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FIRST ON 3: Wells Fargo/Wachovia shutting down Mortgage Servicing Ctr.; Lays off 259

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WILMINGTON, NC (WWAY) -- Wells Fargo/Wachovia announced today it is shutting down its retail fulfillment and retail sales center on Parker Farms Drive in Wilmington.

Spokesman Josh Dunn says at least 259 will be either incorporated into other in-house positions or laid off. He also says they will receive pay and benefits through May 23.

Dunn says the move comes as a result of a slow down in the company's mortgage business.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

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hope that everyone can find

hope that everyone can find a job, but that is not going to happen,some of the older ones are happy about this and are unhappy for there friends,good luck to all I think you may need it.

The Bottom Line

is management bonuses are directly related to division profits. If 259 people have to walk the plank in order to improve profit performance, that's big business.

WISH I COULD HELP IN SOME WAY!!!!!

Shareholders have an entire different reason for the company to be profitable. They win either way whether the company is making money or not. You hire or layoff depending on where the profit line is: plus or minus. That can be both good and bad as far as accountability goes. In the end, it balances out but the worker is left holding the minus end.

This has nothing to do

with shareholders. This has everything to do with bonus amounts which will be paid to Vice Presidents and up.

you got that wright,it's all

you got that wright,it's all about the big man,not the people that are still in the build in Mayfair work to make more money for this co.

Wrong building on TV

Need to update your footage on the news story. You have the wrong building. The one in your story isn't closing. Other poster is right - extremely talented group of people but will likely need to leave Wilmington to find good work.

sorry for the lost of jobs,

sorry for the lost of jobs, but I knew this was going to happen,no one the big site losted a job ? guess they do not like the south.

Wells Fargo/ Wachovia

I knew this would happen after the merger. It was just a matter of time. I hope that those that loose their job will find something. Unfortunately it will not be in the Wilmington Market.

I hope all the employees got

I hope all the employees got pic a pays.... they could really weather the storm with those. what a great protuct they pushed... karma?

Response

Hi,

I am one of the Wells Fargo Processors displaced, and I can honestly say in my 14 years, that I have never processed or originated a pic a pay. Most of the loans processed are conventional and HARP loans directed towards helping people get back on their feet. The president and board members voted on the purchase of Golden West not the employees. You should redirect you comments. No one deserves to be displaced in this market.

Sounds like you're

Sounds like you're bitter
Were you dumb enough to sign a contract without understanding what you were signing

Aaaahh yes. I remember when

Aaaahh yes. I remember when the money was worth something and people were able to buy homes. I miss those days. If the Country is 14 Trillion in debt, why would anyone pay their mortgage?

Why would anyone pay their

Why would anyone pay their mortgage? Because it is the right thing to do. You signed a contract.

Why would anyone pay thier...

Agreed... when a borrower signs paperwork & disclosures it full explains what the mortgage is for & what happens in default... it's called a NOTE and DEED OF TRUST. In a MAJORITY of cases it is not the mortgage lender's fault that a borrower cannot pay on the loan they made a financial decision to obtain. The people at that service center are all highly talented; unfortunately are now a statistic of the laid off americans. Any layoff and closing is unfortunate... Prayers to all.

I see now...

The U.S. Government has signed no contract. Wait till the ATMs stop putting out Federal Reserve notes later this year and you get an Amero...