Wachovia Layoff

Former Appraisal Manager in San Diego, California said: For any appraisers reading this- Keep in mind that Wachovia isn't the only game in town. Once you peek your head out from under the blanket that World/ Wachovia keeps its appraisers under, you will notice a ton of opportunity (even in this market... SOMEBODY has to do the REO's...). World Savings worked a "mojo" over the appraisers (maybe it's the car?). For some reason, once you were a staff appraiser for World, you start to feel that it is your ONLY option. That's simply not the case. Trust me... a good appraiser with the proper motivation will always have work.

Origination-

I can't believe what is happening to you guys. I feel for you. The people that I've spoken with that are still with the company tell me that they've all but stopped any/ all support for wholesale origination, and that it is clear that the Wachovia business model is moving towards retail business (much like WAMU; Reps housed within branches (CLO'S?)). It seems that as the market turns, Wachovia is not equipping the reps to deal with this properly. The idea of having a "Wachovia Liason" was close to a joke. One person to deal with all of the products that you had to deal with? I'm not certain how much training has occured since I left, but it was very minimal when I was there. Good luck to you as well.

Thank you for all your postings here. You are truly an inspiration to me.

My "X" worked in Richmond in the information technology group. Zero communications on this situation - so what is the scoop? Is the IT group staying in Richmond, reduced staff - layoff's with some relocating to St. Louis? Any thought are most welcome.

Nervous X.

wachovias holloywood florida branch robbed. suspect with bomb strapped to him demands money at drive up window. what was he thinking. i wonder if they were displaced employees.

Has anyone heard anything about SE Wac Roc?

displaced employee said: I love that...probably displaced alright! Things are pretty desperate! :)
Where did you see that write up. I told my friend I would be nervous in working in a branch in fear of a bank robbery. I guess I should take that comment more seriously. HUH?

When I heard it, there was no mention of what bank it was. However, first thoughts were that it could be a kidnap victim forced to do it and then I heard that it was a bank employee. Haven't heard anything new--will probably be on national news programs.

crazy in san antonio in San Antonio, Texas said: When I heard it, there was no mention of what bank it was. However, first thoughts were that it could be a kidnap victim forced to do it and then I heard that it was a bank employee. Haven't heard anything new--will probably be on national news programs.

Has anybody else had one of these? Received this email today...
TO ALL EMPLOYEES:
All employees in the Retail, Wholesale and Appraisal offices must plan on attending a “Question and Answer” meeting with Tim Wilson, Group Sr. Vice President and Brent King, General Manager.
When: Tuesday, October 9, 2007
3:30pm to 5:00pm
Where: Hyatt Regency Phoenix
122 N. Second Street
Phoenix, AZ 85004
Our Senior Management team will be in town that day attending an Expo we are hosting and we thought it would be a great time to get everyone together to hear about Wachovia, the industry and what we should be focused on as we head into 2008.
All facilities will be closed at 2:30pm on October 9th so all employees can attend. Dress code is BUSINESS!!
Please think about topics important to you as you get few chances to discuss them with Senior Managers.
This meeting applies to all employees in Origination, Underwriting, Processing and Appraisal departments.

carry fisher in alfa centuri said: this morning on bloomberg i think. they showed the building and the wachovia sign.

somewhere in the chaos in Arizona said: Has anybody else had one of these? Received this email today...
TO ALL EMPLOYEES:
All employees in the Retail, Wholesale and Appraisal offices must plan on attending a “Question and Answer” meeting with Tim Wilson, Group Sr. Vice President and Brent King, General Manager.
When: Tuesday, October 9, 2007
3:30pm to 5:00pm
Where: Hyatt Regency Phoenix
122 N. Second Street
Phoenix, AZ 85004
Our Senior Management team will be in town that day attending an Expo we are hosting and we thought it would be a great time to get everyone together to hear about Wachovia, the industry and what we should be focused on as we head into 2008.
All facilities will be closed at 2:30pm on October 9th so all employees can attend. Dress code is BUSINESS!!
Please think about topics important to you as you get few chances to discuss them with Senior Managers.
This meeting applies to all employees in Origination, Underwriting, Processing and Appraisal departments.

I'm sure it's just an "everything is going to be OK" meeting. Brent was my National Manager before he went back out west. Damn I missed that guy. He fought for us in Wisconsin when all of the other managers treated us like the red-headed stepchildren of World Savings. Tim Wilson too used to be the manager for WI and in fact, he along with 2 of my former co-workers opened the WI office almost 14 years ago. I loved his management style....point blank direct. You didn't have to wonder what Tim was thinking when he told you something, you knew it right away. These two are some of the best managers left in the company. Good luck at the meeting and get whatever you need to off your chest. This would be the perfect opportunity to do it.

I'm one of many World Savings employees laid off after the World/Wachovia merger and, as a dot-com survivor (five layoffs in six hires, ow) I think this is the best layoff I've been through. I got a lot of warning (over six months), a good severance package - several months' salary - and outplacement assistance.

However... I've heard that this pretty-good treatment is due to the owners of World going to bat for the employees during the merger negotiation, not because of any generosity by Wachovia who - rumor has it - give 2 weeks' pay at most. So I'd definitely hope for the best but prepare for the worst, if I were you.

- "Zelda"

I just wonder what goes on in all of the multitude of conference calls between managers that are going on all the time. How much can there really be to talk about? Is this common in all the offices, depts?

ROCed til you drop said: I just wonder what goes on in all of the multitude of conference calls between managers that are going on all the time. How much can there really be to talk about? Is this common in all the offices, depts?

This is definitely the case in my area! I have wondered the same thing! It does not contribute to the whole optimism thing...

somewhere in the chaos in Arizona said: This is definitely the case in my area! I have wondered the same thing! It does not contribute to the whole optimism thing...

All of the time! If its not conference calls its closed door phone conversations with who knows! I know there is supposed to be a long conference call for the managers in Northern California for my appraisal mgrs. Each morning when I arrive to work I habitually scan the parking lot for different cars thinking that today is the day when I get my pinkslip!
Drives me nuts! I am not paranoid...I just want to know...and I think its eminent!

I think I would have packed my things and left and not stayed until the afternoon unless it took that long to pack. It is very typical of any company that once they lay you off to escort you to the door as quickly as possible. The last thing any one wants is a disgruntled ex-employee hanging in the office. (I worked in HR in my former life)

The boxes should have been provided in my opinion but who is asking me?

Billy Bob in Oakland, California said: All of the time! If its not conference calls its closed door phone conversations with who knows! I know there is supposed to be a long conference call for the managers in Northern California for my appraisal mgrs. Each morning when I arrive to work I habitually scan the parking lot for different cars thinking that today is the day when I get my pinkslip!
Drives me nuts! I am not paranoid...I just want to know...and I think its eminent!

So...do you have any idea when this "meeting" is to take place. I scan the parking lot also...but Im looking for the BIG WIGS cars. Talk about anxiety attack. I keep asking myself....why am I doing this to myself. Its hard to believe...I know the writing is on the wall...it just dont want to believe.

Johny Rods in sacramento, California said: So...do you have any idea when this "meeting" is to take place. I scan the parking lot also...but Im looking for the BIG WIGS cars. Talk about anxiety attack. I keep asking myself....why am I doing this to myself. Its hard to believe...I know the writing is on the wall...it just dont want to believe.

ya know what mulder says. THE TRUTH IS OUT THERE.

Johny Rods in sacramento, California said: So...do you have any idea when this "meeting" is to take place. I scan the parking lot also...but Im looking for the BIG WIGS cars. Talk about anxiety attack. I keep asking myself....why am I doing this to myself. Its hard to believe...I know the writing is on the wall...it just dont want to believe.

I have no idea....

I LOVE YOUR POSTS! You are so Cryptic!!!

displaced employee said: You are lucky...we were told at 8:30am we were displaced and were escorted out that afternoon. Try putting 14 years in boxes in about two hours. Plus we weren't even supplied the boxes...I had to find some old packing boxes we (thank goodness) had left from when we moved in.

I am sorry to hear that you were displaced. I will keep you in my prayers. What department were you a part of and where were you located? I work in orlando at a roc.

I have two questions to ask any reliable sources out there - #1. Is anyone familiar w/ Wachovia's "Fulfillment Centers"? IF they were to open one in No. CA, do you think it is reasonable to assume that the World loan offices, HLE centers and ROC centers would all be consolidated into one big "Fullfillment Center"? And - #2. Does anyone know if Wachovia plans to keep the once-thriving San Leandro Ops Center? I hear it is a ghost town there these days.

Billy Bob in Oakland, California said: All of the time! If its not conference calls its closed door phone conversations with who knows! I know there is supposed to be a long conference call for the managers in Northern California for my appraisal mgrs. Each morning when I arrive to work I habitually scan the parking lot for different cars thinking that today is the day when I get my pinkslip!
Drives me nuts! I am not paranoid...I just want to know...and I think its eminent!

There's always closed door conversations, meetings, conference calls...several times a week, often for hours at a time. Honestly I can't think what on earth would need that much discussion.
BTW, Has anyone had a review within the past 3 months or so? Have they noticed a change? i've heard several people indicate there's been some changes there.

SOCA Appraiser in California said: I think I would have packed my things and left and not stayed until the afternoon unless it took that long to pack. It is very typical of any company that once they lay you off to escort you to the door as quickly as possible. The last thing any one wants is a disgruntled ex-employee hanging in the office. (I worked in HR in my former life)

The boxes should have been provided in my opinion but who is asking me?

I think that would be the worst part. I think to be "escorted" out of a job you gave you busted your butt for is just a slap in the face.

ROCed til you drop said: There's always closed door conversations, meetings, conference calls...several times a week, often for hours at a time. Honestly I can't think what on earth would need that much discussion.
BTW, Has anyone had a review within the past 3 months or so? Have they noticed a change? i've heard several people indicate there's been some changes there.

I got a great review and a REAL nice 57 cent an hour raise! Thats the only CHANGE I've seen!

Displaced Worker in Somewhere, Florida said: I don't think it's a good idea to direct them to this forum because it should be kept as a good place to vent and exchange info. Besides there may be some comments in here that their authors would rather be kept in the forum and not publisized. But alerting the media to all these layoffs is a good idea. Someone's gotta do it. A good ambitious reporter who could sink his/her teeth into the story would be best.

maybe add your input on the wachovia entry on wikipedia. It doesn't curently mention any layoffs.

Is Wachovia providing any outsourcing assistance?

Carlene in California said: It is not cost effective to keep appraisers when the work can be outsourced. Wachovia is going to do it the Wachovia way and save and cut everywhere they can. Even desk reviews are outsourced by lenders including Wachovia and Vertice. Wachovia didn't buy out Golden West for the employees but for the portfolio products which are useless in this market right now and the bank customer base. Wachovia even now after the merger ranks only 9th in mortgage production but the deposit accounts will give them the most income and larger asset base to keep them in the top three.

While I agree that Wachovia didn't buy World for our employees, the portfolio products are what is keeping Wachovia mortgage afloat right now under these current market conditions because the bank is continuously earning profit on them every single month the loans stay on their books. That is why World was so successful even in down markets. It is the fact that nobody is really producing any substansial volume that they haven't moved up the ladder so to speak. And deposits on the bank side make up roughly 63% of all the revenue for Wachovia followed by mortgages thanks to the PAP loan so I don't really think they will be moving out of the Big 4 category any time soon based on that. If anything they may overtake one of the others if the market continues like it is and they keep selling and retaining PAP loans.

SPAM?

Is this company stable?

any more word on the AG Edwards/Wachovia merger?

MLL in Texas said: any more word on the AG Edwards/Wachovia merger?

AGE shareholders approved the merger on Friday. As of Oct 1, we are Wachovia employees - truely a sad day.

Don't kid yourself, it may say Wachovia on the paychecks in due time but you will be considered "Legacy Edwards" from here on out and while I know how you do not mind the attachment at all to Edwards, its not as if Wachovia is welcoming you.

Legacy World Here

SOCA Appraiser in California said: Don't kid yourself, it may say Wachovia on the paychecks in due time but you will be considered "Legacy Edwards" from here on out and while I know how you do not mind the attachment at all to Edwards, its not as if Wachovia is welcoming you.

Legacy World Here

In my heart, i will always be Edwards. The times they are a changin'. Some have already received their 60 day notice.

Billy Bob in Oakland, California said: I got a great review and a REAL nice 57 cent an hour raise! Thats the only CHANGE I've seen![/QUOTE

Bully for you! Hopefully, you are not throwing your current "success" in everyone's face. Karma is real thing, and you should be careful.

displaced employee said: However, I do think 20/20 reporting on the effects of all the industry layoffs would be a good story. It surely is a major blow to thousands of industry professionals!

This site has been a Godsend for everyone because this whole displacement process has been so grueling. However, let's not kid ourselves--Wachovia officials know about this site. They have to. Their not stupid. The great thing though, is that they can't do anything about it. It's our site and most are displaced anyway, so they probably don't care(shameful, but probably true) about what we write. And, to the Edwards people, good luck--it's going to get pr-e-e-e-t-y ugly.

crazy in san antonio in San Antonio, Texas said: This site has been a Godsend for everyone because this whole displacement process has been so grueling. However, let's not kid ourselves--Wachovia officials know about this site. They have to. Their not stupid. The great thing though, is that they can't do anything about it. It's our site and most are displaced anyway, so they probably don't care(shameful, but probably true) about what we write. And, to the Edwards people, good luck--it's going to get pr-e-e-e-t-y ugly.

sorry, "they're not stupid" i am tired.

Received this email today... Does this imply it's only the beginning??? What is so significant this week regarding the Golden West conversion? Is it about to hit the fan, or what?

***THIS MEMO IS BEING E-MAILED TO ALL EMPLOYEES***
DATE: Oct. 1, 2007
TO: All employees
FROM: Ken Thompson, Chairman and CEO
RE: 2007 National Customer Service Week Oct. 1-5

As we celebrate National Customer Service Week this week , and thank our customers and clients for our success, I want to thank you for helping Wachovia weather a challenging year.
Even in this environment, Wachovia is a great place to be! We continue to receive numerous accolades for our superior customer service, and we are expanding our reach this week as we consummate the A.G. Edwards acquisition and begin our Golden West conversions. Because of your hard work and dedication, we enter new markets with a reputation for great service, and we can celebrate many accomplishments.
External market conditions continue to be uncertain, but the best thing we can do in these challenging times is take care of one another and our customers. So whether you work directly with customers and clients or help internal partners, please extend a special "thank you" this week to those you serve. Small gestures go a long way in helping us win the loyalty of our customers and in making Wachovia a great place to work – both of which are essential to our ongoing success.
I appreciate your commitment and dedication to caring for our customers and clients – and one another – each and every day of the year.

Thank you for being with Wachovia.

Received this email today... Does this imply it's only the beginning??? What is so significant this week regarding the Golden West conversion? Is it about to hit the fan, or what?

Chaos in Az, this email went out because the AG Edwards merger commences Oct 1 & the Wachovia signs go up on World Savings branches starting Oct. 11. Plus it's Wachovia Customer Service week starting tomorrow, just like the email title states. We all know what the "here come the layoffs" emails look like because we all got them in August.

I agree about the email being more of the Edwards merge. However, down here the Wachovia signs have been up for weeks. I think the conversion is more of a "Its time for World to do things our way" and don't forget the meeting tomorrow.

SOCA Appraiser in California said: I agree about the email being more of the Edwards merge. However, down here the Wachovia signs have been up for weeks. I think the conversion is more of a "Its time for World to do things our way" and don't forget the meeting tomorrow.

What meeting tomorrow??

E-Rokin' in San Antonio, Texas said:

My response was an attempt to commend "the old" World for their generosity, not to gloat, brag or let everybody know, or think, that all is fine! I apologize if my response came across that way.
I am frustrated! If you have read any of my earlier posts then you could see that I just want to know...to know how long I have. And for the record, I want to get laid off for my own reasons. I feel badly for those who have gotten laid off that didn't want to or weren't expecting to.

Billy Bob in Oakland, California said: My response was an attempt to commend "the old" World for their generosity, not to gloat, brag or let everybody know, or think, that all is fine! I apologize if my response came across that way.
I am frustrated! If you have read any of my earlier posts then you could see that I just want to know...to know how long I have. And for the record, I want to get laid off for my own reasons. I feel badly for those who have gotten laid off that didn't want to or weren't expecting to.

Go back to see the quote that I am referring to.

The conference call that suddenly came up and was suggested here and then confirmed.

As I've said before, there is work out there for good appraisers. I currently have a quite a few positions open throughout California (I'm finding Bakersfield especially difficult to fill). If any appraisers are looking for work in California, let me know, and I would be glad to look into things for you.

Note- I'm sorry if this comes across as if I'm "preying" on the uncertainty and hardship you may be going through... I don't mean it that way at all. I just see a lot of good people that were displaced, and would like to help if possible.

Most troubling post from another thread. Would Wachovia be now using their own employment standards to override by review, the standards that the Sandlers wrote as their hiring guide? In other words, are they reviewing current World employees records by doing background and credit checks, etc. and letting go those who records they considered to be less than pristine?
64 tenured people let go on these grounds alone...

Loved World Savings in San Antonio, Texas , 1 month ago - wrote:

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

to gertrude in houston

i'm interested to know if your lay off was recent or are you speaking of another time. the reason is i thought the lay offs were coming to an end but if you were just let go as of today or last week, then the lay off are still continuing.
concerned.

gertrude mobius in Houston, Texas said: Most troubling post from another thread. Would Wachovia be now using their own employment standards to override by review, the standards that the Sandlers wrote as their hiring guide? In other words, are they reviewing current World employees records by doing background and credit checks, etc. and letting go those who records they considered to be less than pristine?
64 tenured people let go on these grounds alone...

Loved World Savings in San Antonio, Texas , 1 month ago - wrote:

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

i believe this information is not current.

gertrude mobius in Houston, Texas said: Most troubling post from another thread. Would Wachovia be now using their own employment standards to override by review, the standards that the Sandlers wrote as their hiring guide? In other words, are they reviewing current World employees records by doing background and credit checks, etc. and letting go those who records they considered to be less than pristine?
64 tenured people let go on these grounds alone...

Loved World Savings in San Antonio, Texas , 1 month ago - wrote:

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

Wachovia is letting people go due to background checks that go as far back as 15 years or more. The are giving out the severance package, so that's good.

E-Rokin' in San Antonio, Texas said: Wachovia is letting people go due to background checks that go as far back as 15 years or more. The are giving out the severance package, so that's good.

Licensed appraisers have already passed a background check...

kramer775 in NOCA, California said: Licensed appraisers have already passed a background check...

All World Savings employees passed a background check. That is the point.

E-Rokin' in San Antonio, Texas said: Wachovia is letting people go due to background checks that go as far back as 15 years or more. The are giving out the severance package, so that's good.

Really? I would be interested in your opinion as to how a severance package is superior to a paying job with benefits?

And what exactly are the new qualifiers for these so called background checks/investigations. How is it longstanding employees who were let go, who were employed for 15+ years as contributing, productive team members are suddenly deemed unacceptable?