More Mortgage Industry Layoff in the Charlotte Area (Winston-Salem, Salem: real estate, loan)

[BrianH1970]

Originally Posted by NJmomof2

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....

Making people nervous? Since again you clearly weren't paying attention this is about making people aware of where to steer clear from. This whole thing of "it's happening everywhere" is a blind attempt to convince yourself that all is rainbows, unicorns and fairy dust within Wachovia.

I even posted in another thread...

http://www.city-data.com/forum/charl...tml#post537144

That it'd be okay for the short term. For the long term it's a risk.

Hey...instead of recommending a Wachovia job, how about maaayyyybe applying to First Charter. How about maaayyyyy be some other company. I'm talking about Wachovia here. A company that continued to take temps up in New Jersey and make them permanent up until a few weeks before they moved the functions down to Charlotte. So you were either hired to be transferred or hired to be fired.

I posted this because I believe CharlotteAgent's source to be misleading. This wasn't a deterrent in coming down to Charlotte, it was deterrent to take a job within Wachovia and count on it being long term.

You don't work there anyway...so where's that grain of salt again...

[North_Raleigh_Guy]

Originally Posted by BrianH1970

This wasn't a deterrent in coming down to Charlotte, it was deterrent to take a job within Wachovia and count on it being long term.

I agree, this was not a post about Charlotte but rather about the mortgage/banking industry. So perhaps threads like these should be posted in the business-finance forum where they probably belong since they are general issues and not specific to a particular metro area. I realize charlotte has a huge banking industry presence, but it seems like lately the Charlotte forum has been bogged down with a deluge of finance industry related posts that aren't really specific to Charlotte. Fortunately it looks like the moderator recently started moving these posts to the forum where they belong:

http://www.city-data.com/forum/business-finance/

[CharlotteAgent]

Not sure how I was dragged back into this but once again I will agree with BrianH1970 that it is happening. I have some very close people to me that actually went over to India for the training and the planning and also helped train the guys/gals when they came over here.

Now with that said, I do not believe from talking with them that there are going to 4000 people looking for jobs from Wachovia. What I am understanding is that there will be title changes and such. With any job in corporate America nothing is guaranteed anymore. That was one of the reasons I left it. I would rather be in control of my own destiny.

[berryjuice4life]

no but someoe close to me does...works there ....

[muse1110]

Originally Posted by North_Raleigh_Guy

I agree, this was not a post about Charlotte but rather about the mortgage/banking industry. So perhaps threads like these should be posted in the business-finance forum where they probably belong since they are general issues and not specific to a particular metro area. I realize charlotte has a huge banking industry presence, but it seems like lately the Charlotte forum has been bogged down with a deluge of finance industry related posts that aren't really specific to Charlotte. Fortunately it looks like the moderator recently started moving these posts to the forum where they belong:

http://www.city-data.com/forum/business-finance/

Maybe.

But these posts relating to the job sector in Charlotte (and surrounding counties) has been so helpful to us, in making our decision whether it is prudent to move there. It's been really helpful having these Charlotte-employment posts put here, for us anyway. So 'thanks' to all who did just that.

Two biggest U.S. finance sectors are NYC and Charlotte. I would hope the Charlotte forum has posts about the finance sector in it. It is a time of a lot happening in this sector, makes sense there would be many posts about it. Kinda like having an earthquake in CA or historical snowstorm in NY. You bet those forums would be full of posts about those events.

[Carolina Blue]

Originally Posted by BrianH1970

And in the article you posted dated 2006...



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...



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).

Now, you do realize that when the article says “jobs”, they’re talking about the number of actual people and not the number of job functions. So in other words, seven "people" in Winston-Salem where laid off.

[BrianH1970]

Originally Posted by NJmomof2

no but someoe close to me does...works there ....

I'm working in one of the buildings right this second. Costs are being cut here left and right, right down to paper that smears. Incentives have been made near impossible to reach here. Cutting every corner goes hand in hand with cutting jobs.

There are docs on team leaders' desks that are a bit eyebrow raising as well.

This goes part and parcel with the whole "Do NOT come down here without a job". If it were that easy to land a job here then we'd ALL be coming down here unemployed. The fact of the matter is that some folks land on their feet quick, some take months in spite of all of the supposed jobs around here. It's with that in mind that I have to speak up about the Wachovia situation and say, "not here". I'll publicly apologize if I'm wrong and believe me, with so many friends one floor down who have this in the back of their heads, I'd love to be proven wrong.

[BrianH1970]

Originally Posted by Carolina Blue

Now, you do realize that when the article says “jobs”, they’re talking about the number of actual people and not the number of job functions. So in other words, seven "people" in Winston-Salem where laid off.

Jobs means specific job. A mortgage processing unit, a particular job, can have 'x' amount of people working it.

[Carolina Blue]

Originally Posted by BrianH1970

Jobs means specific job. A mortgage processing unit, a particular job, can have 'x' amount of people working it.

So using your logic, since Wachovia is elminating 4,000 "jobs" they must be looking to layoff somewhere of around 200,000 people by the end of the year. Man that will make today’s Citibank announcement seem like small potatoes. (sarcastic voice)

[Yorkiegirl16]

Originally Posted by Carolina Blue

So using your logic, since Wachovia is elminating 4,000 "jobs" they must be looking to layoff somewhere of around 200,000 people by the end of the year. Man that will make today’s Citibank announcement seem like small potatoes. (sarcastic voice)

The Wachovia restructuring started three years ago. About two years ago, one unit in New Jersey was outsourced to India. Late last spring/early summer we had a meeting where we were informed that our site had the highest turnaround time, highest accuracy and highest volume of all the sites. The end result--our site closed !! We had a choice to either relocate to Charlotte or Birmingham. I, like many others, jumped on the Charlotte bandwagon.

The outsourcing Wachovia is going to do will impact far more than seven jobs. I think we could all agree on that without the need for sarcasm. It's just a heads up to anyone thinking of relocating down here looking for a position in the banking industry. People in my department joke that we were brought down here just to be weeded out.

So, yes we are seeing the steps being taken -the cost-cutting measures and the streamlining in order to stay "competitive". Even if that competitive edge means your job gets eliminated or goes far, far, far away (India). Believe me, they're not spending time and money to eliminate just seven positions. Something big is brewing and when it comes, its going to have a huge effect.