Wachovia Layoff

I have read over the severance package and info quite carefully. Technically, I am Wachovia's bi*#h until the middle of October. If I *do* happen to find other employment outside of Wachovia before that date, I must notify them in writing and ask for a "Job end date acceleration". If Wachovia does not agree to accelerate my job end date, I forfeit my "enhanced" severance package of 6 mos of pay (in a lump sum), all I would be entitled to in severance is 2 weeks because I am technically abandoning my position.

Do you know how hard it is looking for a job and letting any prospective employers know, "Oh, by the way, I can't start for 7 more weeks"? ARRGGH!

Wachovia has destroyed the reputation of World. They are gutting the company and taking the profit from the portfolio. It is all about the $$$$$.

I think there are more layoffs to come.

Many of my co-workers got let go. There so many rumors going. It's funny how one thing can turn into several different rumors. I believe that the market itself is in bad shape. I'm now a Wachovia employee turned over by World Savings. I believe that everyone at World/Wachovia is not safe. You just got to prepare for what is yet to come. I do believe they know what is going to happen in the next couple of months. We all should be worried! I do wish my co-workers many blessings and I pray for all of them, because it is an ugly feeling. Good Luck!

I don't think anyone that is with HLE should think they are going to have a job with Wachovia. It's about numbers and business and there is far too much dead weight in management and non performing branches. I have been in the business for 17 years and took an MC job last year mainly for the benefit aspect. What a joke! I have never worked with a company where everyone from top management down is so completely clueless about the mortgage industry. I just stayed until the "TSS" went away and back to the real world of closing loans and not just meeting after meeting of how to close loans.

Jobless in Milwaukee, Wisconsin said: Anyone know about the Nashville office??

Nashville is still functioning as usual, so far. I think it will remain, but nobody knows for sure.

Has anyone been offered a waiver of the prepay on your employee home loan as part of the severance?

I was a wholsale rep with world. went through the transition to wachovia and saw the writing on the walls with the way the economy was going. I left a month ago, not sure if I made the right decision. well I just heard the ROC I was working out of is about to get shut down, mandatory conf call today. glad I left.

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.

Wow--it's SO sad, but I totally feel the same way...along with at least half of my entire department.

The bottom line is that the old World Savings is gone. Wachovia has not adopted the whole company together with it's culture. HLE was doomed from the day they announced the merger. If you want to play in the Wachovia league, you better let go of the old way of thinking. It's not about job security anymore. It's about being a "player". I will miss World Savings, but at the same time, it is a new era.

annoyed in San Antonio, Texas said: Exactly how i feel. Could'nt agree with you more.

Heard there will be more layoffs within the San Antonio campus on Thursday, 08/30... Anyone know anything about loan service?

ex HLE in Kirkland, Washington said: Has anyone been offered a waiver of the prepay on your employee home loan as part of the severance?

I would call VIP or employee loans and ask that question. It's a good one!

You should only hope that you get offered a cushy severence package. Everyone in my office was offered 6 months pay and bnefit continuance...I was offered a position at a new location that would effectively add 2-3 hours a day in commute time. The managers tell me accept or I get nothing!!! What a crock of crap! The management tell me that if an alternate location is available within 35 miles they can offer you a position at the new location with no option for severance. If you don't take the offer you are out on your ass...it amounts to quitting.

Manager Home Loan Experts said: I hear your pain and frustration and but here is my question. Did you produce big numbers? If you are experienced and tenured and all knowing about the industry were you able to perform with big numbers?

The management side came from the wholesale arena. World hired experienced industry reps and non-experienced reps with good sales and field background. The start up time for non-industry MC's was slower therefore the training was more intensive. HLE was a great idea but didn't have the time or a chance to thrive under the current conditions (bad market, little name recognition, lack of upper management support for a long time, a merger). Without upper level support and directives, your managers pulled a rabbit out of the hat more than once to try keep things running. We just did not have the tools nor the backup from the numerous managers we worked for that came and went like a revolving door.
So before you judge all management as "dead weight" look at the circumstances the managers were working under. If you stayed just for benefits and TSS then who was the "dead weight". Sorry, I don't think World was totally right in the way they handled the loyal employees that tried to make HLE work, but atleast they did not abuse the system for their personal gain. The blood sweat and tears came from dedication!

HLE was absolutely a horrible idea specifically because of the timing, how this project could have started in a market that was clearly changing is beyond many at World and all at Wachovia. The HLE "creator" was told to clean up the "mess", hence office closure and layoffs. Without HLE former World employees would have seen a much better fate and World would probably have a stronger position in the Wachovia world.

As far as "dead weight" is concerned, I can't speak for HLE, but as a rep for over ten years there is a huge amount of dead weight in management.

Anyone offered a retention bonus in addition to their severance?

on edge in San Antonio, Texas said: Heard there will be more layoffs within the San Antonio campus on Thursday, 08/30... Anyone know anything about loan service?

I haven't heard anything but if anyone out there knows please let us know. Although my department has continued with Wachovia Visions and Values, at a rate which seems desperately fast,there is still a sense from department managers, oh wait let me correct that, "Vice Presidents", and managers that just seem very uneasy.

on edge in San Antonio, Texas said: Heard there will be more layoffs within the San Antonio campus on Thursday, 08/30... Anyone know anything about loan service?

Wachovia Corp., the banking giant, said it plans to eliminate up to 4,000 jobs by the end of 2007. Wachovia seeks to trim operating expenses by at least $400 million a year

"Hoping", that info is from an early 2005 press release and has nothing to do with World - it predates GWF/WB merger and any plans related to it. You do have to wonder where the numbers will end up. If they keep letting people go 20-50 at a time, we may never know.

Im just wondering if Wachovia knew World was running smoothly, why didnt they just hold their ground and do what World did in the past instead of Panicing!!...If it aint broke dont try and fix it!!. There was a reason why a LITTLE ma and pa bank grew into such a well oiled machine, they had to be doing something right for over 40yrs!!

I couldn't agree more with your comment. World Savings was well known for not laying off their employees during a slow market. Wachovia is a corporate company and it's just a "business decision" to them.

I just watch what the upper management has done in trying to develop a broker shop and its a joke

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.

Hey How have things been going?

Home Loan Experts in Harker Heights, Texas said: I don't think anyone that is with HLE should think they are going to have a job with Wachovia. It's about numbers and business and there is far too much dead weight in management and non performing branches. I have been in the business for 17 years and took an MC job last year mainly for the benefit aspect. What a joke! I have never worked with a company where everyone from top management down is so completely clueless about the mortgage industry. I just stayed until the "TSS" went away and back to the real world of closing loans and not just meeting after meeting of how to close loans.

Wow... I agree with all the other comments. If you just lived on TSS, you were indeed the dead weight.

Light At The End of the Tunnel! said: Hey everyone, I just went on my first job interview, have another booked for tomorrow. It wasn't so painful after 13 years with World. I also spoke with Wachovia's advocate. Take advantage of that, it's very informative.
If you want to, you can re-apply for positions with Wachovia. The displaced do get first consideration and you can apply via the internal website for up to one year and you can keep your tenure if you're re-hired. I'm not saying this to stir up anything as I know some people are still mad. But think of it as a candy jar. There is a lot to pick from and you don't want to burn any bridges. Plus you can look outside of the company. After your end date you can apply for unemployment, and Wachovia has part-time employment opportunities you can do and still collect your severance. In a way you are in the driver's seat. It's sad to let go of the familiar, but it's kind-of exciting to have choices again. One of them could be Wachoiva...or not. It's up to you!
Good luck

UH...YEAH RIGHT!!!!

I DON'T THINK SO in San Antonio, Texas said: UH...YEAH RIGHT!!!!

With an attitude like that, you didnt deserve to work at Wachovia... They are better off without negative people like you.

I used to work at World Savings in San Antonio. One of my good friends is a senior manager on campus and they told me that there will be numerous more layoffs in the coming weeks. They also told me that Wachovia does all the layoffs in small batches so the media doesnt pick up on it.

I heard there will be about 50-100 layoffs each week through the end of the year. And then starting next year there will be about 20-25 layoffs per week.

The HLE branch I worked at in Colorado paid between $3000 to $8000 per month in TSS. When you have to have nearly 2 points in a deal to make any kind of commission what customer is going to go for that in this market when other places only have a point or less in fees.

Expect a kick in the pants as you walk out the door & your last paycheck from Wachovia...

Former Employee in Dallas, Texas said: I used to work at World Savings in San Antonio. One of my good friends is a senior manager on campus and they told me that there will be numerous more layoffs in the coming weeks. They also told me that Wachovia does all the layoffs in small batches so the media doesnt pick up on it.

I heard there will be about 50-100 layoffs each week through the end of the year. And then starting next year there will be about 20-25 layoffs per week.

that is crazy. have you heard if any of those layoffs will affect final docs??

Displaced said: Is your friend still working in headquarters making his/her info accurate? I hope you are wrong for all your sakes! That does not sound good.

It definelty doesn't sound good. but if they are talking 50 to 100 layoffs each week till the end of the year thats anywhere from 850 to 1700 people by the end of the year. and with all the people they have let go of already on the san antonio campus your talking pretty much closing campus seeing that there is only around 3000 in san antonio. so sad. really sad. well if it goes that way it goes that way what else can we do people? It's sad to see World Savings go but sometime change can be good. Thank god for this forum so we can all share thoughts and things we have heard.

Chaim Wietz in Winston Salem, North Carolina said: With an attitude like that, you didnt deserve to work at Wachovia... They are better off without negative people like you.

GIVE ME A BREAK...UNLESS YOU JUST CRAWLED OUT FROM UNDER A ROCK AND YOU HAVE NO IDEA HOW WS EMPLOYESS HAVE BEEN TREATED..OH...WAIT A MIN....YOU PROB. WORK FOR WACHOVIA IN NC AND YOU GUYS ARE SAFE...SO YOU STAY POSITVIE CAUSE YOU PROB. WILL NOT BE DISPLACED...GIVE ME A FREAKIN BREAK!!!!

I used to work at world some time ago but still have friends there. It's really painful to see what is happening to all the great people who made up a great company. Please, just remember that these are difficult times for all. People are going to react to either losing their jobs or the potential of losing their jobs in all types of ways. Try to remember that there's alot of hurt and anger out here, so let people be angry. Let people be positive. This forum is for people to air whatever is on their minds. Because, if not here, where will those affected have an opportunity? Whatever anyone is feeling, let's not judge them in these comments. The situation is bad enough as it is. Fair enough??

Every day we go to work thinking "are we next?" And every day management says the same thing - oh, we'll be fine. But then participate in the "rumors" of what's going on around us. It's sad to see all you SLEC and SAFE people go - you have been a great asset to the underwriting staff and we thank you. Sorry to hear about the GA ROC going - I've trained some of you and Wachovia is losing talented people. And it's really hard to hear about the HLE staff that I worked with for a year - I definitely sympathize w/ ALL the displaced HLE staff. What ppl are saying about HLE not being equipped w/ the tools needed, management structure, and complete training is very true. Only the people that were in HLE can understand what a disaster we were "sold" on believing was such a great idea. I truly believed in HLE and all that World stood for. Wachovia HATES WSL employees and are very open about it - especially the reps. Those that stay, it's not "World" anymore. The belief of job security, sense of family and understanding managers are long gone. It's "Dog Eat Dog" and if you happen to be out on maternity leave, you lost out on a job position. If you were out of work because of an injury at work and on Worker's comp and try to come back, you are escorted out of the building w/ your things in a box. If you were up for a position but didn't get it because you were in a scheduled surgery and couldn't make it to your "last minute" interview, well, you are just SOL. I've seen it. And the World managers that stay, are getting "brain-washed" into believing that Wachovia will watch out for them if they just "play by their rules." Those are sell-outs because they start turning on their own. I agree w/ the people that are saying they WANT severance. I do too. Mostly because it gives closure to this whole mess. Good luck to all.

"Tenured" in FL in Boca Raton, Florida said: Every day we go to work thinking "are we next?" And every day management says the same thing - oh, we'll be fine. But then participate in the "rumors" of what's going on around us. It's sad to see all you SLEC and SAFE people go - you have been a great asset to the underwriting staff and we thank you. Sorry to hear about the GA ROC going - I've trained some of you and Wachovia is losing talented people. And it's really hard to hear about the HLE staff that I worked with for a year - I definitely sympathize w/ ALL the displaced HLE staff. What ppl are saying about HLE not being equipped w/ the tools needed, management structure, and complete training is very true. Only the people that were in HLE can understand what a disaster we were "sold" on believing was such a great idea. I truly believed in HLE and all that World stood for. Wachovia HATES WSL employees and are very open about it - especially the reps. Those that stay, it's not "World" anymore. The belief of job security, sense of family and understanding managers are long gone. It's "Dog Eat Dog" and if you happen to be out on maternity leave, you lost out on a job position. If you were out of work because of an injury at work and on Worker's comp and try to come back, you are escorted out of the building w/ your things in a box. If you were up for a position but didn't get it because you were in a scheduled surgery and couldn't make it to your "last minute" interview, well, you are just SOL. I've seen it. And the World managers that stay, are getting "brain-washed" into believing that Wachovia will watch out for them if they just "play by their rules." Those are sell-outs because they start turning on their own. I agree w/ the people that are saying they WANT severance. I do too. Mostly because it gives closure to this whole mess. Good luck to all.

are those types of terminations legal?

Hey everybody. Just know this. Even as a manager this thing is horrible. A manager is not just responsible for his or her own self, but also is responsible for other people who report to them. It's brutal to see what's happening and not have any control over it. It's brutal to see the people you have respected as individuals, employees, mothers, fathers, tenured or not disrespected in such a huge way and be rendered helpless when you don't know when the ax may fall for you. And trust me, if as a manager you are left with a job, you certainly are not left unscathed. And no, all managers do not turn. We still remember in our hearts.

they are going to close in Milwaukee, Wisconsin said: Hey How have things been going?

Pretty good I guess, all things being considered.

Jobless in Milwaukee, Wisconsin said: Pretty good I guess, all things being considered.

Have you been able to find new employment as of yet? Who is next for the office to go?

I was displaced along with 35 HLE people, 4 managers, and a handful of processors and underwriters. We all got e-mails 2 weeks ago with what conference room to go to at 9 am. I knew as soon as I was in the room with HLE, no offense, that we would be laid off. It was so weird, kind of like american Idol cuts all looking around at one another. Then the big wigs came in and said u have all been displaced. I wanted to say, but I have the immunity necklace!! lol. It was very hard especially since I am a good employee, have good reviews, had high signing authority. That's the part that is tough for me, seeing people not displaced who quite frankly weren't the best workers. The person who went over my package with me was very nice and emphatized but I just wanted to get the heck out of there! I was surprised that more people didn't come up to me or e-mail me that they were sorry. That was kind of a let down after you have grown so close with these people. But, cest la vie.... I am in touch with my fellow displaced employees and we are kind of a support system for one another.I have applied at a few places, not a lot of underwriting positions have been posted and no I do not want to post with Wachovia. I m very grateful for the severance package, and the fact that they did let us go so we are being paid like normal and just cannot start working until October 2nd.

I am a processor in Northern California and my worry is....we will never process Wachovia loans...we already know that...we will only process World portfolio....
We are having bets for how long we will be here.....

A San Leandro employee in San Francisco, California said: 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.

What parts of PRG were hit? I too have been displaced and haven't been in contact with some of my friends there in SA for over a week so I wasn't aware of anymore layoffs. Last ones I heard about were Loan Service.

ex HLE in Kirkland, Washington said: Has anyone been offered a waiver of the prepay on your employee home loan as part of the severance?

From what I have heard and what we were told, there will be a great amount of consideration given to waiving the prepay for all displaced employees. I would first start with contacting HR Services to see if they can offer any assistance in the matter. If you took advantage of a career advocate you can also contact him/her. If you don't have any luck on those ends, respond back and I can suggest another path.

we(loan counseling)have been told that loan service is safe. Being told that the delinquency numbers are rising not falling so there shouldn't be layoffs in that area. Anyone else hearing this, or anything different?

I am on edge about the layoffs. I feel for you and your families and pray for you. In Florida, there either have not been any layoffs or I have not heard of them. Does anyone know of any layoffs that have happened here in Florida other than HLE and remote origination reps? From reading all of your comments it seems that every state has been affected except for Florida in regards to underwriters, processors, and loan reps. Also, is there anyone left in California? Does it seem that they are expanding their retail organization and letting go of employees who deal with brokers?

how do you know which severance package you qualify for. I was hired by World Savings as an HLE employee but my paychecks have said Wachovia since July 1, 2007. The Wachovia severence package makes allowances for commute time as a "good reason" for turning down an offer of relocating offices. The Golden West severance package has a 35 mile condition...which one applies to me?

*hopping up on my soapbox for a rant* I guess what really burns me is this.....I started with World only 3.5 yrs ago as an LRA. I had a good rep that I worked with and we kicked butt as a team. Then 2 years ago I did something I never, ever thought I would be able to do...I bought my first home. As a single parent, this was huge to me. I did it all on my own and I would have NEVER been able to do this had I not been working for World. I learned a tremendous amount about the industry from World Savings and took it all to heart. Then I became a QAM as we went to the internet. I then worked with 2 awesome loan reps that kept me hopping. I then took over working with all of the reps in WI (now only 4) and had awesome numbers every month. Wisconsin is a very tight running ship and always has been, you can ask anyone in our region. One QAM, one processor and one underwriter for the entire state. We had great numbers too, most months we were the best in the division. I guess I am just stumped, over 2 weeks later. I just happened to be in the "magic" position I guess. Now here I sit, hands more or less tied until Oct 15th, a mortgage to try and pay on my base salary, a small child to care for and watching my former co-workers as they go crazy trying to figure out what to do and how to do it. Not only was it unfair to me, but it was unfair to my whole office. I can not see the reasoning in Wachovia's decision. Had I been a slacker or a crappy employee, then yeah, I deserved this, but I wasn't and that's what really chaps my a$$. *stepping off of my soapbox*

i feel bad for all of you that got cought in this mess. i used to work for workld andwas there 13 years when they forced me out. not the company but the management in the local office. i'v been doing fee work for them and now with the market conditions coupled with the merger i have very little work and am on the verge of bankruptcy. forgot i can't file bk based on the new law and can't get unemployment either. im too old to get a job even the new lowes turned me down. i hope it works oput for all of you and wish me luck cause i sure need it.

pardon the typos in the previous note

HLE displaced in Florida said: Did you get a package yet? You want the enhanced package if you have one. If your HLE position was eliminated then you should qualify for a package.

We have had 14 people in the Colorado offices laid off from what I have heard. I hear a lot of people referring to HLE...were you guys still calling yourselves HLE? We have been renamed as Wachovia Home Loans Division since the beginning of this year. We have been told that there are no more layoffs in play for our State and the people that are here are staying??? Is this what has happened to the rest of you guys in other States before you were let go? We have been told that the TSS for all is done and not to be renewed for anyone after it is expired. I am not okay with commission only as I am the only provider in my household and it is hard to chew that they are having us act as brokers but only charging 1 for the team and paid .20 bps on that point but must charge 2 in order to get a regular .80 bps. I have heard that the pay scale is set to change when October rolls around? Is anyone else still working as Wachovia Home Loans Division as a retail rep? I am the last World rep left at my center and am sorry that so many of you were let go that wanted to stay...I am in my own way jealous that I was not given the opportunity to be laid off and paid so that I could just know that it is over without wondering everyday "who's next". It is hard keeping your head up when you are so unsure of what you have to look forward to. If anyone could answer any of the questions I have I would be very greatful. I work most days in a shell waiting for this nightmare to end. God Bless all of you and I wish nothing but better things ahead for each and every one of you.

It is hard regardless. They look a the most recent job and say you are overqualified and do not look at anything else or just assume you made a certain dollar

Underwriter in Bloomington MN in Minneapolis, Minnesota said: It is hard regardless. They look a the most recent job and say you are overqualified and do not look at anything else or just assume you made a certain dollar

Hey you! How are you holding up? Too bad we are 5 hrs apart or I would suggest an evening of cocktails. I know your hunt has to be worse than mine with all that new legislation up there. As you can see from my posts, I go from being pissed off at the world to OK with everything. I just want to find something new so I can move forward, know what I mean?

What about layoffs in Philly? anyone heard of that?