More Mortgage Industry Layoff in the Charlotte Area (Winston-Salem, Salem: transplants, sales)

[CharlotteAgent]

Originally Posted by BrianH1970

I work for Wachovia and trust me...if it's creating new positions it's creating them out west and NOT here. As far as the Genpact outsouring thing goes they were in my building as recently as yesterday. The processing units below me are already showing signs of taking the exit as well. You may be in the know but I'm in the know as well. All the signs are there...4,000 jobs are GOING to go before the end of 2007. They're going to be paying those folks in India 6,000 dollars a year with no medical benefits. They're going to make it work. Once that outsourcing ball starts to roll....

I can agree with you on this and I will just leave it as that.

[BrianH1970]

It sucks to live with but from my end I can see it everywhere....from the Genpact people looking to sit in with some of the tech people, all of the talk going around. The thing is that in the coming days where you'll be able to deal with Wachovia one a Monday to say "I want this house" and be able to close by Tuesday, the best way they see that they can accomplish it is to send the work ten hours ahead to India. While we're asleep they're going to be processing those loans. That's the idea. That's why Genpact is still here sitting with team leaders, sitting with IT employees, seeing what they can take.

[CharlotteAgent]

Not sure about closing in a day but I see your point. You know the lawyers and title companies will not move that fast

[BrianH1970]

Originally Posted by CharlotteAgent

Not sure about closing in a day but I see your point. You know the lawyers and title companies will not move that fast

You're right, it does seem far fetched but that's basically their intention. I sat at the meetings where that was the strategy. That's even why a lot of other jobs within Wachovia are actually going to automation and not to people. The thing is their execution with that has been a bit sloppy but that's where Genpact comes in.

Enough of that rant....

[DUKE1989]

I wonder how the discounted buyout of EquiFirst Corp. by Barclays will affect the Charlotte area?


Quote from article:
"In the midst of a major slide in the subprime mortgage industry, Barclays Bank PLC on Monday said it completed its purchase of Charlotte-based lender EquiFirst Corp. for $76 million -- two-thirds less than originally planned.

The British bank said in January it was buying EquiFirst from Alabama-based Regions Financial Corp. for $225 million. Since then, the subprime lending market has been roiled by borrower defaults, leading to closures and bankruptcy filings for some lenders."

Barclays buys Charlotte-based lender
http://charlotte.com/122/story/72327.html

[DUKE1989]

ANyone know which local lenders & banks deal with Alt A in large amounts?

[Pepper07]

I work for Wells Fargo in Fort Mill and we do a lot of Alt A. We have also just down sized by 400 employees within the past 2 months. I don't want to get out of this business but it's looking a little scary.

[muse1110]

Thanks for posting, Pepper. I agree it is looking scary.

[HookEmHorns]

Originally Posted by CharlotteAgent

I am hearing that its not working as well as first planned and maybe snubbed. This is from a pretty reliable source that I prefer not name on a public board.

CharlotteAgent knows people...people who know people.

[Yorkiegirl16]

NONE of those things are going away anytime soon.

Layoffs in the banking industry in Charlotte are more than evident. Between the meetings/ emails and work reports, I see the work that is being "streamlined" ever so slowly out of our site. If offshoring isn't working out right now (and I don't believe that for a moment), then they will find a way to MAKE it work if it means saving $$$-