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(Des Moines Register)   Wells Fargo says that increased costs in mortgage rates are the reason they're laying off 350 people   (blogs.desmoinesregister.com ) divider line
    More: Unlikely, Wells Fargo, mortgages, interest rates, fixed rate mortgage, West Des Moines, berg L.P.  
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924 clicks; posted to Business » on 19 Jul 2013 at 12:13 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



39 Comments   (+0 »)
   
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2013-07-18 11:10:40 PM  
The same rates have have been falling in the past week?
 
2013-07-19 12:16:08 AM  
like any corporation needs a reason anymore-


/we are expendable and not benefiting the bottom line

//well, you are now that you're fired...
 
2013-07-19 12:40:55 AM  

Bung_Howdy: like any corporation needs a reason anymore-


/we are expendable and not benefiting the bottom line

//well, you are now that you're fired...


This

/it's just a matter of showing an increasing profit from one quarter to the next
//labor is an expendable commodity
///how does it feel to be a human toner cartridge?
 
2013-07-19 12:55:56 AM  
isn't this the same bank that laundered huge bucks, profited incredibly and paid a tiny fine for doing so? farkers would have been shut down if their types didn't own the government. screw them.
 
2013-07-19 01:19:30 AM  
Wells Fargo employs about 270,000 workers worldwide, with 13,500 of them in the Des Moines area

In other news, there are at least 13,500 people in Iowa.
 
2013-07-19 01:45:17 AM  

LordOfThePings: Wells Fargo employs about 270,000 workers worldwide, with 13,500 of them in the Des Moines area

In other news, there are at least 13,500 people in Iowa.


Not so CSB regarding Wells Fargo's move into Iowa:

Wells is responsible for the implementation of the ATM surcharge in Iowa. Prior to Wells coming to the state, it was illegal for a bank to charge somebody using another bank's ATM card. If you were a customer of First Bank of Lee County, and wanted to use your ATM card at First Bank of Des Moines County's ATM, you'd ONLY suffer the $0.50 foreign ATM charge from your own bank (if they charged one). When Wells Fargo came to the state, the were somewhat pissed that they couldn't charge people $2.50 for using their ATM, so they lobbied to get the law changed, and now any big bank operating in the state will charge it.

TL;DR version: Until Wells biatched about it, you could use any ATM in the state and not pay huge fees for it.

/Some smaller banks still don't charge non-customers the fee.
//Those same banks will dispense $5 bills in the ATM
///Withdrew $45 from one of them on my last trip to Iowa, just because I could
 
2013-07-19 02:02:45 AM  

buzzcut73: LordOfThePings: Wells Fargo employs about 270,000 workers worldwide, with 13,500 of them in the Des Moines area

In other news, there are at least 13,500 people in Iowa.

Not so CSB regarding Wells Fargo's move into Iowa:

Wells is responsible for the implementation of the ATM surcharge in Iowa. Prior to Wells coming to the state, it was illegal for a bank to charge somebody using another bank's ATM card. If you were a customer of First Bank of Lee County, and wanted to use your ATM card at First Bank of Des Moines County's ATM, you'd ONLY suffer the $0.50 foreign ATM charge from your own bank (if they charged one). When Wells Fargo came to the state, the were somewhat pissed that they couldn't charge people $2.50 for using their ATM, so they lobbied to get the law changed, and now any big bank operating in the state will charge it.

TL;DR version: Until Wells biatched about it, you could use any ATM in the state and not pay huge fees for it.

/Some smaller banks still don't charge non-customers the fee.
//Those same banks will dispense $5 bills in the ATM
///Withdrew $45 from one of them on my last trip to Iowa, just because I could


Sounds like Iowa is coming closer to civilization with the rest of us.
 
2013-07-19 02:06:01 AM  
I think it's because they've found a more lucrative market in stealing houses.
 
2013-07-19 02:13:57 AM  
farm9.static.flickr.com

/hot like a silver parachute
//first image blocked
 
2013-07-19 02:27:55 AM  
I was shopping for a personal loan to pay off my car and another loan and looked at Wells Fargo.  They charge 35% interest for personal loans?  If they can dupe people out of money like that and can't make it, they need to get out of the gotdam money business.

/not stupid
//didn't apply for the loan
///slashies
 
2013-07-19 03:09:48 AM  
What in Hell do you people expect:  a sinecure?

No, labor is not sacrosanct.  It's just like coal, steel, bolts and nuts.  When you're selling less product you pay for less of what it takes to make it.   Labor is adjustable, not expendable.
 
2013-07-19 03:30:57 AM  

LordOfThePings: Wells Fargo employs about 270,000 workers worldwide, with 13,500 of them in the Des Moines area

In other news, there are at least 13,500 people in Iowa.


This is only news for stupid people.
 
2013-07-19 04:46:09 AM  
Am I supposed to howl with impotent rage every time a company sheds a few hundred jobs?  Or just when banks do it?
 
2013-07-19 07:08:39 AM  

xxdangerbobxx: LordOfThePings: Wells Fargo employs about 270,000 workers worldwide, with 13,500 of them in the Des Moines area

In other news, there are at least 13,500 people in Iowa.

This is only news for stupid people.


There's a lot people don't know about Des Moines, like the fact that the name is French for "Of Moines".
 
2013-07-19 07:11:55 AM  
Why would they ever tell you the real reason for something?  First off, sometimes it's difficult to know even with a great BI system.  Second off, it's a waste of a perfectly good chance to send whatever message forwards your agenda while people are listening.
 
2013-07-19 07:19:19 AM  

blindpreacher: buzzcut73: LordOfThePings: Wells Fargo employs about 270,000 workers worldwide, with 13,500 of them in the Des Moines area

In other news, there are at least 13,500 people in Iowa.

Not so CSB regarding Wells Fargo's move into Iowa:

Wells is responsible for the implementation of the ATM surcharge in Iowa. Prior to Wells coming to the state, it was illegal for a bank to charge somebody using another bank's ATM card. If you were a customer of First Bank of Lee County, and wanted to use your ATM card at First Bank of Des Moines County's ATM, you'd ONLY suffer the $0.50 foreign ATM charge from your own bank (if they charged one). When Wells Fargo came to the state, the were somewhat pissed that they couldn't charge people $2.50 for using their ATM, so they lobbied to get the law changed, and now any big bank operating in the state will charge it.

TL;DR version: Until Wells biatched about it, you could use any ATM in the state and not pay huge fees for it.

/Some smaller banks still don't charge non-customers the fee.
//Those same banks will dispense $5 bills in the ATM
///Withdrew $45 from one of them on my last trip to Iowa, just because I could

Sounds like Iowa is coming closer to civilization with the rest of us.


Ethanol separates Iowa from the rest of us. Corn for oil is a dream racket.
 
2013-07-19 07:24:01 AM  

GoldSpider: Am I supposed to howl with impotent rage every time a company sheds a few hundred jobs?  Or just when banks do it?


Yeah, I don't understand this at all. Layoffs are not evil. Wells Fargo is, but I imagine the same people complaining about layoffs in this way vote for parties in Wells Fargo's pocket.
 
2013-07-19 07:41:01 AM  
Or about 0.1% of their employees. Their montly turnover is higher than that
 
2013-07-19 07:57:41 AM  
Geez, I was in Schaumburg a few weeks ago, and got dinged with an ATM charge for getting cash back at a grocery store.
 
2013-07-19 08:00:06 AM  
i.imgur.com
 
2013-07-19 08:01:47 AM  
It would not appear to be a large enough layoff for anyone outside of their HR department to be concerned over.
 
2013-07-19 08:58:26 AM  
Considering there seems to be three bank branches on every block, I'm guessing they might have some excess fat.
 
2013-07-19 09:00:01 AM  
i have never seen a wells fargo bank, but i'm in pa.  i do have a very low interest mortgage from them.  but it's probably because i'm poor and it's an fha loan.
 
2013-07-19 09:18:36 AM  
350 unemployed bankers?
A good start.
 
2013-07-19 09:33:43 AM  

talulahgosh: i have never seen a wells fargo bank, but i'm in pa.  i do have a very low interest mortgage from them.  but it's probably because i'm poor and it's an fha loan.


PA has weird banking laws. In order to make sure all the banks don't just sit in Pittsburgh and Philly, there is some sort of rule which states if you have a branches in 2 counties, you must have [x] number of branches in every county in between. Thus it is somewhat cost-prohibitive for the large national banks to come in and set up shop in the state. Helps promote a lot of local banks though.
 
2013-07-19 09:39:34 AM  
Don't worry, once they see that housing numbers are falling off a cliff because of the higher interest rates, we'll see those rates fall back to where they were.  The 10-year will hit 2.00% before it hits 3.00%, and mortgage rates will come back down.
 
2013-07-19 09:55:28 AM  
Maybe the problem at WtF is the incompetent people they employ? We tried to refinance through WtF and the agent strung it out for four months. We finally ditched when she demanded a copy of my wife's divorce papers from 1992!
 
2013-07-19 09:57:26 AM  

The Singing Bush: Don't worry, once they see that housing numbers are falling off a cliff because of the higher interest rates, we'll see those rates fall back to where they were.  The 10-year will hit 2.00% before it hits 3.00%, and mortgage rates will come back down.


Due to a lot of ridiculousness, I missed the last lower rates. Any farkers in the know who have an educated guess, are mortgage rates most likely going to flatline or drop again in the near future? I'm going to move from a 30 to 15 year mortgage and I am on the fence whether to jump on it now or gamble by waiting a few weeks and see.
 
2013-07-19 10:08:59 AM  

natazha: Maybe the problem at WtF is the incompetent people they employ? We tried to refinance through WtF and the agent strung it out for four months. We finally ditched when she demanded a copy of my wife's divorce papers from 1992!


Actually, these layoffs are probably related.

I worked at WF a few years ago- they brought in 100 new mortgage people to help with their loan pipeline. Six months later, we're all laid off and the ops center is shuttered. Turns out they do this all the time; three months later, I get a call asking me to reapply for my old job.

How can you build a competent work culture when you shiatcan everyone at least once a year?

/CSB
 
2013-07-19 10:27:03 AM  

pkellmey: I'm going to move from a 30 to 15 year mortgage and I am on the fence whether to jump on it now or gamble by waiting a few weeks and see.


If you're going to re-fi to take advantage of the low rates, why not keep it a 30?  Money is seldom going to be cheaper to borrow.
 
2013-07-19 10:34:26 AM  

natazha: Maybe the problem at WtF is the incompetent people they employ? We tried to refinance through WtF and the agent strung it out for four months. We finally ditched when she demanded a copy of my wife's divorce papers from 1992!


I literally have at least four WF branches within 6 miles of me that I know of.  I can't imagine they could be too selective in hiring and still keep them all staffed.
 
2013-07-19 01:05:10 PM  

BarkingUnicorn: What in Hell do you people expect:  a sinecure?


Absolutely not. A feather bed, a no-show job, a gravy train, or patronage perhaps, but never, NEVER a sinecure.
 
2013-07-19 01:14:07 PM  
Don't you people understand how hard it is to take a loan from Uncle Sam for 0% and re-lend out in smaller amounts for whatever you can charge?
 
2013-07-19 01:17:40 PM  
Every time I've been in a Wells Fargo, the staff looked miserable and desperate.  The laid off were the lucky ones.
 
2013-07-19 02:26:30 PM  

Boxcutta: [i.imgur.com image 850x549]


This picture always irks me.  I had Gonzaga at least making the final four.
 
2013-07-19 04:44:48 PM  
This is the blandest
anti bank headline ever.

Rates have gone up significantly in recent months, reducing the number of refinanced mortgages, therefore reducing the number of people needed to process these mortgages. What about this doesn't make sense?
 
2013-07-19 06:12:23 PM  

GoldSpider: pkellmey: I'm going to move from a 30 to 15 year mortgage and I am on the fence whether to jump on it now or gamble by waiting a few weeks and see.

If you're going to re-fi to take advantage of the low rates, why not keep it a 30?  Money is seldom going to be cheaper to borrow.


Because money is even cheaper to borrow on a 15 year vs. a 30 and the 15 year payment isn't much more than a 30 year.
 
2013-07-19 07:57:00 PM  
a nationwide banking layoff that's only 350 workers is news?

meanwhile, JP Morgan is laying off 20,000 people, Bank of America is laying off 30,000.
 
2013-07-20 12:48:23 AM  
Move your banking to a credit union where you have some checks on the bank's money....
 
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