Wachovia Layoff

Anybody heard of Risk Services getting laid off in Philly?

jobless in Issaquah, Washington said: 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?

It depends on your hire date. If you were hired before the effective merger date (October 1, 2006) then you are technically a Legacy World employee and you should qualify for the World Severence Package that was put in place by the Sandlers. You can access that package through HR Connect under the Employee Handbook. If you were hired or re-hired after October 1, 2006 then you are a Wachovia employee and you qualify for the Wachovia severence package. That package information can be found on Inside Exchange (it isn't as good as the World one but at least it's something). In both cases all displaced employees also get access to career resources.I would urge everyone to take advantage of. Good Luck!

Definately know what you mean. I am going for a total career change myself, previously an office manager with HR so going off in that area once again. When I go to the Dells in October I will try to get in touch with you. Anyone else in WI get cut?

Pam's Cheerleader said: Hey Pam, you are breaking my heart. Did you get a severance package? You might want to call Wachovia and see if you might get a job through their part time work program. It's worth a shot. I think they have part time jobs you can do from home. Just a thought. Don't give up...I have one handicapped older co-worker that is making herself so angry over this she ended up in the hospital. Don't let yourself get down! You'll find something. Keep looking!

thanks i really needed that. no severance. i left there over a year ago because i just could not take it any more and the doc said i could do one of two things one was to stay and die or get out and live. IM NOT IN LINE FOR ANY FUNDS OF ANY KIND. THANKS FOR THE ENCOURAGEMENT

Underwriter in Bloomington MN in Minneapolis, Minnesota said: Definately know what you mean. I am going for a total career change myself, previously an office manager with HR so going off in that area once again. When I go to the Dells in October I will try to get in touch with you. Anyone else in WI get cut?

Nope, just me. Sorta stinks too. Now I know exactly who I am talking with...LOL. I wasn't sure if it was you or MC. How is everyone else doing up there who got cut?

Steve - I haven't heard anything. Not yet anyway.

I have not heard anything from them. Hear that they stop in quite often. I have not gone back - the day we got the email stating a mandatory meeting the next day I knew what was happening - packed my stuff that night and brought it all home. Then right after the meeting had a meeting with a head hunter. When I came back for the meeting with the HR lady BP was shocked on what I had done. Sorry - cant wait, need money to support the family.
Any prospects yet for ya?

Anyone know about future layoffs in the appraisal dept? Not sure how Wachovia can sustain this musch staff...

Currently we're being told that we're safe in the northeast. They told us about a week or so ago that we had nothing to fear, and volume was great. Meanwhile, management has been miserable, the ROCS are in turmoil, and service is starting to drop due to people feeling overwhelmed and nervous about their jobs. People are working on weekends and into the night to manage the volume. We haven't heard anything about our local HLE offices, although we never really see loans from them anyway. It's become increasingly clear which reps are untrained or ignorant of even basic guidelines now they no longer have QAMs and LRA's to fix the loans.
The Sandlers knew Wachovia's way of business. They told us on one of those videos that they had made more money on the sale than they would ever be able to spend, so they were giving it away to charity. I think that's what makes it hard to swallow for people getting displaced. The Sandlers are business people. They told us people would be laid off. Management will tell you only what they are told to tell you by their managers, and so on. Sometimes it's not what is said, but what is not said. Sometimes they spell out the truth, but somehow it gets covered over with other things. I have spent many nights wondering what I will do if I get laid off. Most people I know who have been spared the layoff are grateful to have jobs, but are exhausted and overwhelemed from the stress and volume they're trying to tackle.

In the Northeast said: Currently we're being told that we're safe in the northeast. They told us about a week or so ago that we had nothing to fear, and volume was great. Meanwhile, management has been miserable, the ROCS are in turmoil, and service is starting to drop due to people feeling overwhelmed and nervous about their jobs. People are working on weekends and into the night to manage the volume. We haven't heard anything about our local HLE offices, although we never really see loans from them anyway. It's become increasingly clear which reps are untrained or ignorant of even basic guidelines now they no longer have QAMs and LRA's to fix the loans.
The Sandlers knew Wachovia's way of business. They told us on one of those videos that they had made more money on the sale than they would ever be able to spend, so they were giving it away to charity. I think that's what makes it hard to swallow for people getting displaced. The Sandlers are business people. They told us people would be laid off. Management will tell you only what they are told to tell you by their managers, and so on. Sometimes it's not what is said, but what is not said. Sometimes they spell out the truth, but somehow it gets covered over with other things. I have spent many nights wondering what I will do if I get laid off. Most people I know who have been spared the layoff are grateful to have jobs, but are exhausted and overwhelemed from the stress and volume they're trying to tackle.

my heart goes out to you. i left beforehand due to family reasons but i have many friends still there in the same predicament as you as well as many friends who have been displaced. i feel awful for all. although it's difficult, stay strong through this for it too will pass and regardless as to what happens, just know that you are worth more in life than that which a job mandates. peace.

used to work at world in San Antonio, Texas said: my heart goes out to you. i left beforehand due to family reasons but i have many friends still there in the same predicament as you as well as many friends who have been displaced. i feel awful for all. although it's difficult, stay strong through this for it too will pass and regardless as to what happens, just know that you are worth more in life than that which a job mandates. peace.

That's the way I've been trying to look at it. Jobs come and go. Family is forever.
I heard the people at SLEC were displaced. I talked to people there quite a bit on loans. If anyone from Slec is on here, you guys were always a joy to work with and I will really miss you all.

I must add one more thing...HLE nationwide had the same low production results so please don't judge your reps too harsely. I am surprised and delighted your HLE folks have survived. In my area only upper management survived.

I am not blaming you for your opinion, but I think all the HLE employees are a tad sensitive about being judged for what we had little control of. It's hard to be instantly successful with a start up company in less than 12 months with no name recognition, a market crash, a merger, and eroding management support.

World people are loyal...and many worked for free after their TSS ran out to support upper management. We were told "everything would be okay"????? It wasn't.
So be kind to those HLE folks who really tried so hard to make it work and that got laid-off. We need it!

To: In the Northeast from HLE displaced said: I am so glad you are okay! That is great.

Now I have to speak up to defend many of your HLE folks.

Actually, my comment was about training issues in a general sense, not towards HLE specifically, although I can understand why it might have been taken that way. Sorry for the confusion.

I work for wachovia in atlanta as an FS and I never realized that due to the merger you would be layed off..
No one ever said anything to us at all.. They just talked about what a good thing it was.
I hate the long hours, the cold calls and the constant, constant picking about numbers.. You feel like your job is on the line all the time.. I guess I was right.. You can be let go without notice.

kelly F. in Cassville, Georgia said: I work for wachovia in atlanta as an FS and I never realized that due to the merger you would be layed off..
No one ever said anything to us at all.. They just talked about what a good thing it was.
I hate the long hours, the cold calls and the constant, constant picking about numbers.. You feel like your job is on the line all the time.. I guess I was right.. You can be let go without notice.

How are the employees with Wachovia taking all the changes that are happening to them. What do the Wachovia employees think about all the layoffs? There are two sides to every story. I think we need to hear every side.

I don't think you will have a problem. Seems that they are mostly eliminating Legacy World employees. I don't think there's been anyone that is Legacy Wachovia that has been laid off. Hope that helps comfort you a bit.

Sorry - the previous message was in response to an FS for Wachovia.

so what if they lay you off then call you back? not sure if this makes you first to go again? and if they lay you off for a second time would it be "outside" the merger so no severance etc? just wondering if this has happened to anyone.

upo in Centreville, Virginia said: 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.

Actually the only reason the severence was so good for World Employees is because it was a WORLD severence that was given to those that were hired originally by WORLD Savings. It was written into the contract. World has never laid people off in its 40 year history, so that is why the severence is so good. Wachovia has laid people more than once. I talked to Mr. Pope (CEO on the mortgage side) when he appeared to let us know we were laid off, and he said he's done that about 23 or so times. I am pretty sure thats normal considering the market right now.

I am headed back to work but my concern too is my employee status. am assuming still legacy World but will find out as this is very important long term. will be interesting to see how this plays out.

unsure in Portland, Oregon said: I am headed back to work but my concern too is my employee status. am assuming still legacy World but will find out as this is very important long term. will be interesting to see how this plays out.

hi portland

are you still employed as of this minute and have you been given any notice?

I was "displaced" towards end of last month. Was technically "on call" they said with an job end date in Oct. So they called.

unsure in Portland, Oregon said: I was "displaced" towards end of last month. Was technically "on call" they said with an job end date in Oct. So they called.

Call your HR representative and ask them how this affects your employment and ask them your questions. I am guessing that it will go back to exactly how it was 2 weeks ago.

The severence is definately 6 mo if you were hired before oct 2006, however if you accept another position wachovia gives you, you owe them some of the severence back (they pay it as lump sum). This is what the HR person told me when we were going through the severence process in the NV and UT offices.

unsure in Florida said: Just be careful...make sure that if you accept a position that is considered permanent you don't eliminate the severance if you return to your job and then get laid off again. I would definitely ask HR, good suggestion North Carolina. I do know that some employees were laid off, then asked to work longer and got a new end date. However, they were still considered displaced. That is the only thing I have heard about. It happened to [name removed] from HR World. She is helping out on the loan side, her end date was extended from July to January.

[name removed] got laid off? I had no idea.

so any opinion on how long any of the HLE offices will be left open? seems that all are headed for closure...any thoughts?

Former World/wachovia employee in Kaysville, Utah said: The severence is definately 6 mo if you were hired before oct 2006, however if you accept another position wachovia gives you, you owe them some of the severence back (they pay it as lump sum). This is what the HR person told me when we were going through the severence process in the NV and UT offices.

Hello fellow Utah displaced employee...
I just wanted to make a correction to your comment about the severence being 6 months if you were a World employee. Actually the length of your severence is dependent on your length of tenor with World. 6 years or less all got 6 months, 7 yrs = 7, 8 yrs = 8 mo, 9 yrs = 9 mos, from 10 yrs to 19 yrs you get an extra 2 months severence (ex. 10 yrs = 12 mo). Once you hit 20 + yrs of service the max severence you can receive is 24 months.
After your job end date if you accept a new position with Wachovia you need to pay back what ever portion was not used at a prorated net amount. So if you were unemployed from Wachovia for 2 months and had received 6 months severence you would only need to pay back 4 months of severence.
Which part of the company were you in? And how is everyone down in that area doing?

first off, I am not in Sandy, UT...don't know why the profile says so,
but oh well
I am no longer at wachovia, thank you for the clarification however.
However, I do have some friends in the San Antonio campus offices...they say that if you don't meet the goals you basically get fired. Not so extreme of course, but in a nutshell that's what happens. I think that Wachovia is much less into "retention" than it is into "origination."

Yes.. SLEC and ELOC Central.. aboout 120 people have been displaced, reason was "business" and the department was beign consolidated with San Antonio. Our take, Wachovia doesn't want the World products.

so if layoffs have stopped for the moment anyone think they will start again before fiscal year end? Have a feeling all HLE offices will go at some point and in the not too distant future. just a thought based on "required" funding levels etc...how long will they let it go when performance is not attained?

Required fundings are 10 loans per office.

[QUOTE who="The Sandlers knew Wachovia's way of business. They told us on one of those videos that they had made more money on the sale than they would ever be able to spend, so they were giving it away to charity. I think that's what makes it hard to swallow for people getting displaced. The Sandlers are business people. They told us people would be laid off. Management will tell you only what they are told to tell you by their managers, and so on. Sometimes it's not what is said, but what is not said. Sometimes they spell out the truth, but somehow it gets covered over with other things. I have spent many nights wondering what I will do if I get laid off. Most people I know who have been spared the layoff are grateful to have jobs, but are exhausted and overwhelemed from the stress and volume they're trying to tackle.

I have the utmost respect for the Sandlers in the way they built their buisness, but as I watch longtime friends and extremely tenured, contributing employees and managers who were on the front lines building this business into the amazing corporation it was lose their jobs, it angers me that they would allow this to happen. It is extremely uncharacteristic of what I would expect of them. While they certainly deserve to enjoy the fruits of their life long labor, it does grate on me that they are out donating this windfall when people who worked their entire careers for them are cast aside and now face the worry of their own at least temporarily devastated personal financial situation. I hope they read this forum and understand the cost of what was done as well as they understand the benefits to them.

Just curious, when you were laid off from HLE were you offered a severence package? I have been told we are fine here in Colorado, however, from what I have read on this forum...I am not in a safe place. I have been a Top Producer with World for 5 consecutive years and understand that it doesn't matter how good you do that if a HLE office closes - everyone goes down with that ship. I was speaking to my boss today and I told him that it appears that HLE/WHL reps that have been laid off are getting severence packages. He told me that the only reason the displaced employees were granted severence packages were because they were still on TSS? Do you know if this is true? If we do not have TSS does that mean we get nothing if they lay us off?? I am a single Mom as I know many of us are and I don't mind getting laid off but to be laid off without severence would devastate me. If anyone can give me any insight I would be forever grateful!

Just curious, when you were laid off from HLE were you offered a severence package? I have been told we are fine here in Colorado, however, from what I have read on this forum...I am not in a safe place. I have been a Top Producer with World for 5 consecutive years and understand that it doesn't matter how good you do that if a HLE office closes - everyone goes down with that ship. I was speaking to my boss today and I told him that it appears that HLE/WHL reps that have been laid off are getting severence packages. He told me that the only reason the displaced employees were granted severence packages were because they were still on TSS? Do you know if this is true? If we do not have TSS does that mean we get nothing if they lay us off?? I am a single Mom as I know many of us are and I don't mind getting laid off but to be laid off without severence would devastate me. If anyone can give me any insight I would be forever grateful!

funny that you should ask that. We are currently supporting training for all Wachovia programs from our ROC center but we are not included on the trainings. They are only training the local MCB (CLO's) from the Branch. I also understand that most of the Branch Loan officers are already current with Impact. I did ask the trainers today when they were going to start training us on the Wachovia systems and they said in the fall. They also told me that they wer training 900 reps at that time. I don't know...I am not feeling good about this. I wish that they just would lay us off or take us on. The stress is killing me! LOL.

Thanks so much for the responses. It seems that anything is better than silence right now!

Displaced HLE said: You are welcome. Please know that they got as far as doing an assessment on our computer skills and told us they we would be trained on impact mid August. We were laid off on August 15th. If your office is producing over your targets you may have a shot. But I don't think they like the HLE program and that we are placing loans with their competitors. You might be transitioned into a branch?
I really don't know your situation, but that is what happened in Florida. Most HLE employees were laid off with a severance.
I agree, we felt torchured with the waiting game. You still fell unsettled if your displaced, especially if you're a tenured employee. It stings a little more.
Good luck.

Is impact used for underwriters and processors at rocs too?

Displaced HLE said: You are welcome. Please know that they got as far as doing an assessment on our computer skills and told us they we would be trained on impact mid August. We were laid off on August 15th. If your office is producing over your targets you may have a shot. But I don't think they like the HLE program and that we are placing loans with their competitors. You might be transitioned into a branch?
I really don't know your situation, but that is what happened in Florida. Most HLE employees were laid off with a severance.
I agree, we felt torchured with the waiting game. You still fell unsettled if your displaced, especially if you're a tenured employee. It stings a little more.
Good luck.

I mean is impact a system used in the wholesale division specifically with wholesale underwriters and processors?

You are so nice for answering these questions for me. No I have only been with World for 5 years. I can tell they don't like the HLE thing we are still having to charge 2 pts in order to get pd .80 bps when writing a loan thru Wachovia and we are now WHL. Did they change your name from HLE to WHL before they laid you off too? Also were you the HLE reps that received severence packages still on TSS? My boss told me that that is the only way they will pay you severence is if you have a guaranteed salary. Commission only's will not get paid. But I don't think he knows that for sure. Thank you so much for your info!

No one at our ROC has been trained on the Wachovia systems we are still working out of ALPS and Mortgage Center.

I think the retail reps at the branches call it IMPAS. And yes the branches have it but the ROCS do not. It is funny when we started HLE, we nicknamed it HEL here...I guess that is what it has turned out to be for most! I am so sorry for those of you that have already been let go that didn't want it that way.

hopeful in Colorado said: Just curious, when you were laid off from HLE were you offered a severence package? I have been told we are fine here in Colorado, however, from what I have read on this forum...I am not in a safe place. I have been a Top Producer with World for 5 consecutive years and understand that it doesn't matter how good you do that if a HLE office closes - everyone goes down with that ship. I was speaking to my boss today and I told him that it appears that HLE/WHL reps that have been laid off are getting severence packages. He told me that the only reason the displaced employees were granted severence packages were because they were still on TSS? Do you know if this is true? If we do not have TSS does that mean we get nothing if they lay us off?? I am a single Mom as I know many of us are and I don't mind getting laid off but to be laid off without severence would devastate me. If anyone can give me any insight I would be forever grateful!

Unearned TSS is not factored into the severance package. The only things factored in when the severance package is calculated is actual income earned, whatever was paid in TSS and not actually earned, is not included.

Ouch! That could be a dinger, especially since they kept changing the payscale. When I was originally hired on we were told that we would be paid salary plus commission. We were paid 1 pt on everything and charged no points. Then they changed it from Salary to TSS 6 mos later and required us to charge a point. Then they started reevaluating the TSS every 3 months and renewing it based on the prior 3 mos earnings and you had to charge 2 pts on everything other than World Products in order to receive .80bps. Then they changed it to anything world to world was not paying anything, then if it was world to world and you were the original rep you would be paid .20bps, then if it was world to world and under 3 years you were not paid anything. We were never given our bonus schedules so I am not sure whether they were paying me correctly or incorrectly. I was still charging 1% on investor loans up until 6 months ago when I found out that we were not making anything on them especially if they were World clients that were going to Wachovia or outside investors. YIKES! So it is strictly paid off of bonus alone and not what our guaranteed pay (TSS) was?

As for the training, our office was trained on everything till the last second...doesn't really mean anything, it could I guess. I mean, AFTER we found out that we were being laid off, our managers went to San Leandro to be trained on the Timekeep system....THAT month they hired new people....everything is up in the air, and I think that could be a good thing, if your managers are willing to go to bat for you, as in prove why they should keep you, I think that could work....in fact, I would be proactive, come up with the numbers so you could "sell yourselves" when the time comes....don't sit back and wait for things to happen, because even till the last minute Dave Pope wasn't sure if he wanted to close certain offices....that means there is room for negotiation

I am pretty sure you get severance, its just different because if your bonus outweighs 50% of your income (so base is less than 50% of what you get) then you are on a certain severance calculation.

Former World/wachovia employee in Salt Lake City, Utah said: As for the training, our office was trained on everything till the last second...doesn't really mean anything, it could I guess. I mean, AFTER we found out that we were being laid off, our managers went to San Leandro to be trained on the Timekeep system....THAT month they hired new people....everything is up in the air, and I think that could be a good thing, if your managers are willing to go to bat for you, as in prove why they should keep you, I think that could work....in fact, I would be proactive, come up with the numbers so you could "sell yourselves" when the time comes....don't sit back and wait for things to happen, because even till the last minute Dave Pope wasn't sure if he wanted to close certain offices....that means there is room for negotiation

Were you a wholesale underwriter or processor or in the HLE department?

I guess that is where I am having clarity issues. Was TSS considered a base? I do not get a base right now. I am strictly commission only with nothing but my bonuses. Someone had told me that they take in 12 mos of consideration which would have been TSS until this month. Now that I no longer have a base salary or TSS are they still required to pay severence?

not a processor, or an underwriter, I was a Sr. Sales coach used to be a loan rep though for a while in retention.

Former World/wachovia employee in Salt Lake City, Utah said: not a processor, or an underwriter, I was a Sr. Sales coach used to be a loan rep though for a while in retention.

How are your underwriters and processors for wholesale making out?

The was I see it is that offices are going to start to close from region to region. The only reason that production is down is the fact that TSS is paid way too long and the reps get accustomed to living on it. They have zero reason to get out and produce. The upper management keeps renewing it. The offices also have zero outlet for the subprime business which like it or not is about 50% of the offices applications taken. I see some offices in the major areas possibly staying open but it is only due to the 2nd level managers in there kicking the reps and managers tails. Look, even in Minneapolis, the offices could not even produce combined what 1 office in Wisconsin had done.

We had a couple of retail LRA's be hired by the HLE office near by...still open, still working, I think the more you are on parr with the rest of the market the better chance you are of staying open. My advice, research how many loans an outside orig. office does in the market, and start hitting those numbers.