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Fannie Mae, the national mortgage dealer headquartered in Washington, will be laying off some of its staff as part of a corporate realignment, according to a Washington Business Journal report. Fannie isn't talking numbers, but WTOP's sources say that it will be under 500 jobs. (That's still almost 10% of the organization's total workforce -- no small potatoes.) Fannie last made such sweeping job cuts in March 2007, after an accounting scandal caused the loss of several hundred jobs.
The layoffs shouldn't come as a terribly big surprise. Fannie Mae's stock closed trading on Friday at 67 cents per share, and it has been a very trying couple of months for Ms. Mae -- lowlighted by former Treasury Secretary Henry Paulson claiming that the government-controlled company should be replaced and the veritable smackdown handed down by a Congressional panel about the organization's hand in the national foreclosure crisis.
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The more and more I read about these lay-offs. It makes me wonder what these people's jobs were. What were they really doing? Was their job really relevant to the workforce? I see it in the Federal Government sector all the time. Mini-bosses and micro-managers who just shuffle papers and whip-up on the staff. Then there are the other useless jobs held by people with degrees, but is their job really necessary to the workforce? Will the business survive without them? If not,then I guess they won't be missed. I'm sorry to see any one lose their jobs. The reason I'm saying this is because that's the situation I'm in. They hired unnecessary people to micro-manage us, when the job itself was already functioning well. The micro-managers stuck their noses in and said that we weren't working well and there were complaints.
There was no proof of this, but that was their job..so
if they are laying off people like that...then good riddance!
The first round of layoffs happened yesterday. ~400 people was the number I heard. Areas hit hardest were IT, Marketing and Communications and some of the Single-Family business units.
IT, Marketing and Communications and some of the Single-Family business units. WOW! Bank of America scares me.
They gave undocumented workers credit cards and home mortgages. That was pretty risky! On another thought..I was thinking..are these companies laying off people so that they can say that they are suffering hardships. Are they then asking for a hand-out from Big Gov. to bail them out so's that they can rehire these same people back again?
Why the fuck does Fannie May need ANYONE in Marketing? Who in hell are they "marketing" themselves to?
Before all of the Sub-Prime/Alt-A mortage collapse, Fannie Mae was a revenue generating company with customers. Like any other company they need to market themselves and their products to existing and potential customers (Customers being the banks and mortgage lenders). Marketing also contained a Customer Education group which tried to help train and educate lenders on better underwriting and servicing standards.
Oh and DRLRonHoover...
Using expletives is a sure sign that you know exactly what you're talking about and makes you seem very knowledgeable on this subject. Hundreds of people just lots their jobs, the majority of them having nothing to do with the current economic situation, show a little respect.
Oh, DCMarkie:
Allow me to retort:
Perhaps your "Proactively Leveraging Marketing Synergies in a Win-Win To Create Customer Delight" class never covered the following definition:
"rhetorical question - a question asked only for effect, as to emphasize a point, no answer being expected" (emphasis mine).
I know only too well what Marketing is intended to do: "drive brand awareness to be accretive to sales and earnings." (an actual quote). I personally have never seen them do anything other than waste money and in the case of Fannie Mae I cannot for the life of me understand what productive function they might have performed. Any financial institution using Fannie knows exactly what services they provide without the assistance of an entire department of bloviating gasbags.
I'd be glad to show respect for hardworking, productive individuals, but I have yet to meet a Marketeer who is worth a cup of warm spit. Most of them seem to get paid way too much money to hire other people to do their work - "tecnical writers", "brand image consultants" etc. The results are always predictable and do nothing other than waste money - changing a perfectly acceptable and well recognized logo or coming up with a cringe-worthy tagline.
In short, it's all a bunch of crap. Oh no! I used an expletive! I must not know ANYTHING!!!
So you mean Fannie Mae will be paying even less taxes into DC's coffers? And what's less than zero? That's right, the number of children who've managed to escape Marion Barry after he's put on his lobster bib.