Wachovia Layoff

mikus29 in northeast said:
P.S. - Even if one signs the severence agreement and a class action suit is announced later based on previously unknown information, I don' think illegal or conflicts of interest would be covered by any such agreements, and also, the likelihood of joining a class action suit would be because you stand to get more than your severence plan paid you, so if you had to return it, big deal.... (I hope that made sense)

Exactly.

Get with one of the law firms involved with these class action suits and have the advise you regarding your eligibility and enforceability of the waiver you need to sign, or already have signed, for the enhanced severance package. A simple phone call.

Phila Buster in Washington, District of Columbia said: Bad news, there is no more World, and what Wachovia calls a "Call Center," I haven't been too impressed with.

A Legacy World employee will be extremely lucky to find a long term position within Wachovia. If they do, then good on them, but my experience with Wachovia(remember, this business model is really still First Union.) is that if they can screw it up, they will.

I'm not dumping on Legacy World, and if you'd read this forum with any regularity, you'd know that I don't do that.

I have to agree I have bee watching how they operate and they still have First Union Blood, When they merged with us in 00 we are still trying to adapt to there ways I feel for yall Legacy World & AG

Phila Buster in Washington, District of Columbia said: Yeah, let's hope so. Hope it's not just call center stuff with people getting paid minimum to read a script to a bank customer whose goal at that moment is to get off the phone.

The mortgage business made World in SA. Wachovia will have to do a lot to even come close. Right now they ain't impressing me at all.

I have seen a tremendous slow down as far as projects in San Antonio I agree that SATX has lowere cost and is prime real esate,,, But my consern is the St louis site will they move SATX operation to St Louis & close TX

Missing the World Way in San Antonio, Texas said: So what group were you with? Those of us in Loan Service are not hearing everything..We lost 55 people on Wednesday and a good portion of them were our managers. Not sure what the next wave will bring. Anybody heard anything about additional cuts at the SA Campus?

The Texas parking lot is real empty we have bulding that are not even ocupied & no more fights for parking

Phila Buster in Washington, District of Columbia said: I never was discussing the Legacy World people. Any call center that comes about in SA will be strictly by the Wachovia (meaning screw it up) method.

The customer service that was provided by World was impeccable. That will no longer exist very soon. It'll be replaced by "Hello, thank you for calling Wachovia, to inquire about your account, press one, to inquire about getting a credit card press two, to transfer funds from one account to another, press three, do launder money, press four. If you have an issue with our customer service, give us your account number so we can clean it out. Thank you for calling Wachovia."

Pretty soon, it will also be pressing numbers on the dial pad for getting a mortgage. Press 5 to apply for a mortgage, please enter your social security number and hit the pound key. Do you agree to a credit report, say yes. the answer, in a computerized voice, we are sorry, we are unable to approve your loan at this time due to your credit score. Goodbye!

Nasty Wach in Miami, Florida said: Pretty soon, it will also be pressing numbers on the dial pad for getting a mortgage. Press 5 to apply for a mortgage, please enter your social security number and hit the pound key. Do you agree to a credit report, say yes. the answer, in a computerized voice, we are sorry, we are unable to approve your loan at this time due to your credit score. Goodbye!

But you can bet the JD Power and Associates will still be giving Wachovia that #1 in customer service award.

/More likely someone's buying it from them...

only 32 from SAFTE remain.

myworldwentawaytoday in Best In, Texas said: only 32 from SAFTE remain.

Damn. That's a deep cut.

what dept. is SAFTE is it only in SA?

as part of a wide-ranging SEC investigation of several Wall Street firms’ sales and marketing practices. UBS, Morgan Stanley and others are buying back ARS by the billions in order to avoid formal charges of securities fraud.
The Securities and Exchange Commission on Friday said Wachovia Corp. Wachovia Corp has agreed to a settlement related to sales of auction-rate securities, the market for which collapsed earlier this year. Under the settlement, Wachovia will offer to purchase roughly $5.7 billion of auction-rate securities held by individual investors, small businesses and charitable organizations, the SEC said. The bank will also offer to purchase the roughly $3.1 billion of securities held by all other Wachovia investors, according to an SEC press release.

Hm, but fire all the World peeps and jettison all those pap loans...

marco polo in Liederhosen, Liechtenstein said: as part of a wide-ranging SEC investigation of several Wall Street firms’ sales and marketing practices. UBS, Morgan Stanley and others are buying back ARS by the billions in order to avoid formal charges of securities fraud.
The Securities and Exchange Commission on Friday said Wachovia Corp. Wachovia Corp has agreed to a settlement related to sales of auction-rate securities, the market for which collapsed earlier this year. Under the settlement, Wachovia will offer to purchase roughly $5.7 billion of auction-rate securities held by individual investors, small businesses and charitable organizations, the SEC said. The bank will also offer to purchase the roughly $3.1 billion of securities held by all other Wachovia investors, according to an SEC press release.

Hm, but fire all the World peeps and jettison all those pap loans...

Well, yeah. You know those PAP loans are just SOOOooooo risky.

/sarcasm

more cuts -- www.wtop.com/?nid=111&sid=1457781

WTH` in Irvine, California said: more cuts -- www.wtop.com/?nid=111&sid=1457781

not surprising, is it.

Nasty Wach in Miami, Florida said: Pretty soon, it will also be pressing numbers on the dial pad for getting a mortgage. Press 5 to apply for a mortgage, please enter your social security number and hit the pound key. Do you agree to a credit report, say yes. the answer, in a computerized voice, we are sorry, we are unable to approve your loan at this time due to your credit score. Goodbye!

yup

Phila Buster in Washington, District of Columbia said: Hopefully, with Steel in the captain's chair, this can be turned around. They may have laid me off, but I don't want to see this bank fail. There's people in the bank that I would love to see fail, but not the corp. itself. I'd like to see Steel clean out all the senior mgt of this company, and replace them with people who know how to run a bank. There's more than a few of them around. Most of them worked for Judd.

why do you think steel can do any better than all the rest of the distructive people in this god faosaken company?

Phila Buster in Washington, District of Columbia said: But you can bet the JD Power and Associates will still be giving Wachovia that #1 in customer service award.

/More likely someone's buying it from them...

everything is for sale, for a price.

doesn't seem to be any new on layoff today. has anyone heard anything today?

Wachovia's BluePoint Re files for bankruptcy in NY

www.reuters.com/article/bankingFinancial/idUKN1445980920080815?rpc=77

another one

Dangling by a thread in Recession Town said: Yes, USPAP only applies to licensed appraisers, however, you must be licensed to do an appraisal for a "federally related" transaction. How is that defined? I think, if the loan is done by any institution that is FDIC insured. I don't have USPAP handy, but that is my recollection. Is the review being done in India for a loan that is a federally related transaction? There is some helpful info on this blog.......but there is also quite a bit of hysteria. Rumor's spun into incontrovertible fact. Let's try and stick to the facts about what is really going on. That is the only thing that is going to help all of us move forward in a contructive manner.

and what do you think is REALLY GOING ON?

Joshua Moghimi in Las Vegas, Nevada said: Well if anyone is looking for a job I was just at a site that has free work at home job lists www.yeabuddy.net . In case anyone else is looking for something to do.

THESE ARE A HOOT.

THE PARTY IS OVER AT WACHOVIA, PERIOD.

snoopy in nowhere, Mississippi said: THE PARTY IS OVER AT WACHOVIA, PERIOD.

That sure seems to be the handwriting on the wall!!!! Every day something else is disclosed and shows how deep in dodo they are!!!! And to think it is all the fault of World Savings....NOT!!! That is only one bad move they made amongst many,many!!!

been there, done that in Los Angeles, California said: That sure seems to be the handwriting on the wall!!!! Every day something else is disclosed and shows how deep in dodo they are!!!! And to think it is all the fault of World Savings....NOT!!! That is only one bad move they made amongst many,many!!!

AMEN. ANOTHER WAY TO THINK ABOUT IT IS: how does a small savings and loan like world take out a giant like wachovia? not that world did, but wachovia sure wants that to be their story.

Phila Buster in Washington, District of Columbia said: OK:

1. As a consumer, I consider procedure more important. A helpful, courteous staffer should be a given (though with Wachovia it hasn't)

2. It was a situation with an account. Fees were charged to the account, even though it was a no fee account. The person on the other end was nice and friendly and all that, but in the end, I had to speak with 3 levels of management to get the issue resolved.

3. I don't account for them. Since I don't have access to the data collected, I cannot give you an informed answer. I can tell you that I'm not going to buy the "#1 in customer service" pablum just because it's in a commercial.

4. I can tell you of two experiences other than WB. I had a business account with B of A years ago, and closed it because of the poor customer service. I also have accounts with a local credit union, and have NEVER had a customer service issue.

I also know someone who obtained a refinance through the Wachovia Employee loans dept (not Legacy World) and they totally FUBAR'd her loan. Disclosures didn't go out in time (compliance), decision took longer than allowed (compliance again), and the fees charged were incorrect. She was mortified that employees were treated in this manner.

Hope this helps.

Indeed, very informative. Cheers ;)

Nimue in Somewhere, West Virginia said: Phila, a few questions, if you'll permit me;
1) Do you find it to be more the procedure, or the personality that makes a customer service experience impeccable?

2) What has your personal/consumer experience with been with the call center?

3) How do you account for Wachovia's relatively satisfactory customer service rankings over the years?

4) Do you find the complaints about Wachovia (overall) to be specific to WB, or typical of any major bank?

I'm not Phila but would presume to reply. To you personally, I like that you come on the board. You usually have good questions that seek to validate without getting emotional, take the comments at face value and try to keep things in some balance. Wish I had had an opportunity to know you. If other Wach people had your approach (and some GDW people had also had a different approach) there would not be so much animosity today.

2.My experience is that there is empowerment at the lower levels to solve problems, ie fix address or recode an account, but no authority to "make it right" ie waive fees or letter of apology. GDW front line staff had quite a bit of authority to make it right. To control, managers then audited a % of their discretionary decisions. Probably took less time than having 100% of those calls elevated to get resolution. Customers were more satisfied.

3. I was told by 3 Wach persons in the branches that when a customer complains or is upset they put a "Do not call" flag on the account(s) so Gallup doesn't call. Just goes to show ya, there's always a workaround. Don't know if they do this in the call centers.

It's sort of an Emperor has no clothes thing Nimue. Wach Mgmt is going along thinking they know what's happening down the line. GDW folks looked at what was happening and saw it wasn't even close. Wach points to the reports. GDW looks at how the reports were built and finds the loopholes. A great example was loan turn times and

and compliance. GDW started counting turn time the date the application was taken with the rationale that that's when the customer starts counting. Wach reports start counting when the signed disclosures and check is returned. You can see where this would result in significant discrepancies on turn times and pull through rates between a Wach Center and a GDW center. There was never a level playing field but everyone thought they were speaking the same language. Keep asking questionns Nimue, you'll make it a better company!

Sad GDW oldtimer in San Antonio, Texas said: and compliance. GDW started counting turn time the date the application was taken with the rationale that that's when the customer starts counting. Wach reports start counting when the signed disclosures and check is returned. You can see where this would result in significant discrepancies on turn times and pull through rates between a Wach Center and a GDW center. There was never a level playing field but everyone thought they were speaking the same language. Keep asking questionns Nimue, you'll make it a better company!

Thank you, Sad Oldtimer. I appreciate your insight very much. I do wonder houwver, if you can shed some light on the disclosure discrepancy you mention. When you say "Wach reports start counting when the signed disclosures and check is returned.", who specifically gave that directive?

Phila Buster in Washington, District of Columbia said: I never was discussing the Legacy World people. Any call center that comes about in SA will be strictly by the Wachovia (meaning screw it up) method.

The customer service that was provided by World was impeccable. That will no longer exist very soon. It'll be replaced by "Hello, thank you for calling Wachovia, to inquire about your account, press one, to inquire about getting a credit card press two, to transfer funds from one account to another, press three, do launder money, press four. If you have an issue with our customer service, give us your account number so we can clean it out. Thank you for calling Wachovia."

I’m sure we can all agree that there are “great” people in all “poor” organizations and conversely, there are “poor” people in “great” organizations. I believe what Canon was taking exception to is the generalization that all the call center employees are “poor” employees simply because they now belong to a poorly run organization. Please bear with me, my thoughts may get long here.

I’m a VERY long tenured World-ite who never got the opportunity to become a Wachovian. During my tenure, I had the joy of working all over World Savings from Loan Origination, Loan Servicing, Headquarters, Savings Field, etc., etc. When the merger occurred, I knew I’d be a casualty. The music stopped when I wasn’t in front of

the right chair! For a while, I was bitter and grieved the loss of “my” company. I sought out information daily to validate my hatred of Wachovia. Every decision they made, I questioned and enjoyed watching WB stumble. I found validation in each of the WB miss-steps (and BOY, I was validated for a while). Ultimately, it was eating me alive.

Finally, I got a piece of great advice from my father, who simply said, “Let it go.” It felt like being slapped into reality, but it worked. There was instant release and I was no longer angry or bitter. I quit trolling the news lines looking for bad stuff to wallow in about WB.

Rather than the misery, I began focusing on the positives of my career with World. Someone posted previously in this board the Dr. Zuess quote, “Don’t cry because it’s over, be happy because it happened.” AMEN TO THAT! This became my life’s motto over a year ago.

Wrapping it up, the Sandlers instilled in each World employee an exceptionally strong focus on the customer and backed that with extensive job function knowledge. Simply put, the World employee was well-trained and held to very high standards. Those standards were routinely inspected from the top of the house (by the Sandlers). These skills cannot be taken away from you, no matter the corporate flag above you. Today, there are “great” (Legacy World) employees who work in the WB call centers in San Antonio. I truly believe that the World values are deeply rooted in them and that those employees are delivering SUPERIOR service. I also believe the Legacy World Leaders (yes, I used Leaders) will work to instill the World service values in the new employees hired in as Wachovia call center employees. I cheer for their success because it means jobs for some very large organizations on campus and for some very fine people in San Antonio.

Phila Buster, I worry about you. You are still very bitter and still understandably grieving. While I know that you mean well, your bitterness comes through in your words. This results in insulting generalizations about “all” WB employees or specific job functions (tellers, call center, etc.) You are a Leader (yep, I used it again) on this board and can influence the tone of people’s lives. I’d love to see you focus less on how bad WB is, and more on helping us displaced people move on with our lives. In the words of one great man, “Let it go.”

soooo.. IMO, when underwriting admin is gone, not if but when, as some folks have aleady been given their job end date, and those remaining are just waiting to be told when their end date is, what is next? With no department to provide guidelines for the remaining portfolio products and underwriting, are those loans and underwriters/processors then eliminated? If so, no more ALPS(portfolio undewriting and processing system)?!? If no more ALPS, do the remaining SAFTE folks using ALPS get eliminated or merged with Direct Lending to do only "Wachovia" loans? Is Wachovia actually going to get out of the mortgage biz? Again, in my opinion, the GW portfolio will only be serviced until it looks attractive enough to sell. And my last opinion, which I believe to have been stated already on the internet, is Steele "trying" to make Wach look atractive for someone to buy,though Wach seems to be going out of their way to bring themselves down? Perhaps Chase, his old company and the company that analyzed our loans. Good luck to all those recently displaced!!! You are in my prayers!!! GO USA!!!

MOSfan123 in San Antonio, Texas said: Simply put, the World employee was well-trained and held to very high standards. Those standards were routinely inspected from the top of the house (by the Sandlers).

Mrs. Sandler herself would call certain call centers and check that the phones were answered promptly, and professionally and that her questions were answered appropriately. The employees of that center were aware of this, and helped each and every customer as if it were Mrs. Sandler herself.

Nimue in Somewhere, West Virginia said: Thank you, Sad Oldtimer. I appreciate your insight very much. I do wonder houwver, if you can shed some light on the disclosure discrepancy you mention. When you say "Wach reports start counting when the signed disclosures and check is returned.", who specifically gave that directive?

It would be difficult to determine that. IMO, it was probably the user group consulted when the reports were developed to be "fair" to the group being monitored ie what is out of their control. I have experienced this type of thinking in GDW as well. It usually happens (human nature) when the team starts thinking about how the reports will reflect on them rather than the objective of the report (how is the customer perceiving us). The naked Emperor looks at the reports and says OK, we're closing in about 30 days, that's good. The report actually says that we're closing about 30 days after I get the things from the customer that I think I can't control. It takes a strong leader to keep it on track.

If you are checking on this internally, if I recall correctly, pull through rate was calculated based on the number doc packages received back from customers divided by fundings. If you don't count it as an ap when the rep takes the ap it reduces the denominator and elevates the %. Again if I recall correctly, closing time clock started when all the stips were in or when it was committed I can't recall which, and clock stopped when customer signed. GDW clock started at ap and stopped when loan funded (including rescission period. 30 day fundings have

snoopy in nowhere, Mississippi said: why do you think steel can do any better than all the rest of the distructive people in this god faosaken company?

I don't "know" that Steel can do any better. I do know that the World execs knew how to run a company. The Wach execs, as evidenced in the last two years, know how to grow a company by purchases, not by running it well.

an entirely different meaning. This is why GDW reps kept complaining about service and turn times and Wach people kept saying they were meeting standards. As for compliance, it's the same problem. If you don't start the clock till the customer returns the GFI, the 3 day disclosures are not sent till then. In our world, the OTS took a dim view of this. Hope this answers your questions.

MOSfan123 in San Antonio, Texas said: I’m sure we can all agree that there are “great� people in all “poor� organizations and conversely, there are “poor� people in “great� organizations. I believe what Canon was taking exception to is the generalization that all the call center employees are “poor� employees simply because they now belong to a poorly run organization. Please bear with me, my thoughts may get long here.

I’m a VERY long tenured World-ite who never got the opportunity to become a Wachovian. During my tenure, I had the joy of working all over World Savings from Loan Origination, Loan Servicing, Headquarters, Savings Field, etc., etc. When the merger occurred, I knew I’d be a casualty. The music stopped when I wasn’t in front of

It ain't the people working the call centers in general. I'm not slamming people who work in call centers, I'm slamming the way they are run by TPTB and procedures. I'm slamming that they put people in with little to no training, pay them crap wages, and then dump them because they don't hit an artificially arrived at goal.

That's the "Wachovia Way"

Don't tell me about all the training they give their employees. It's all online, and it's a joke. I trained people in my time at World and our staff were some of the best trained people around. Not because of me, but because people learned in a classroom environment. Then they were able to put all of that into practice. Blame it on the size of the bank, blame it on whatever, it still didn't work.

Has anyone heard anything more about the layoffs in at WSBC in Rosevile, CA? We are scheduled for our meetings/conference calls on Tuesday and are wondering what to expect. At first we thought only a few people would be let go, but now we are wondering if this will be a bigger event.

MOSfan123 in San Antonio, Texas said: Phila Buster, I worry about you. You are still very bitter and still understandably grieving. While I know that you mean well, your bitterness comes through in your words. This results in insulting generalizations about “all� WB employees or specific job functions (tellers, call center, etc.) You are a Leader (yep, I used it again) on this board and can influence the tone of people’s lives. I’d love to see you focus less on how bad WB is, and more on helping us displaced people move on with our lives. In the words of one great man, “Let it go.�

Back off. You don't know me at all. I haven't made generalizations about tellers or call center employees. I think the world of my friends from World Savings, and while I'm sad to see those times end, I also know that this company must not fail. This country needs it to succeed. It's a ship that is off course, and Steel is trying to right it. I want it to succeed. I don't like losing my job, but I'll get another, and I'll succeed. What I don't like is the Wach execs trashing the good name of the company that I called home for so long.

Employee in Roseville CA in Roseville, California said: Has anyone heard anything more about the layoffs in at WSBC in Rosevile, CA? We are scheduled for our meetings/conference calls on Tuesday and are wondering what to expect. At first we thought only a few people would be let go, but now we are wondering if this will be a bigger event.

what do you really think? Or do you live near the river denial?

What kind of comment was that? I've never been through this before but reading some other comments made me wonder how we would be affected. Do they normally tell people who are getting laid off by conference call?

Employee in Roseville CA in Roseville, California said: What kind of comment was that? I've never been through this before but reading some other comments made me wonder how we would be affected. Do they normally tell people who are getting laid off by conference call?

If your experience is anything like ours, you'll be brought into a general meeting, and informed of displacement, then you'll meet with a manager who will explain your package.

That's not to say you are or are not being displaced of course. I can't help you there. Sorry.

Phila Buster in Washington, District of Columbia said: It ain't the people working the call centers in general. I'm not slamming people who work in call centers, I'm slamming the way they are run by TPTB and procedures. I'm slamming that they put people in with little to no training, pay them crap wages, and then dump them because they don't hit an artificially arrived at goal.

That's the "Wachovia Way"

Don't tell me about all the training they give their employees. It's all online, and it's a joke. I trained people in my time at World and our staff were some of the best trained people around. Not because of me, but because people learned in a classroom environment. Then they were able to put all of that into practice. Blame it on the size of the bank, blame it on whatever, it still didn't work.

I'm behind you, sometimes the truth hurts and you are telling it like it is. I was a witness to the inadequate training and ridiculous sales goals. No one wants a company not to succeed for the many people who have to support families, but this has been an eye opening experience on how deceitful and unethical a company can be and I hope that those responsible for the unethical business practices are terminated. I always believed and have seen it to be true, "what comes around, goes around" many, many a time.

Thanks for the information. We are assuming there will be a lot of lay offs. I don't know how the business units will continue to run on less people than there is now. Makes me wonder if it's better to be let go or left behind to deal with the aftermath of it all.

Wachovia settles on Auction Rate Securities - wow that was fast, the heat must have been hot.

www.bloomberg.com/apps/news?pid=20601087&sid=a4XnkdnnlMJQ&refer=home

Employee in Roseville CA in Roseville, California said: Thanks for the information. We are assuming there will be a lot of lay offs. I don't know how the business units will continue to run on less people than there is now. Makes me wonder if it's better to be let go or left behind to deal with the aftermath of it all.

what I tried to say is - look around you, feel the heat? Are you busy doing any work? Or do you get the feeling that someone is chasing you? Or are you going to be the last person standing?

Employee in Roseville CA in Roseville, California said: Thanks for the information. We are assuming there will be a lot of lay offs. I don't know how the business units will continue to run on less people than there is now. Makes me wonder if it's better to be let go or left behind to deal with the aftermath of it all.

Guess it really depends on your business line. If you are portfolio origination, undw or processing, it's likely gonna be the package. Some appraisers will be kept around.

Personally, as a Legacy World Employee, I'm taking the package. I don't see my mad skilz being much use in what Wachovia is going to become.

There were some people that were given choices of a package or a different position in the company, so I've heard, and tney took the package because they don't have faith in the company and want the sweet package.

Phyllis Mangina in Witness Protection Program, Costa Rica said: This stuff just crack me up; what a bunch of pinheads:

Wachovia (WB) gets to auction off more assets
www.bloggingstocks.com/2008/08/15/wachovia-wb-gets-to-auction-off-more-assets/
Each time Wachovia (NYSE: WB) management says things are getting better, news leaks out that they are getting worse. It has become tiresome and dangerous to the health of the bank's investors.

Now the firm's money management unit, Evergreen Investments, may have to be sold. According to Reuters, it could be worth $5