Wachovia Layoff

Kool-Aid Spitter in Oakland, California said: Unconfirmed report that FD has their meeting tomorrow morning.

Confirmed

Kool-Aid Spitter in Oakland, California said: Unconfirmed report that FD has their meeting tomorrow morning.

Confirmed

Thanks to "Tired of all the chaos" for the confirmation. Best of luck if you are in that department, I hear that Chase is some what close to the campus.

Douglas Do Right in Sin City, Alaska said: I haven't heard that rumor. It is prime real estate. It's in an area of S.A. that is growing and it backs up to one of the colleges. I would think they would sell it to the college if anything but you never know.

I heard that Wachovia is moving work groups to SA when leases expire in current locations

Tired of all the chaos in San Antonio, Texas said: Confirmed

If you are one of the employees attending the meetings, I hope that you will atleast obtain a good severance package. On the other hand, won't they have to keep some staff? Maybe not.

FlyOnTheWall in Secret said: I heard that Wachovia is moving work groups to SA when leases expire in current locations

Forgive my ignorance, what exactly is work groups? With the number of employees left who in the world would they send to S.A? That campus is definitely going to be a ghost town soon.

Douglas Do Right in Sin City, Alaska said: Forgive my ignorance, what exactly is work groups? With the number of employees left who in the world would they send to S.A? That campus is definitely going to be a ghost town soon.

work groups =departments in other cities. Wachovia is huge and could save money by reducing its leases. SA is desirable because of the workforce and lower cost of living. I suppose they could sell it to raise cash since Steel said they would sell non core assets...who knows. It seems that decisions change daily so your guess is as good as mine.

Time To Move On in Irvine, California said: If it's unconfirmed, don't report it!

Confirmed 10:00

Lexar in S.A., Virgin Islands said: I'm not surprised. They feel that they are risky and they basically want a deal that they know is rock solid. Little do they know a person may have a score in the 700's today and by next week they may find they have no job, no savings and no way to pay all of their bills. Does anyone know if Wach's way of underwriting is similar to World's? I'm sure that it isn't but I just want it to be confirmed. I've read some of the post and I was just curious as to how Wach's underwriting process differs from World's.

well, world is no more so it doesn't really matter. Without going into detail, let's just say the underwriting of World vs Wachovia was night and day. In no way, shape or form was it similar.

I hear the SA campus still has around 1k employees, would think that Oakland, SL and Boyton would sell first due to employee size (but hear that there are plans for the last 2 already). I would think that non core assests would be that condo they are still building in downtown Charlotte, but that makes too much sense...

Douglas Do Right in Sin City, Alaska said: If you are one of the employees attending the meetings, I hope that you will atleast obtain a good severance package. On the other hand, won't they have to keep some staff? Maybe not.

Keeping small group do not know how many. Supposed second layoff in September.

Kool-Aid Spitter in Lost on 75, Illinois said: I would think that non core assests would be that condo they are still building in downtown Charlotte, but that makes too much sense...

Charlotte is home...don't expect too many reductions to hail from there..

Kool-Aid Spitter in Boyton, Florida said: Thanks to "Tired of all the chaos" for the confirmation. Best of luck if you are in that department, I hear that Chase is some what close to the campus.

Right down the street.

Douglas Do Right in Sin City, Alaska said: If you are one of the employees attending the meetings, I hope that you will atleast obtain a good severance package. On the other hand, won't they have to keep some staff? Maybe not.[/QUOTE

They are keeping some tenured people.

Tired of all the chaos in San Antonio, Texas said:

Not so sure tenure has that much to do with it.

wondering in final docs in San Antonio, Texas said: Not so sure tenure has that much to do with it.[/QUOTE

Maybe the tenured peoples packages are too big to give out? Hmmh

Performance first, tenure next. The package for tenured employees might be higher but in the long run, they get higher paid employees off the payroll.

Nasty Wach in Miami, Florida said: well, world is no more so it doesn't really matter. Without going into detail, let's just say the underwriting of World vs Wachovia was night and day. In no way, shape or form was it similar.

you can say that again...

www.marketwatch.com/news/story/wachovias-commercial-loans-not-just/story.aspx?guid=%7BC8DA2CA1%2D8312%2D4BE1%2D9457%2D7A57A34CEF3A%7D&siteid=yhoof

Kool-Aid Spitter in Lost on 75, Illinois said:
The bank then sold the debt on to investors including Philip Falcone's $20 billion Harbinger Capital hedge-fund firm and the Missouri State Employees' Retirement System.
Roughly 60 days after the loan, Le-Nature's was bankrupt. The company was later found to have

fraudulently inflated revenue by about 10 times, according to federal prosecutors.

Harbinger, Missouri and other investors sued Wachovia (WB:Wachovia Corp

WB 16.00, -2.21, -12.1%) , claiming the bank knew about Le-Nature's problems, but went ahead with the financing anyway.

Hey Wachovia, this looks like a QQ loan to me!!where's the full documentation? Greed, greed, greed.

Kool-Aid Spitter in Lost on 75, Illinois said: www.marketwatch.com/news/story/wachovias-commercial-loans-not-just/story.aspx?guid=%7BC8DA2CA1%2D8312%2D4BE1%2D9457%2D7A57A34CEF3A%7D&siteid=yhoof

Thanks for the article!!!! I guess someone is finally realizing and admitting that it wasn't the PAP loan that is doing it to WB but their greed and lawsuits and major mistakes throughout the organization!!!!!

Loved World Savings in San Antonio, Texas said: Wachovia purchased World Savings a year ago and as of August 2007 have now begun the layoff process on the San Antonio campus. 350 sales reps, close to 50 Loan Service personnel... and more to come we are told.

So What's Your Plan "B"? I was able to leave the State of Georiga before my job was cut due to "budget" cuts. I am now enjoying my life, my family and my friends and earning more than I did at the State!!

It's time that we started our own businesses and there are opportunites for others to do as I have done.

Christie-C in Marietta, Georgia said: So What's Your Plan "B"? I was able to leave the State of Georiga before my job was cut due to "budget" cuts. I am now enjoying my life, my family and my friends and earning more than I did at the State!!

It's time that we started our own businesses and there are opportunites for others to do as I have done.

But you already have your own business, right? So what's this "we" business, Christie? Do tell, what is this amazing opportunity, hmm? Where would you like these dear people to sign up with you, hmm? What is your cut when they do, hmmm?

Ropey tosser.

WB u/w is very slow, no sense of ugency, bad, and they seem to almost always kill the deals that made it through MAPS.

Nimue in Somewhere, West Virginia said: Charlotte is home...don't expect too many reductions to hail from there..

If you really think that's the case you might be in for a huge surprise in the near future.

I have been reading this site for months and never said a word. But...now I feel that I have to. I would like an invitation to the planet you guys live on. All this talk about how much severence you are not getting?? If I were to be eliminated from WB right now, I would not get a severence package at all!! I am just happy that, in this market, I still have a job right now...Some of you should be the same...

Dany Duncan in Mayfield, Kentucky said: I have been reading this site for months and never said a word. But...now I feel that I have to. I would like an invitation to the planet you guys live on. All this talk about how much severence you are not getting?? If I were to be eliminated from WB right now, I would not get a severence package at all!! I am just happy that, in this market, I still have a job right now...Some of you should be the same...

You took your job for Wachovia willingly...we did not volunteer to work for them...we were sold, lied to, and have been treated badly. Yes we can quit, but why should we walk away from what our initial employers set up for us. We were told we would get severance if displaced within 2 years, we would be foolish to leave without it if we have a choice. After the 2 years, if we are still here, then it's another story and each person will have to decide for themselves.

Dany Duncan in Mayfield, Kentucky said: I have been reading this site for months and never said a word. But...now I feel that I have to. I would like an invitation to the planet you guys live on. All this talk about how much severence you are not getting?? If I were to be eliminated from WB right now, I would not get a severence package at all!! I am just happy that, in this market, I still have a job right now...Some of you should be the same...

I don't think there's a person on this board that would "like" to be unemployed, and for some, the severance package is not as good as it should have been. I know of one person who posted out for a new position in Wachovia Home Loans, thinking that he could avoid the storm that was about to hit portfolio lending, and a couple of weeks after beginning the new position, was displaced. The package he received was the Wachovia package, not the enhanced package. Their explanation was that they forfeited the right to the enhanced package when they accepted a new position within the company.

One thing that you should remember is that the vast majority of the people on this board have been or will soon be displaced. Show a little respect and sensitivity.

I also work for a division that was bought by Wachovia, so no, I did not take my job at wachovia willingly. I have seen my local office shut down. My best friends (considered family)worked there and lost their jobs...They got 2 months severence and were happy to get that. I am not trying to disrespect anyone, trust me...every day I wonder if I still have a job to go to.

I seem to remember some clueless know-nothing Wachovia chearleader was bloviating that Wach's potential commercial exposure was miniscule compared to PAP. Well we can see now that I was Way Off Base when I called Wach a radioactive turd. Not.
Finally! the media is "Getting It". Wach is another Enron waiting to happen. The excerpts below are damning. Any issues with PAP are trivial compared to what is coming down the pike for Wachovia. You reap what you sow. They will be so totally screwed if they think they can raise capital from this or any market.

Wachovia's Commercial Loans, Not Just Mtges, Stir Worries
money.cnn.com/news/newsfeeds/articles/djf500/200808121941DOWJONESDJONLINE000633_FORTUNE5.htm

But Wachovia also has more than $200 billion in commercial loans that could trigger even more losses if the U.S. economy slides into recession, according to Cassidy.

"This is more frightening to me because it's bigger," he said.

If Wachovia did cut corners underwriting commercial loans, then higher losses on these assets could force the bank to raise more capital or sell lucrative business to get through the downturn, the analyst added.

In the past 15 years, commercial and industrial loans have more than doubled to $1.4 trillion, according to data from RiskMetrics Group and the Federal Deposit Insurance Corporation. Wachovia had $206 billion of commercial loans on its balance sheet at the end of June, up 25% from a year earlier and more than double from five years ago.

Such types of loans are made to companies to help them pay for acquisitions and for other reasons, such as financing inventories and receivables. They are sometimes unsecured, so when loans go bad there's no collateral to sell to recover any money, leaving a 100% loss, analysts say.

In contrast, real-estate loans are backed by property, so when defaults happen there are assets to sell. That has limited losses during pr

In contrast, real-estate loans are backed by property, so when defaults happen there are assets to sell. That has limited losses during previous downturns in the credit cycle.

"There's a history of evidence that this company cut corners. They didn't have the systems in place to control risks," Cassidy commented. "Wachovia was in such a rush to get into the big guys' club, that our biggest fear, aside from pick-a pay, is that they didn't underwrite commercial loans properly."

Phyllis Mangina in Witness Protection Program, Costa Rica said: In contrast, real-estate loans are backed by property, so when defaults happen there are assets to sell. That has limited losses during previous downturns in the credit cycle.

"There's a history of evidence that this company cut corners. They didn't have the systems in place to control risks," Cassidy commented. "Wachovia was in such a rush to get into the big guys' club, that our biggest fear, aside from pick-a pay, is that they didn't underwrite commercial loans properly."

This was the article that I was referring to in a comment I posted yesterday! The truth is finally coming out!

Nimue in Somewhere, West Virginia said: Charlotte is home...don't expect too many reductions to hail from there..

Don't be so sure. They'll cut you lose in a NY Minute.

Can Wachovia Do Anything Right?
globaleconomicanalysis.blogspot.com/2008/08/can-wachovia-do-anything-right.html

Wachovia (WB) has messed up badly in Alt-A, in taking advantage of older customers, in cutting corners on loans, in having to restate losses, in Pick-A-Pay mortgages, and possibly in a drug-money laundering scheme. Yesterday, New York Attorney General Cuomo said he is expanding his investigation into the collapse of the auction-rate securities market to include JPMorgan (JPM), Morgan Stanley (MS) and Wachovia Corp (WB).

Indeed, Wachovia's list of problems seems to grow every day, just like Pinocchio's nose. Yet, it is very difficult to do anything right when your biggest concern is to grow, grow, grow, with no system in place to control risk (or the length of one's nose).

Here are some recent high profile bankruptcies Wachovia was involved in: Mervyn's, SemGroup, WCI. One might expect a dozen more before this is all over.

My Suggestion For Wachovia

"Raise capital now when you can, for as much as you can, if indeed you even can. Because if you don't you may end up like Washington Mutual, unable to raise capital at all."

Here's the deal. The Fed and the Treasury are highly unlikely to go to the same lengths to bail out Wachovia as they did Fannie Mae (FNM) and Freddie Mac (FRE). Alt-A and commercial loan problems at Wachovia are poised to skyrocket. This could be Wachovia's last chance to raise a significant amount of capital in an equity deal and/or by unloading some assets it should never have bought in the first place.

been there, done that in Los Angeles, California said: This was the article that I was referring to in a comment I posted yesterday! The truth is finally coming out!

Yes, of course, the truth surfaces. Once it hits the mainstream media it old news. Why didn't the media seem to pay attention to this before now? There were plenty of people complaining about the practices. Now, that things are getting thin, the media is circling to get the story from a lot of employees that have been mistreated but went along because the system was working in their favor. Now the employees can begin to see clearly that those empty promises of change to come never materialize. No longer are they stake holders aspiring to climb the WB career ladder.

One may only tell a close friend or relative what they have experienced and witnessed in the last several years at WB or GDW and that opens the flood gates to them retelling it and so on and so on. It's that six degrees of separation thing. Still scary though.

I don't think anyone wants to see the whole system fail but you have to open yourself up to that thought. Kind of puts all this lay off stuff into perspective. It begins to be a question way beyond will I have this job tomorrow, doesn't it?

Anyone signed on to any of the GDW class actions lawsuits (for former GDW employees) being litigated for MCs and appraisers? I think the deadline to become a class member is fast approaching.

califonia native in anywhere, California said:
Anyone signed on to any of the GDW class actions lawsuits (for former GDW employees) being litigated for MCs and appraisers? I think the deadline to become a class member is fast approaching.

I believe once you have signed the waiver to recieve the enhanced severance package you give up any right to any further claims against Wachovia. Read the waiver document carefully. Better yet - Attempt to join the class action suits and let the attorneys determine if you are or aren't eligible. You have absolutely NOTHING to lose here. Even if still employed by Wachovia. Although that "Still Employed" thing seems to be a more tenuously day-to-day proposition.

Fantastic, spot-on commentary concerning train wreck known as Wachovia that reinforces what a bunch of rank amateurs they are:

caps.fool.com/Pitch/WB/2862537/i-used-to-work-for-world-savin.aspx

I met Pope and the only way to charitably describe him is to quote my dad "He talks like a man with a paper @$$hole".
Talking in an authoritative manner about stuff you don't have the slightest clue about - That's the Wachovia way!

Does anyone know when/if the appraisers will be laid off? I am tired of being lied to, being forced to play mind games, the shear lack of work. Since I can't afford to feed my family on 3 appraisals a week I have been forced to work outside the company and there is work, lots of it people.

The staff appraisers have been hanging out all summer since Wachovia has been giving all the work to WSS. I frankly can't afford to sit around any more, I have kids that need school clothes and food. Take the car back and as Nervous nellie said it best: Let my people go!

Dear Wachovia management: You have 7 weeks before the extended benefits run out. If you aren't going to lay me off before Oct 1, let me know so I can quit now.

The Summer of George in Pago Pago, American Samoa said:

Dear Wachovia management: You have 7 weeks before the extended benefits run out. If you aren't going to lay me off before Oct 1, let me know so I can quit now.

We have been told we will be laid off before the cut off date. So hang in there a few more weeks. We should be notified of our job end date maybe end of Aug, beg of Sept. A few appraisers will be kept in each area, selected by tenure and review score. The list of selected appraisers is scheduled to be completed by the 20th. We'll know with another week or two. Good luck!

Phyllis Mangina in Witness Protection Program, Costa Rica said: Fantastic, spot-on commentary concerning train wreck known as Wachovia that reinforces what a bunch of rank amateurs they are:

caps.fool.com/Pitch/WB/2862537/i-used-to-work-for-world-savin.aspx

I met Pope and the only way to charitably describe him is to quote my dad "He talks like a man with a paper @$$hole".
Talking in an authoritative manner about stuff you don't have the slightest clue about - That's the Wachovia way!

Frankly, I haven't yet seen anyone at Pope's level or above that had any idea how to run a financial institution. You could have taken a select number of division managers and SVP's (certainly not all of them, some were total headcases), and let them run the portfolio lending end, and we'd still have our jobs.

Proof yet again that just because you have a sheepskin and a suit, that doesn't make you smart.

Phyllis Mangina in Witness Protection Program, Costa Rica said: Fantastic, spot-on commentary concerning train wreck known as Wachovia that reinforces what a bunch of rank amateurs they are:

caps.fool.com/Pitch/WB/2862537/i-used-to-work-for-world-savin.aspx

I met Pope and the only way to charitably describe him is to quote my dad "He talks like a man with a paper @$$hole".
Talking in an authoritative manner about stuff you don't have the slightest clue about - That's the Wachovia way!

Yes, I like this commentary. It really puts everything all together nicely and is right on target.

knows 2 much in southwest said: We have been told we will be laid off before the cut off date. So hang in there a few more weeks. We should be notified of our job end date maybe end of Aug, beg of Sept. A few appraisers will be kept in each area, selected by tenure and review score. The list of selected appraisers is scheduled to be completed by the 20th. We'll know with another week or two. Good luck!

ATTENTION Wachovia Management, if any of you are reading this and are decision makers, please send out the men in black suits and give our people their severance packages. Just please be compassionate and put an end to this nonsense and do the right thing. Our appraisers need to make future plans.

Hello my name is Bhupandra Patel, I am calling you on your Wachovia home loan application. I am sorry to say you have been denied. Better luck next time. Goodbye from Bhopal India.

Nasty Wach in Miami, Florida said: ATTENTION Wachovia Management, if any of you are reading this and are decision makers, please send out the men in black suits and give our people their severance packages. Just please be compassionate and put an end to this nonsense and do the right thing. Our appraisers need to make future plans.

Sadly, the audience you are targeting isn't frequenting this forum. Nor do I imagine, would they be moved by your heartfelt plea.

The Summer of George in Pago Pago, American Samoa said: Does anyone know when/if the appraisers will be laid off? I am tired of being lied to, being forced to play mind games, the shear lack of work. Since I can't afford to feed my family on 3 appraisals a week I have been forced to work outside the company and there is work, lots of it people.

The staff appraisers have been hanging out all summer since Wachovia has been giving all the work to WSS. I frankly can't afford to sit around any more, I have kids that need school clothes and food. Take the car back and as Nervous nellie said it best: Let my people go!

Dear Wachovia management: You have 7 weeks before the extended benefits run out. If you aren't going to lay me off before Oct 1, let me know so I can quit now.

Blessings to you and your family :-)

Phyllis Mangina in Witness Protection Program, Costa Rica said: Fantastic, spot-on commentary concerning train wreck known as Wachovia that reinforces what a bunch of rank amateurs they are:

caps.fool.com/Pitch/WB/2862537/i-used-to-work-for-world-savin.aspx

I met Pope and the only way to charitably describe him is to quote my dad "He talks like a man with a paper @$$hole".
Talking in an authoritative manner about stuff you don't have the slightest clue about - That's the Wachovia way!

WOW.......they really know what they are talking about!!!!!!!!

Dany Duncan in Mayfield, Kentucky said: I have been reading this site for months and never said a word. But...now I feel that I have to. I would like an invitation to the planet you guys live on. All this talk about how much severence you are not getting?? If I were to be eliminated from WB right now, I would not get a severence package at all!! I am just happy that, in this market, I still have a job right now...Some of you should be the same...

I think that people would be grateful they had a job with WB if they felt valued and were treated with dignity. It's not how people are treated today in the industry. Today if you have a job you are lucky. However if you can cut the tension with a knife everyday you go to work you'll eventually end up sick emotionally, physically or both. It's just not worth it but people feel stuck and the severance offers you a safety net for a while to help you pay your bills. If the company doesn't care about you then you have to care about yourself and weight out the option that's right for you.

Phila Buster in Washington, District of Columbia said: Frankly, I haven't yet seen anyone at Pope's level or above that had any idea how to run a financial institution. You could have taken a select number of division managers and SVP's (certainly not all of them, some were total headcases), and let them run the portfolio lending end, and we'd still have our jobs.

Proof yet again that just because you have a sheepskin and a suit, that doesn't make you smart.

I wonder if the higher ups went through the STAR interview process when they were hired? :)

Douglas Do Right in Sin City, Alaska said: I haven't heard that rumor. It is prime real estate. It's in an area of S.A. that is growing and it backs up to one of the colleges. I would think they would sell it to the college if anything but you never know.

I've been to the campus numerous times, it's huge. I would have to ask if all the buildings are being utilized and are there any Wachovia people working there? That should be an indication I would think if it would be kept open. It is cheaper real estate but does WB need two headquarters? And if departments are sitting around doing very little like other offices in the country then I would be questioning the long term future of the facility.

Phyllis Mangina in Witness Protection Program, Costa Rica said: Wachovia to cut more mortgage jobs
www.charlotteobserver.com/business/story/120684.html
excerpts:
The company now plans to eliminate 5,000 of its 11,500 mortgage posts, about 43 percent of the workforce. With the latest cuts, Wachovia will have eliminated about 8,100 mortgage jobs, including attrition, since the deal closed. Those cuts have affected employees from both companies, but Golden West workers have taken the brunt of the fallout.
<<< So roughly 4,000 World peeps left.

Closing the mortgage offices is part of the bank's strategy to “enhance customer relations” in locations where the bank also has bank branches, Vecchiarello said. Wachovia has branches in 21 states from Connecticut to California.
<<< "Enhance" my a$$

Vecchiarello emphasized the bank is still offering a full line of mortgage products through branches and mortgage offices in 18 states and to a broader customer base through its Web site and call centers. <<< A "Full Line" of Sh!+ is what that is. Used to lend in 3/4 of the US - Now only 1/3 of US - with pricing that is a joke with products no on wants.

In states where Wachovia has branches, Vecchiarello said, the bank continues to have a dual sales force – mortgage consultants based in mortgage offices who work on commission as well as branch-based consultants who receive a salary. Wachovia's head of retail mortgage sales, Scott Fisher, is evaluating this structure, Vecchiarello said. <<< ALL soon to be replaced by a call center.

That's news. The MCB's and MC's could be reduced and replaced by a call center? I suppose it will be in the Phillipines or India of course. There's more job cuts. I heard there will be an annoucement on Friday for the status of the retail unit and how they will be compensated.