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| The Golden State saw dozens of mortgage call center job cuts by Wachovia Corp., though almost half turned into sales jobs.
The North Carolina-based lender laid off 120 employees at its San Leandro, Calif., call center in early December, Wachovia spokesman Don Vecchiarello told MortgageDaily.com today. The layoffs were done to make operations more efficient in the current economic climate and mortgage industry conditions, he said. That was also the reason behind a previous round of layoffs of about 160 or so mortgage processing employees in Texas, according to Wachovia, which reported mortgage volume of $21.3 billion in the third quarter was off 14 percent from the linked quarter. Vecchiarello noted, however, that the net number of layoffs in San Leandro was 65, since 55 of the call center employees were rehired for retail and wholesale mortgage sales jobs. The sales job additions fall within the timeframe of Wachovia’s plan to have 1,000 employees selling option adjustable-rate mortgages by yearend 2007. |
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