Wachovia Layoff

Anyone ever experience a layoff by Wachovia? What can we expect?

Yes I was hired for a F/S and with in 3 mths they had us to take and pass the series 6 and 63 exam if you did not pass after 2 times taking it they fired you. I was not informed this at my interview.

I had put in my two week notice at my current job after I got the call that I got the job, after that I got my offer letter and it said if you do not pass the exam you may be let go. I called HR and they said don't worry about it, well I did not pass and was left with out a job.

If I had known before I quit my job I would have never left. Out of my group it was 4 that they let go out of 8 so that test is no joke and it was self study and a 3 or 4 day crash course. Good luck to all that apply.

Wachovia said they are the Walmart to Financial Needs.

I know several people who worked for Wachovia, and all they did was complain about it. Long hours, nothing's ever good enough, moving targets (quotas). I definitely would avoid this company.

Wachovia Securities is moving it's headquarters from Richmond to St. Louis. Of course there are going to be a lot of job loss. Announcements are suppose to be made by October of this year as to which departments/groups are going to be effective. Overall, I heard the company is pretty good to work for and there is always room for advancement.

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.

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.

I also am World Savings and now in fear for our jobs being eliminated. A lot more jobs lost than originally thought. Good luck in finding a new position.

As of this past Tuesday, August 14th, my position, along with approximately 100 others in the Central States Region have been eliminated. Talk about being blind-sided. Herb and Marion Sandler would have NEVER handled things this way. It's a shame. Didn't matter about performance or tenure, if you were a QAM, you were history.

Former World Savings QAM in Milwaukee, Wisconsin said: As of this past Tuesday, August 14th, my position, along with approximately 100 others in the Central States Region have been eliminated. Talk about being blind-sided. Herb and Marion Sandler would have NEVER handled things this way. It's a shame. Didn't matter about performance or tenure, if you were a QAM, you were history.

Hard copy got hit...but not the internet loans.......they are ALL STILL THERE..

California in San Antonio, Texas said: Hard copy got hit...but not the internet loans.......they are ALL STILL THERE..

Uh, no they're not. I WAS in internet loans along with everyone else in the Central States region who were displaced. We were wholesale, not retail. As of this afternoon, nothing has come down on the retail side of things, yet.

I know there are a lot of emotions but I would like everyone to remember our fellow World Savings employees that worked countless hours willfully...an analogy is "Remember the Alamo," don't forget World Savings and what it brought you. I personally can remember my first week at the SA campus like it was yesterday and I am the person that cannot remember what the hell the kids are on restriction for... But those who packed up their lives and/or families and moved hundreds and thousands of miles as the loyal thing to do (with World) turned up to be placed in a death trap when doing it for Wachovia. All that read this, I am so sorry that who ever fooled the Sandlers into believing the same morals built Wachovia as the ones that surrounded World was a damn good salesmen to bad there was not default clause in that sales contract. Please know what ever department or location you work in we all are feeling your pain and anxiety all the way down to who ever is having to say the programmed answer that economy is making us do it. HELLO WAKE UP AND SMELL THE COFFEE, we have been through the slow summers and the extremely slow jan - mar periods year in and year out. I do firmly believe everything happens for a reason and that reason will show it self when you least expect it. Each and everyone of you still employeed as of 5 on the 16th (we take it one day at a time if you still have job) and those that have left at Wachovia's will; you are in my prayers that each and everyone of us get to laugh in the face of Wachovia with dignity and respect (as we have better poker faces then they ever could). But sincerely you are all in my prayers that you and your families get through this hiccup in life with no scraps and bruises. Just remember we were all looking for a job the day we came to World Savings but now... we have a valuable asset, the know how to handle a product everyone damns in front of the Jones' but oh so many want.

I was also a now "former" World Employee. I too was let go. I think every department has been affected in some way. I will truely miss working for such an outstanding company. I have nothing to say about Wachovia, except that the way they handled the layoff in my situation was absolutely ridiculous. I didn't feel that a phone call with 30+ people on the phone all being told they were let go was the "proper" way to do it.

Wachovia usually does their layoff via conference calls. Was the severance package at least acceptable?

The severance package was acceptable. I will give them that.

Brooke in Chantilly, Virginia said: The severance package was acceptable. I will give them that.

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?

how much time did they give you until your end date? I'm assuming your last day wasn't the day they informed you.

I was an underwriter for the Red Team (work from home). We were told about a week and a half before our last day. We are considered Wachovia employees for 2 more months and will collect our base pay for those months. After that we will get the entire severance package which depends on your tenure with World. I had 5 years with World and recieved 6 months of base pay. Not too bad!

Me in Centreville, Virginia said: Wachovia usually does their layoff via conference calls. Was the severance package at least acceptable?

I used to work at New Century Financial and they did the layoffs the same way. There's a Wachovia in Lake Forest, Ca that has a sign that will be opening soon. I wonder what will happen with all these layoff I am reading and if I should even bother applying if this is going on...

Brooke in Chantilly, Virginia said: I was an underwriter for the Red Team (work from home). We were told about a week and a half before our last day. We are considered Wachovia employees for 2 more months and will collect our base pay for those months. After that we will get the entire severance package which depends on your tenure with World. I had 5 years with World and recieved 6 months of base pay. Not too bad!

That is good. Usually with a merger and or acquisition there are job losses on both sides. I would think that a Wachovia employee would have received less. Usually it's 2 weeks of base pay per year of service.

Florida said: I was just laid off. It was handled this way in Florida. We were called in as a group, told we were no longer employed effective immediately and that we would have to clear out of our office that day. Then we had one on one meetings telling us about our severance package. Why do you feel you will be let go? It's painful but the severance package negotiated by World is very fair. Thank goodness for World looking out for us!

It sounds like the recent AG Edwards/Wachovia Merger. They are expecting 3000-4000 layoffs.

Wachovia Securities is moving their headquarters to St. Louis.

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

did anyone hear if they were going to lay off in the somerset office

We just got "invited" to a mandatory conference call tomorrow. Then our manager took off for another local office. I think that the axe is falling here tomorrow. We are a former HLE office now Wachovia Mortgage.

Kiwi, it doesn't sound promising. That is how a bunch of people have been let go.....mandatory conference call when the ax swings at everyone in the room.

Good luck to you and your fellow co-workers.

Florida said: If you were with Home Loan Experts I would duck. The entire staff was just laid off here. If you can switch into another position on the bank side I would do that now! It is the only safe place to be.

For those of us on the west coast, I think severance won't be so great. I doubt former HLE consultants will have a severance. Does anyone know for sure? I have only been with World for a year.

For all the people that have been displaced...consider yourself lucky. For the people that have been left behind good luck to them. With all the production expectations being set on all originators it makes us wonder if this is Wachovia's way of down sizing these departments(in other words..if no production..no job). They either expect you to quit or get fired..plain and simple with so severance pay. It does not matter how many years, hours or money you've made World...Wachovia is all business. With them coming into our World displacing good employees without a care...SHAME ON THEM!!!

Anybody hear about the San Antonio campus belonging to Northwest Vista College...Why are we still hanging the World Savings Temp. signs if we are now Wachovia???? They sure did not hestitae to come in and clean house...why not change the signs.

Great article. I wonder if Wachovia has kept track of exactly how many employees they have displaced in the history of the company.

Another displaced employee said: Good luck to you. I don't think the former HLE offices are being left alone. However, some MC's are being offered branch positions.

Sad. No branches in the NW yet. Our wholesale division out here is much larger than our retail division. Alot of good people who work hard. I guess we'll find out whats shakin tomorrow....

I used to work out of the Palm Desert, CA office. While I was there World Savings for the 1st time in history layed off more then half of our office. I was lucky enough to transfer to another local office. That was Oct 2005. They did another layoff to the same office June 2006. That office went from being 50-60 people to 8. So, World too has had to make "business decisions".

what other offices are they going to lay off in any new jersey offices does anyone know..........................

We had a telefinance group as well as a ROC in the same office. Both departments were affected.

Was anyone given the option of telecommuting? Anyone affected from jobs being outsources to other countries?

I WAS WONDERING HOW MANY MORE LAY OFFS IN NEW JERSEY THERE WERE GOING TO BE ANYONE KNOW

Anyone know about the Nashville office??

I heard that the appraisal dept. is getting cut now... Any idea what the plan is?

I was layoff yesterday 08/22/2007. Oregon and Washington former HLE offices are all been affected by it. Retail offices kept couple supporting staff and combined our Vancouver office with the Portland office. Realistically, I knew these day going to come since we weren't very productive since we open our office last June. But I thought with Wachovia, we might able to pull it through. Guess I was wrong!

CA has been hit hard as they closed both the North Hollywood and Ventura ROCS and downsized many of the other offices. In these offices all QAMs and Processors where let go. They also got rid of most of the rep assistants sans the few reps who funded 30+ loans a month. This was on the 8th of this month.

still got a job in Los Angeles, California said: CA has been hit hard as they closed both the North Hollywood and Ventura ROCS and downsized many of the other offices. In these offices all QAMs and Processors where let go. They also got rid of most of the rep assistants sans the few reps who funded 30+ loans a month. This was on the 8th of this month.

How about the appraisal dept?

The entire ELOC group and Portfolio Retention here in San Leandro were laid off this morning. I work just down the hall from the ELOC folks, and saw lots of tears and hugs going on. They'll be working another two months. Not sure how many people total.

The signs have not changed because we are not "officially" Wachovia, we are in the transition still.

Have the methods of layoff been the same for everyone? conferences calls and mandatory group meetings?

Has anyone heard anything about the Final Documentation Department? If it's going to stay or if it's going to go?

Moi in Brea, California said: I used to work at New Century Financial and they did the layoffs the same way. There's a Wachovia in Lake Forest, Ca that has a sign that will be opening soon. I wonder what will happen with all these layoff I am reading and if I should even bother applying if this is going on...

I think you're actually safe applying. The thing is, they seem to be letting go World people to make room for their own. No matter how many layoffs that are happening among us we see more and more job postings for Wachovia.

Florida said: We lost a lot of good people on Wednesday in Florida from the lay-offs. World was a great company and I am proud to have worked for them. Thank you to upper management for protecting us as long as you could! Need I say more, when I have asked many "displaced" tenured World people if they would post for a job with Wachovia the normal response is no, it's just too different. I also have heard from many legacy World people that are still employed and/or displaced that Wachovia people hate us. We were never let into the culture, isolated by design, and when enough people quit the remaining loyal troupers were let go. That's one way to make a bottom line.

I absolutely agree. Those of us who are barely hanging on are actually hoping to be let go now because the environment is so bad. The mutual respect among World employees is not found within Wachovia and a lot of us now feel betrayed.

WHL (HLE Back office) in SA was cut early this month. 20 people.

Otta here in San Antonio, Texas said: WHL (HLE Back office) in SA was cut early this month. 20 people.

Yeah there have been alot of other departments that we have heard that have been affected as well. The people with me here in Final Documentation have gone to management with the information we have heard trying to see if they know anything but they have told us over and over that they are just "rumors" and not true. :( i just want answers.

why in the world would wachovia think that we would want to apply with them? supposedly we already work for them and they don't give two sh**s about us. i never knew how good i had it with the sandlers until it was too late. i'm really sad that wachovia gave us a false sense of security for a while and then swooped in and killed people off. unfortunately i am still here, but i can't wait to get out. i pray every day that they will lay me off. i don't know anyone that is still happy working here. everyone complains about it all the time and we all want out. i know some people are worried or sad about being laid off, but i wish i was so lucky and i know a ton of other people that feel the same way.

disgusted in San Antonio, Texas said: why in the world would wachovia think that we would want to apply with them? supposedly we already work for them and they don't give two sh**s about us. i never knew how good i had it with the sandlers until it was too late. i'm really sad that wachovia gave us a false sense of security for a while and then swooped in and killed people off. unfortunately i am still here, but i can't wait to get out. i pray every day that they will lay me off. i don't know anyone that is still happy working here. everyone complains about it all the time and we all want out. i know some people are worried or sad about being laid off, but i wish i was so lucky and i know a ton of other people that feel the same way.

Exactly how i feel. Could'nt agree with you more.

www.mercurynews.com/realestatenews/ci_6708626

Previously the song and dance was all about merger integration. Now Vecchiarello has come clean and said its also about market conditions.

Its a rolling wave of Wachovia layoffs all around the country as former WSB folks are getting the ax. Many ROCs and WHL/HLEs have been axed; also much carnage in San Antonio and in Cali. With many of these layoffs the headcount numbers don't exceed the WARN act requirements - very stealthy. Lay folks off in 10's, 20's and 30's and you don't need to give 60 day notices.

I'm sure the better producing reps are loving having their LRA's taken away too. Now with Mr Judd stepping aside its no longer a World guy at the helm of lending. Herb and Marion have to be sickened by what the beancounters in Charlotte have done and continue to do to their child.

Thank god they negotiated the severence package into the merger agreement. Everyone should read the severance package carefully ; its on Exchange. Search on Golden West Severance.

Good luck to you all and hang in there.