More Mortgage Industry Layoff in the Charlotte Area (Raleigh, Winston-Salem: unemployed, job transfer)

[BrianH1970]

Originally Posted by HookEmHorns

CharlotteAgent knows people...people who know people.

And I'm working inside one of the buildings ramping up for the outsourcing. I see the intranet front pages (which alluded again today that it's coming), I see the components being put into place, I see the Genpact people in this building. The friend of a friend of a friend stuff isn't flying. Trust me when I tell you that things are being put into place for a massive layoff.

[snitins]

It is really scary, what jobs are we going to hunt after loosing jobs?

[BrianH1970]

Originally Posted by snitins

It is really scary, what jobs are we going to hunt after loosing jobs?

Worse is when a LOT of people lose their jobs at once.

There was a meeting early this year where a particular woman had said, "We're going to outsource things you wouldn't think we'd be able to outsource". That's not a "something to the effect of" quote but a direct one. Then the word "outsourcing" appears again today on a front page article of the company website. It again reiterated their intention of cutting 600 million to 1 billion dollars by the end of 2007.

So if it sounds like I don't believe CharlotteAgent's source, well...I don't. Not when you actually work inside one of the buildings gearing up for the outsourcing (I'm sure a mod could back me up as to where I had posted from on my top-of-the-page-post).

So yeah, it is scary. When you think about the potential of 4,000 people losing their jobs on top of the amount of transplants making their way down, the job situation here could get hairy in due time.

[Miker2069]

Originally Posted by BrianH1970

Worse is when a LOT of people lose their jobs at once.

There was a meeting early this year where a particular woman had said, "We're going to outsource things you wouldn't think we'd be able to outsource". That's not a "something to the effect of" quote but a direct one. Then the word "outsourcing" appears again today on a front page article of the company website. It again reiterated their intention of cutting 600 million to 1 billion dollars by the end of 2007.

So if it sounds like I don't believe CharlotteAgent's source, well...I don't. Not when you actually work inside one of the buildings gearing up for the outsourcing (I'm sure a mod could back me up as to where I had posted from on my top-of-the-page-post).

So yeah, it is scary. When you think about the potential of 4,000 people losing their jobs on top of the amount of transplants making their way down, the job situation here could get hairy in due time.

I saw a CRM article pretty much confirming everything in Brian's posts. Having seen a lot of it in the tech industry over the last decade or so (seeing literally 1000s of engineers from Digital Equipment on the street in a matter of weeks, and then the tech bubble burst, then outsourcing), it's really no fun to go through it. Particularly training your replacement- wondering if that person can even do a 10th of the job you do.

Hopefully as many people that will be affected will put things in motion to help with the transition.

[Carolina Blue]

Originally Posted by BrianH1970

Wachovia hiring for their mortgage division is a total laugh. They're going to lay off about 4,000 people and cut a billion dollars in salary between Winston Salem and Charlotte later this year as a part of their outsourcing to India program...

I'm sorry, I'm all late reading this thread, I wish I'd caught it ealier. But let me ask you a question. Are you suggesting that Wachovia is getting ready to lay off 4,000 people in "Charlotte & Winston-Salem" If so, I would ask you a question. How many total employees are in Wachovia's Mortgage division in those two cities?

[Carolina Blue]

Actually cancel that question. I’ve found my own answer. Wachovia is looking to transfer some of its treasury operations business overseas in the immediate future, not the mortgage business, although with everything, I suppose things could change. And for clarification, Wachovia is looking to eliminate 4,000 “company wide”, not just in Charlotte, or in Charlotte and Winston for that matter. I’ll tell you from my own experience that many of those types of eliminations can happen through attrition. The big bank’s in Charlotte layoff all the time. They also “hire” all the time. Bottom line, I wouldn’t look for any mass layoffs at either of the big banks anytime this year. BofA had a layoff recently, but as is the case most of the time, the eliminations where spread though out the country; only 60 people in Charlotte, and people that were let go where given the opportunity to apply for other open positions.

Here's a link you all might want to read:
http://www.journalnow.com/servlet/Sa...=1173350387461

[BrianH1970]

Originally Posted by Carolina Blue

Actually cancel that question. I’ve found my own answer. Wachovia is looking to transfer some of its treasury operations business overseas in the immediate future, not the mortgage business, although with everything, I suppose things could change. And for clarification, Wachovia is looking to eliminate 4,000 “company wide”, not just in Charlotte, or in Charlotte and Winston for that matter. I’ll tell you from my own experience that many of those types of eliminations can happen through attrition. The big bank’s in Charlotte layoff all the time. They also “hire” all the time. Bottom line, I wouldn’t look for any mass layoffs at either of the big banks anytime this year. BofA had a layoff recently, but as is the case most of the time, the eliminations where spread though out the country; only 60 people in Charlotte, and people that were let go where given the opportunity to apply for other open positions.

Here's a link you all might want to read:
http://www.journalnow.com/servlet/Sa...=1173350387461

Keep in mind that the Genpact people have basically been visiting the Winston Salem and Charlotte buildings, the article says as much (which I had already posted in this thread). That's where the cuts are going to come from. That article says as much as well.

Also, Wachovia recently hired a gentleman who handled "Global Operations" for JP Morgan Chase. He started a little over a week ago in the Retail Credit Sales Support department. When you look over his agenda that was listed in that memo, there's little doubt that his job is to assist in moving those processing jobs out of Charlotte (one article, which I'll look for in a bit, listed processing and IT jobs as being affected). It does sound like Winston Salem could be hit pretty hard by the upcoming layoffs which will happen this year.

The goal is to reduce annual costs between $600 million and $1 billion. Part of the plan is to cut up to 4,000 positions by the end of 2007.

And...

http://www.crmbuyer.com/story/56421.html (broken link)

n 2005, the Charlotte bank signed a seven-year agreement to outsource back-office and processing work to Genpact

I work in one of the buildings. Believe me, in this building the signs are everywhere, some of which I'd rather not post in public. And when 4,000 people are laid off from one company at once, they don't all hop back into jobs at the same time. I can tell you right now that Wachovia doesn't have 4,000 requisitions open at any one time.

[Carolina Blue]

The main point was that 4,000 people "will not" be let go at one time, but rather, over time. And it won't be 4,000 in Charlotte, but spread over the whole bi-coastal operation of Wachovia.

Also, there are "tons" of articles out on Google about Wachovia's future plans. Here's another good one...http://www.businessweek.com/magazine...5/b3969422.htm

[BrianH1970]

Originally Posted by Carolina Blue

The main point was that 4,000 people "will not" be let go at one time, but rather, over time. And it won't be 4,000 in Charlotte, but spread over the whole bi-coastal operation of Wachovia.

Also, there are "tons" of articles out on Google about Wachovia's future plans. Here's another good one...http://www.businessweek.com/magazine...5/b3969422.htm

The bank said yesterday that representatives from Genpact visited Wachovia back-office operations in Winston-Salem and Charlotte

And in the article you posted dated 2006...

By the middle of this year, Wachovia will have outsourced 500 to 1,000 jobs, with plans to move an additional 3,000 or so by the end of 2007.

Using that quote, Wachovia would've outsourced 500-1000 jobs by June of 2006 (I think that first wave was completed in August but I'm not sure). That means that there's at least 3,000 left to go by the end of this year, although a few articles still say 4,000 and not counting the initial wave. Whether that particular article's number includes the initial ones that were outsourced, I'm not sure.

But to continue using the article from this past March...

Phillips said that Wachovia could eliminate up to eight jobs - seven in Winston-Salem - if outsourcing occurs.

That's not bi-coastal, that's seven jobs in Winston Salem alone that have the potential of going to India, you can count on at least one other being from Charlotte, most likely the processing job (and I have very specific reasons to believe that, stuff that I'm not entirely sure I'm at liberty to say at the moment).

[berryjuice4life]

funny thing about this topic is ITS HAPPENING everywhere in this country, and basically it is also amazing the amount of jobs still here in charlotte in Wachovia, Bank Of america etc...so I do agree with the poster who is saying they eliminate jobs at the same time they are hiring a TREMENDOUS amount of people that HR is crazy with filling these jobs...and CITICORP is getting ready to lay off over 6000 people, and HSBC is also laying off so Brian it doesnt seem to be just charlotte and if one is in IT/Banking/Fianance you ALWAYS RUN THE RISK of getting laid off....so instead of making people nervous about a GREAT ECONOMY that charlotte has right now, not everyone can control their Job Transfer usually being given the choice of loose your job or take the transfer, ummmm I wonder what is the best of the 2 evils in your opinion....Another reason my dh consulted for so many years contracts are always being renewed as they are cheaper to hire....but make alot of money at the same time....there is NO job security anymore in corporate america....