Savings and Loans standing when all the failed. We all understand that business is business and respect this ultimately but apparently the spokes person for Wachovia is not aware of our hatchet days or the tenured WORLD not WACHOVIA mgmt having to be the grim reaper. As they reported a false number of only 43 jobs lossed at the SA campus. I think that happened in one division on one occasion. I fear calling my fellow employees as you don't know who has been pushed aside. To all that read this and have been displaced, I apologize for Wachovia's actions and for them not taking the time to learn our business or giving us the opportunity to just show them what we have to offer.... true loyalt

Nebur Soretsellab in San Antonio, Texas said: I'm mad and upset.

I think it's obvious what your real name is. You should use something different

I meant for the last comment to go to Nebur

Dave in Provo, Utah said: World Savings was all about Option Arm loans, so I'm not sure what you're referring to. Their employees live and breath the Option Arm. When I went through one of their trainings they saw no advantage to a 30-year fixed loan. I could see advantages to the Option Arm, but there are also disadvantages. Lenders must also agree, since it is very difficult to find an Option Arm loan out there any more. They have all but vanished from the mortgage industry in the last couple of weeks.

Wachovia's option arm is not the typical option arm. It recasts after 10 years and no other option arm does that. It also has a payment cap increase that none of the others have. It should not be lumped together with the other option arms.

KC in San Antonio, Texas said: Loved World, did you not receive the enhanced severance package for World Savings employees? That's supposed to be valid for layoffs until next October.

New Century Financial only gave their employees 2 wks! u should be grateful:)

I think we all miss World because it was a mutual culture with an extreme sense of internal and external customer service. They paid well, made you feel valued, and believed in cross training to make you the best you could be. We came from a company of 13,000 and went to a company of 110,000 (that could be shrinking daily). Plus everyone that is hired by Wachovia comes from many different cultures, has mostly virtual training with lot's of conference calls, making the atmosphere rather cold. I think that is why we did not feel a warm and fuzzy from the new boss. Plus many of your managers were top producers and commissioned only and were not available to do intensive training or mentoring of their troops.

Well it's not my issue anymore as I am displaced, along with over 100 others in Florida. Good luck to you all and I hope you dodge the bullet and thrive with the new company! There is always the good with the bad and I know I will miss all my co-workers at World and my new contacts at Wachovia. I just wish they gave us a fair playing field to play on before they let us go. We never got a chance to have the same tools and lead sources to get production from allowing us to show just how GOOD we could be. World people were phenominal at customer service, calling people back, great work ethic, motivated, loyal and results driven because they loved the company they worked for. How many out there burned the midnight oil just because they wanted to and cared about the company.

We have lost a lot of good, talented people. I hope the lay-offs stop soon.

Does anyone know what offices or departments were laid off in Florida? I have only heard of HLE.

Host said: What do you think -- is this company going to survive and thrive? Are they looking to expand their staff, or do you think layoffs are inevitable?

How does Wachovia stack up against the competition?

I think Wachovia will be a survivor! They are focusing heavily on the branch side of the business and I think that is where the consumer will go. The layoffs I'm sure stem from the downturn in the market but I think purging of the biggest expense you have (the employee) is a very standard operating proceedure during a merger.

I think Wachovia will stand strong as they have bank branches. I think one reason Countrywide is having so many issues is because they don't. Consumer confidence is with Wachovia. They will be just fine. I hope I will be a part of their success once again!!!!

I heard HLE was eliminated across the board. What is going on at the Wiseman Blvd campus? Have they finished laying off? Are they shifting workloads and now everyone is overloaded?

n/a in San Jose, California said: Wachovia/World Savings just let go over 600 employees. And an expected 1500 total in northern California alone.

What departments are getting hit?

n/a in San Jose, California said: Wachovia/World Savings just let go over 600 employees. And an expected 1500 total in northern California alone.

There are not even 1,500 legacy World Savings employees in Northern California.

I wish we could just go back to the security we had before Wachovia ever came to town!!!

Loved World but I feel like we were "suc-er punched" being recruited to HLE! I wish I didn't feel like the wind was knocked out of me. I just lost 14 years of tenure and will miss my long term business friends!

MVA - PALM BEACH in Fort Lauderdale, Florida said: *** Do not waste your time ... with WACHOVIA-PALM BEACH ALL AREA managers think only on themselve. They strive to rich high standards for each branch but at the end of the day --- Branch Managers are under pay & push to the limit... Shortage of tellers, customer service reps vs sales reps,. bonus are not equally shared...

At the end of the year... the hours you put in,,, do not equal the pay...

What ever they say ... if FALSE....

AGREED!!!

dontworkhere in savannah, Georgia said: AGREED!!!

I was laid off recently in the loan department. No warning, just the mandatory meeting. they left the branches without loan officer so the customer service will suffer. No one to originate, or answer questions. I guess a rep will show up one day, but so far nothing. What a disaster, but I am happy I am gone soon. Horrible environment to work in, that's for sure.

Word on the street is management in San Antonio is going to move nonexempt to a 3 day work week = 24 hours, but paying them for 40 hours. Why do you think they would do that?

Who the hell knows what WACH is thinking? They are all running scared and covering their asses. I am a legacy World emp and have never seen the likes of what has happened post merger. I have seen valuable, very tenured people let go simply because they happened to be in the wrong department at the unfortunate wrong time. They still had value to contribute to the company, more so than most of the managers that are at my level and above. WACH puts out the vibe that they do not know what they are doing and are clutching at straws to hold their own jobs. It is like 'look at me, look at me' right now. I am just keeping my head down and doing my job like a good soldier before someone gets the bright idea that more retooling needs to be done and adds even MORE stress to an already stressful situation. Whew, that feels better.

There was mention on T.V. this afternoon about Wachovia Bank. Is anything wrong?

Wachovia mergers usually go pretty smooth. The reason the world folks are getting so harsh is because of the economic downturn. They are trying to save as much money as they can because of it. If we were in good economic times, you would probably still have a job. That or you would have a very nice severance package.

If you want to know who to blame for this mess? Blame the Federal Reserve & Congress. The FED is about as Federal as Federal Express. They are a private bank that our government pays interest too on the loans they make to the banks and the government. That's why we pay income taxes. You can blame congress for allowing it to happen.

There was a comment made a few days ago regarding if you do not have a law suit to stop complaining. Well I am not complaing but yes I am a wholesale Rep and hope the Wachovia people are on this board because I have been in contact with a lawyer and will be drawing up paperwork for a class action lawsuit if I we do not get a package with the others. There have been triggers in the severence package agreement as reps that would qualify for a package. I have attended Presidents Club and Circle of Excellence. By my products that I sold at World Savings have been taken away. I am not able maintain the same level of income. The law firm I am working with is very familar with Wachovia and eager to see the results of what will happen to the wholesale reps with the layoffs. I will 100% pursue a class action suit against Wachovia and sure many Wholesale reps will join me in this. I think the newspapers (Charlotte Observer,WSJ)will also like to hear how Wachovia treats their reps in regards to a severence package that skipped over the reps they called a mistake(Lanty Smith)for purchasing. Wachovia will need to do the right thing and give the wholesale reps a package or face the very real outcome. I will NOT be forced out by unreal expectations without following through with legal counsel not just for myself but all reps. This is a decision Wachovia will need to make either do the the right thing for the reps or face another suit. This is all I should say to not give out too much info regarding legal action.

If it wasnt for World Savings, Wachovia would not have taken such huge losses. The mom and pop operation at World Savings is what is causing doom at Wachovia. Whom ever heard of a "Pick a Payment" before World. I mean "duh", me thinks I will make the smallest payment I can and not even have it pay back even the interest....HOW STUPID!!!!!!!!!!!!!!!!!!!!!!!!!!!

As for the comment regarding the PAP, please know had the powers that be listened to the people that knew and understood mortgages the World Savings mtgs would not be dismantling. As Wachovia's problem is that they thought (yes they thought) they understood but did not and their selling points were in left field. Saying you think that World brought Wachovia down is ridiculous, stop pointing fingers and just accept reality. You are grown ups and know that not everyone "Knows everything" and World Savings can not be the cause of everything. Be realistic, how can Wachovia be right and innoscent for everything when they bought a thriving company that lasted through the fall in the markets (mtg side) and was the last standing Savings and Loan (through that fall). Ok when the mom and pop workshop, if you like, were the ma and pop that the government came to for directives through the savings and loan fall. HMMMM have to say that seems to be the stronger side of the equasion (setting aside they NEVER did any layoffs through any of those times.) And the finger pointing antics (I think that was elementary school games), please explain how World or Golden West is the cause for providing WRONG FIGURES two quarters in a row... Where is the accountability for those actions? That to me is number fluffing and good ol fashion LYING. As for the FR PAP, let me tell ya World said this will not work, Wachovia said do it and get it out; with that in mind though it was the 1st Wachovia product with World Savings. You are 100% right it made no sense but hmmmm it was new bosses that made this ill decision and rejected direction from the mortgage people. To close this I want to say: Golden West/World are pretty darn talented for supposedly causing ALL the troubles Wachovia has, we did not force Wachovia to sell the securities in the fashion they did; again accountability. As for Thompson he got the raw deal because he did not buy Golden West on his own it was a vote accountabili