Wachovia Layoff

Nimue in Somewhere, West Virginia said: Sadly, the audience you are targeting isn't frequenting this forum. Nor do I imagine, would they be moved by your heartfelt plea.

How do you know, old chap?

BigFire in Lisbon, Portugal said: 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.

this is too funny and kinda frightening too!

Nameless - more than a number in Wishing I was in the, Virgin Islands, U.S. said: 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.

Dany would be singing a different tune if he was a world legacy employee eligible for our severance.

San Antonio Final Documentation hit hard today. 207 employees cut.

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!

A couple of follow up questions to your comment since you "know 2 much":

What is defined as "each area"? The talk has been 3 locations for the future appraisal dept (West, Central & East) the question is, if you are not in one of those geographic locations, will they want/allow you to work from home? For instance, if the west location happens to be Los Angeles, will all the reviewers need to be located in LA? Or will they want reviewers/appraisers located somewhere other than LA like Phoenix or San Diego to do appraisals and or reviews for those markets? Next question.....who makes the decisions about who is retained (based on tenure & review score which has a fairly subjective element to it). I have spoken to several fairly senior World Managers and they don't have a clue. If appraisal managers are not making decisions (and of course they are the most qualified to maket those sorts of decisions) then who is making the call? And lastly.......what if WB decides to retain an appraiser who does not want to stay? Will they be given an option to take the severance instead? Or will they be stuck working for a sinking ship while losing out on a decent severance package?

Phyllis Mangina in Witness Protection Program, Costa Rica said: 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.

If we sign up for the class action lawsuit now before the enhanced severance package is even offered, are we still okay to get the severance?

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!

What happens to the people they "select" to stay? What if they don't want to stay? Those people ultimately get screwed because Wachovia will eventually go belly up and they will be laid off later when the enhanced severance isn't there. I don't want to take that chance, how do we make sure we aren't on the list.

Couldn't a very tenured appraiser say that they were purposely kept to avoid paying the hefty severance only to be let go with Wachovia's crappy severance at a later date, I would think that would be a lawsuit waiting to happen.

Dangling by a thread in Recession Town said: A couple of follow up questions to your comment since you "know 2 much":

What is defined as "each area"? The talk has been 3 locations for the future appraisal dept (West, Central & East) the question is, if you are not in one of those geographic locations, will they want/allow you to work from home? For instance, if the west location happens to be Los Angeles, will all the reviewers need to be located in LA? Or will they want reviewers/appraisers located somewhere other than LA like Phoenix or San Diego to do appraisals and or reviews for those markets? Next question.....who makes the decisions about who is retained (based on tenure & review score which has a fairly subjective element to it). I have spoken to several fairly senior World Managers and they don't have a clue. If appraisal managers are not making decisions (and of course they are the most qualified to maket those sorts of decisions) then who is making the call? And lastly.......what if WB decides to retain an appraiser who does not want to stay? Will they be given an option to take the severance instead? Or will they be stuck working for a sinking ship while losing out on a decent severance package?

It was my understanding the actual # of appraisers would be based on the needs for each area. ie. southern ca, northern ca, az, etc, and only in footprint states. HR is making the call, not upper management. If you are asked to stay on, it will be as a reviewed and probably some field work for REO's. If you are asked to stay, chances are good you won't be laid off at a later date. I have no answer as to what happens if someone is asked to stay that would rather have a severance package.

MS12 in NoWhere, California said: What happens to the people they "select" to stay? What if they don't want to stay? Those people ultimately get screwed because Wachovia will eventually go belly up and they will be laid off later when the enhanced severance isn't there. I don't want to take that chance, how do we make sure we aren't on the list.

Couldn't a very tenured appraiser say that they were purposely kept to avoid paying the hefty severance only to be let go with Wachovia's crappy severance at a later date, I would think that would be a lawsuit waiting to happen.

Again, I can't answer this. I do know that as hard as it is to find a job in this economy, I would rather have my job that 9 months or 12 months pay, whatever the case may be. Especially if I was guaranteed to have work. I think chances of lawsuits could also be high if a less tenured person was chosen over a more tenured person. WB doesn't have many choices when it comes to downsizing. Most of us have to admit it is necessary at this time. Way too many appraisers, not enough work.

knows 2 much in southwest said: It was my understanding the actual # of appraisers would be based on the needs for each area. ie. southern ca, northern ca, az, etc, and only in footprint states. HR is making the call, not upper management. If you are asked to stay on, it will be as a reviewed and probably some field work for REO's. If you are asked to stay, chances are good you won't be laid off at a later date. I have no answer as to what happens if someone is asked to stay that would rather have a severance package.

correction, as a reviewer.

MS12 in NoWhere, California said: If we sign up for the class action lawsuit now before the enhanced severance package is even offered, are we still okay to get the severance?

No, you are giving up the right on any current or future legal procedings against Wachovia.

Actually I had my attorney who is very reputable read it and it is very clear about legal action against Wachovia. I am not going to risk my severence on it.

califonia native in anywhere, California said: 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.

We(appraisers in CA) are due to receive our check at the end of the month for the overtime class action, to bad that only 1/2 the appraisers had the juevos to sign up for the class action while the rest were to afraid to go for it. Now if they only knew what was to happen to them they probably would reconsider their decision to opt out.

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...

We live on a planet where money is the primary currency. Given the tenure and previous income/bonus many of us have earned, you are looking at a severance of $20K-$100K, net--or more. I deal with clients every day who haggle and have a fit over as little as $10 a month in savings on their rate. You can't honestly tell us the uncertainty of whether we are going to get tens of thousands of dollars coming to us is a matter over which we should not agonize.

Nasty Wach in Miami, Florida said: How do you know, old chap?

Well, it's not likely they have the time for a start. Bigger fish to fry and all that..

one of my messages has been removed - it was whether we give up our severence if we join a class action. I find it funny that it has been removed...wonder who asked this to occur?? It was in reference to this:

MS12 in NoWhere, California said: If we sign up for the class action lawsuit now before the enhanced severance package is even offered, are we still okay to get the severance?

No, you are giving up the right on any current or future legal procedings against Wachovia.

I wonder what happened???

BigFire in Lisbon, Portugal said: one of my messages has been removed - it was whether we give up our severence if we join a class action. I find it funny that it has been removed...wonder who asked this to occur?? It was in reference to this:

MS12 in NoWhere, California said: If we sign up for the class action lawsuit now before the enhanced severance package is even offered, are we still okay to get the severance?

No, you are giving up the right on any current or future legal procedings against Wachovia.

I wonder what happened???

I don't know, but I saw your post yesterday saying that we are giving up the right on any current or future legal procedings against Wachovia if we sign the enhanced severace...

BUT...

If we enter in to the class action law suit NOW, obviously still not knowing technically if/when we will be laid off, therefore we haven't signed anything for the severance... If next month we are offered the severance package and told our jobs are gone, would we still be eligible for the severance?

I would think so, I don't think they can withold the severance just because we entered a class action suit PRIOR to being laid off, right?

Any ideas if they will keep the San Antonio Campus around or move it to St louis

Mark Rasu in San Antonio, Texas said: Any ideas if they will keep the San Antonio Campus around or move it to St louis

I heard that the facility is being sold to a University by 2010 they are gone.

MS12 in NoWhere, California said: I don't know, but I saw your post yesterday saying that we are giving up the right on any current or future legal procedings against Wachovia if we sign the enhanced severace...

BUT...

If we enter in to the class action law suit NOW, obviously still not knowing technically if/when we will be laid off, therefore we haven't signed anything for the severance... If next month we are offered the severance package and told our jobs are gone, would we still be eligible for the severance?

I would think so, I don't think they can withold the severance just because we entered a class action suit PRIOR to being laid off, right?

My actual comment was to inquire with a good labor lawyer to see what they say - then poof, it was removed...

It has been said that Citibank has been outsourcing the review appraisals to India and the Phillipines and that is the route Wachovia is going? How is it possible for them to know what is really going on in the local markets? Is this what the appraisal industry is coming down to? Maybe an appraisal will be done by obtaining a satellite image of the subject property in India and writing the report also? We are in trouble my friends!

Time To Move On in Irvine, California said: It has been said that Citibank has been outsourcing the review appraisals to India and the Phillipines and that is the route Wachovia is going? How is it possible for them to know what is really going on in the local markets? Is this what the appraisal industry is coming down to? Maybe an appraisal will be done by obtaining a satellite image of the subject property in India and writing the report also? We are in trouble my friends!

YES

Time To Move On in Irvine, California said: It has been said that Citibank has been outsourcing the review appraisals to India and the Phillipines and that is the route Wachovia is going? How is it possible for them to know what is really going on in the local markets? Is this what the appraisal industry is coming down to? Maybe an appraisal will be done by obtaining a satellite image of the subject property in India and writing the report also? We are in trouble my friends!

Welcome, my friends, to the global economy. You don't need to have someone appraise your home, Mr. Chandra from Delhi will be able to do it for you. Oh, don't worry about undervaluation, we'll make sure our review process is accurate and up to date.

In fact, we'll be sending out the process soon, as soon as we can figure out how Lotus Notes works.

BigFire in Lisbon, Portugal said: My actual comment was to inquire with a good labor lawyer to see what they say - then poof, it was removed...

Well thank you for re-posting because I sure didn't see it. I'm not sure how posts get removed, but I'll try to look up a good labor lawyer.
I checked out the website for the class action suit but it doesn't specify any deadlines on when to opt in or exclude yourself so I'm lost on that one.

I guess we'll just wait around until the 20th and see if anything has come down the chain yet.

Phila Buster in Washington, District of Columbia said: Welcome, my friends, to the global economy. You don't need to have someone appraise your home, Mr. Chandra from Delhi will be able to do it for you. Oh, don't worry about undervaluation, we'll make sure our review process is accurate and up to date.

In fact, we'll be sending out the process soon, as soon as we can figure out how Lotus Notes works.

I think it's past time to check the lables of the products you buy, the origion of the companies you do business with, and the maker of the car you drive. Do you want to send a strong message about globalization? Rethinking purchases of items not made in the U.S.A may be the best way.

Time To Move On in Irvine, California said: It has been said that Citibank has been outsourcing the review appraisals to India and the Phillipines and that is the route Wachovia is going? How is it possible for them to know what is really going on in the local markets? Is this what the appraisal industry is coming down to? Maybe an appraisal will be done by obtaining a satellite image of the subject property in India and writing the report also? We are in trouble my friends!

One thing to keep in mind. To do appraisal reviews for Federally Related Transactions, the reviewer needs to be compliant with standard 3 of USPAP. I'm not sure how someone in India can do that.

Ok, For the un-educated, How do you sign up for the class action suit? Can you go to any attorney?

Hope you all get your packages quickly.

Will Wachovia Survive?
bankimplode.com/blog/2008/08/13/will-wachovia-survive/

Dangling by a thread in Recession Town said: One thing to keep in mind. To do appraisal reviews for Federally Related Transactions, the reviewer needs to be compliant with standard 3 of USPAP. I'm not sure how someone in India can do that.

standard rule 3 applies to licensed appraisers only. anyone can do a review and not be licensed. right?

Phyllis Mangina in Witness Protection Program, Costa Rica said: Hope you all get your packages quickly.

Will Wachovia Survive?
bankimplode.com/blog/2008/08/13/will-wachovia-survive/

WOW, they are even worse then we thought!!!

Phyllis Mangina in Witness Protection Program, Costa Rica said: Hope you all get your packages quickly.

Will Wachovia Survive?
bankimplode.com/blog/2008/08/13/will-wachovia-survive/

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.

Tired of the BS in Texas said: Ok, For the un-educated, How do you sign up for the class action suit? Can you go to any attorney?

Why would we want to do a class action lawsuit again? I noticed that was one of the only ways you could get your severance is if you sign the waiver to a lawsuit. Why would Wachovia think we would file a lawsuit? Not sure..........

There will be alot of growth on the SA campus going forward --it just may not be in portfolio mortgage the next few years because of the market. SA campus is prime real estate. They are slowly closing other shops and moving/filling the positions in SA. The campus will be thriving once the dust settles and there will be alot of opportunity for people.

Still here in San Antonio, Texas said: There will be alot of growth on the SA campus going forward --it just may not be in portfolio mortgage the next few years because of the market. SA campus is prime real estate. They are slowly closing other shops and moving/filling the positions in SA. The campus will be thriving once the dust settles and there will be alot of opportunity for people.

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.

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.

*********************
Wow! Impressive way to insult many fine Legacy World folk who currently work in or worked in call centers! Did you really mean to infer that call center employees were inconsiderate/indifferent to customer's needs? Did you really mean to infer that those employees are less than intelligent? I've personally had the opportunity to observe these employees while visiting the campus and found them to be incredibly talented. Frankly, they have to put up with a lot of abuse from customers. I cannot fathom that it should come from present or past co-workers as well.

Not your finest moment Phila B.

snoopy in nowhere, Mississippi said: standard rule 3 applies to licensed appraisers only. anyone can do a review and not be licensed. right?

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.

I heard there were lay offs in SAFTE. Anyone know anything?

Canon in Altered State said: *********************
Wow! Impressive way to insult many fine Legacy World folk who currently work in or worked in call centers! Did you really mean to infer that call center employees were inconsiderate/indifferent to customer's needs? Did you really mean to infer that those employees are less than intelligent? I've personally had the opportunity to observe these employees while visiting the campus and found them to be incredibly talented. Frankly, they have to put up with a lot of abuse from customers. I cannot fathom that it should come from present or past co-workers as well.

Not your finest moment Phila B.

I agree with you. There was always more to the SA campus than the mortgage dept. although I'll admit that recently not much else is left. Call center employees have to know a lot of information and as you said, take customer abuse and turn it into a positive. Let's keep in mind that World Savings was not just a mortgage company.

ready to get displaced in SA in San Antonio, Texas said: I heard there were lay offs in SAFTE. Anyone know anything?

yes, SAFTE displaced a considerable number of people today. Those left will be the sole ROC for portfolio loans.

Canon in Altered State said: *********************
Wow! Impressive way to insult many fine Legacy World folk who currently work in or worked in call centers! Did you really mean to infer that call center employees were inconsiderate/indifferent to customer's needs? Did you really mean to infer that those employees are less than intelligent? I've personally had the opportunity to observe these employees while visiting the campus and found them to be incredibly talented. Frankly, they have to put up with a lot of abuse from customers. I cannot fathom that it should come from present or past co-workers as well.

Not your finest moment Phila B.

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.

FlyOnTheWall in Secret said: I agree with you. There was always more to the SA campus than the mortgage dept. although I'll admit that recently not much else is left. Call center employees have to know a lot of information and as you said, take customer abuse and turn it into a positive. Let's keep in mind that World Savings was not just a mortgage company.

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."

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?

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?

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.

FlyOnTheWall in Secret said: I agree with you. There was always more to the SA campus than the mortgage dept. although I'll admit that recently not much else is left. Call center employees have to know a lot of information and as you said, take customer abuse and turn it into a positive. Let's keep in mind that World Savings was not just a mortgage company.

Yes - But - World was a Mortgage Company first and foremost. For Wacjovia its a sideline business that is solely meant to drive deposit growth and its a business they fundamentally do not understand.

World = Mortgage lender that happened to be a bank

Wacho = Bank that happens to be a lender

Big difference - but now that World is no more, sadly a moot point

To while away the hours:

www.wedbedordead.com/

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 billion. At some point, Wachovia will run out of stuff to sell. With mortgage default rates accelerating, that could happen sooner rather than later.

What this says is that Wachovia may be beginning to understand that its worst problems are not behind it. If so, the bank stock's recent rise is a sucker rally and investors are about to get beaten like red-headed mules. A month ago, Wachovia's shares were just above $9. Now they change hands at almost $16. It would be hard to find a growth stock that has done as well over that period.

Housing is still troubled. Foreclosures are still rising. Wachovia at $16 won't last.

++++++++++

Here's your chance to make a ton of money shorting the crap out of this dog. Single digits here we come!

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.

You got that right, and all the while our BEC is dropping due to the law of averages. They intentionally take work away from us, and drop everyones BEC, THEY'RE SAVING millions of $$$(on the severence packages) by keeping us on... (might there be legal remifications to this as well?) On top of that, I hear instead of displaced people working the 60 days required for warning us, we're sent home and paid as if we're still working, causing further drops in our BEC's, there's MORE millions saved by WB.

For what it's worth.....

Mikus

I said in the previous post "You got that right, and all the while our BEC is dropping due to the law of averages. They intentionally take work away from us, and drop everyones BEC, THEY'RE SAVING millions of $$$(on the severence packages) by keeping us on... (might there be legal remifications to this as well?) On top of that, I hear instead of displaced people working the 60 days required for warning us, we're sent home and paid as if we're still working, causing further drops in our BEC's, there's M