Posted by BNotary on 7/8/10 8:55am
Msg #344132

Wells Fargo Financial offices closing.....

Sad to see them go. Been doing about twenty closings a month for them since March.

Reply by MW/VA on 7/8/10 9:03am
Msg #344134

Are the Wachovia banks handling the business now?

Reply by jba/fl on 7/8/10 9:12am
Msg #344141

why would they? WF bought Wachovia.... n/m

Reply by MW/VA on 7/8/10 9:16am
Msg #344143

Re: why would they? WF bought Wachovia....

Then what's the reason for closing the WF offices?

Reply by jba/fl on 7/8/10 9:21am
Msg #344146

Outsourcing? Maybe only selected? Not enough info... n/m

Reply by barkaroni on 7/8/10 9:22am
Msg #344148

Re: Outsourcing? Maybe only selected? Not enough info...

Is this nationwide or only certain states?

Reply by BNotary on 7/8/10 9:24am
Msg #344149

Re: Outsourcing? Maybe only selected? Not enough info...

This is Nationwide.

Reply by John/CT on 7/8/10 4:41pm
Msg #344241

All 638 offices. I'll miss the nice folks in East Hartford. n/m

Reply by Stephanie_CA on 7/8/10 10:05am
Msg #344155

Re: Wells Fargo Financial offices closing.hyperlink in reply

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/07/08/BU7L1EATLT.DTL&tsp=1

Reply by desktopfull on 7/8/10 11:35am
Msg #344174

From the article their cutting all loans to consumers, not

surprised at all. I believe you will see more banks doing the same thing and leaving it up to the Feds to provide mortgages because of the new finance rules passing.

Reply by James Dawson on 7/8/10 9:43am
Msg #344154

Looking at the "updates" for Wells Fargo, it looks like their system can't access Wachovia System's customer account information although it does work for Wachovia's. Looks like instead of a system upgrade, their closing those banks. I goggled Wells Fargo - Wachovia conversion plans.

Sylvia CSI technique deployed. LOL

Reply by Eric Pullum on 7/8/10 10:21am
Msg #344161

Just talked to a local branch manager and all WFF offices are closing in 120 days. They were a great bunch of LO's to work with.

Reply by zebbienc on 7/8/10 12:29pm
Msg #344183

Do you think the retail branch offices will do the mortgage loans? Maybe they will use signing agents? What does everyone think? Thanks

Reply by Linda Juenger on 7/8/10 1:12pm
Msg #344194

I am going to miss our local WF branch. I've closed a lot of their loans in that office. Yes, great bunch of people. Going to miss them.

Reply by Sylvia_FL on 7/8/10 1:14pm
Msg #344195

I just talked to my local branch - I have my mortgage through them. The branch manager said that they bought Wachovia (which we already know), and that it didn't make sense to have a Wachovia office and a WF office in the same area. So, the Wells Fargo offices are closing, and the staff are being transferred to a Wachovia office - which will be getting the name changed to Wells Fargo.

This is the local office, so don't know if that is what is happening nationwide although the branch manager thinks it is.
So, if you worked with a particular loan manager with Wells Fargo it shouldn't change anything.

Reply by desktopfull on 7/8/10 4:27pm
Msg #344238

Read message # 344155 Sylvia n/m

Reply by JanetK_CA on 7/8/10 4:34pm
Msg #344239

I think you hit on the most likely reason. I've seen this many times in the past in a variety of other industries (and have been caught in the middle of it more than once). When there is an acquisition of one company by a competitor, there frequently are redundancies. It makes financial sense to them to either consolidate - which means eliminating some jobs - or to completely close down that function in one of the merged companies - which usually means eliminating lots of jobs. Sounds like that's what is happening here.

Reply by jba/fl on 7/8/10 7:31pm
Msg #344263

When I called to confirm an appt. this am I asked my manager about the article. He said all WFF Financial were closing, but only some will be let go. Most will move to the bank. He was not sure how things would proceed from there, but will let me know.

Just have to wait and see.