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StephenF
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Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

MetLife Retail closed in So. Jersey
PostPosted: Wed Jan 11, 2012 12:54 am Reply with quoteBack to top

Just received am email from a reliable source stating that MetLife has closed retail here in So. Jersey...has anybody else heard this report?

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retailorig
Cherry Bomb


Joined: 05 Jan 2008
Posts: 132

Re: MetLife Retail closed in So. Jersey
PostPosted: Wed Jan 11, 2012 1:56 am Reply with quoteBack to top

I heard that they are closing down too. I worked for them for about 1 year when they first bought First Horizon. It was the worst company I ever worked for.
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bringit212
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Joined: 17 Nov 2007
Posts: 195
Location: At the office : )

Re: MetLife Retail closed in So. Jersey
PostPosted: Wed Jan 11, 2012 2:04 am Reply with quoteBack to top

Ditto Retailorig. The first two months were good and then... Honestly I think they had buyer's remorse from day one after the First Horizon deal. And did anyone REALLY think they were going to find an actual buyer? Best of luck to all the ongoing casualties. I know Wells is hiring if you want to take one more step down the ladder. Cool
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mortgage_crap
Flash in the pan


Joined: 30 Dec 2008
Posts: 35

wholesale DONE!!!
PostPosted: Wed Jan 11, 2012 3:35 am Reply with quoteBack to top

official bye-bye!!! Money grubbing jerks... to become as a "financial institution" for the sole purpose of receiving TARP funds and when the regulations start to come down on them to sell their depositories and now their mortgage side of things to avoid regulation, to focus on Insurance... whatever... i dont feel bad for them. Employees whom drank the koolAide, i feel bad for. They need jobs.

But how much money did the get at NO INTEREST????
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retailorig
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Joined: 05 Jan 2008
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Re: MetLife Retail closed in So. Jersey
PostPosted: Wed Jan 11, 2012 7:32 pm Reply with quoteBack to top

So do they go on the imploded list? What will they do with the servicing?
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cooper
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Joined: 11 Mar 2007
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Re: MetLife Retail closed in So. Jersey
PostPosted: Thu Jan 12, 2012 12:44 am Reply with quoteBack to top

wish only best of luck to all employees.

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Mark_Mark
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Joined: 11 Jan 2008
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Re: MetLife Retail closed in So. Jersey
PostPosted: Thu Jan 12, 2012 3:50 am Reply with quoteBack to top

Bloomberg
MetLife Quits Mortgage Business, to Cut Most of 4,300 Workers
January 10, 2012, 10:05 PM EST



By Andrew Frye

Jan. 11 (Bloomberg) -- MetLife Inc., the largest U.S. life insurer, said it will shut its home mortgage-origination operation, costing the company at least $90 million and most of the 4,300 employees at the unit their jobs.

“The majority will no longer have a position,” said John Calagna, a spokesman for New York-based MetLife, in an interview yesterday. About 20 percent of the workers are based in Irving, Texas, and the rest are scattered throughout the U.S., he said.

MetLife said in October it was seeking a buyer for the mortgage unit after announcing plans to sell deposit-gathering operations to reduce federal oversight. The firm reached a deal last month to sell about $7.5 billion of bank deposits to General Electric Co. The Federal Reserve, which oversees MetLife because of its size and banking operations, rejected its plan last year to raise the dividend and resume share buybacks.

“It’s hard to sell a banking business right now, especially a mortgage business, given all of the potential pitfalls” tied to regulation, said Dan Theriault, an analyst at Portales Partners LLC who has a “hold” rating on the company. “They said they had two options, they could sell the bank or wind it down, and they’re doing a combination of the two.”

MetLife rose 3.9 percent to $34.55 in New York trading yesterday. The company has gained 11 percent since Dec. 31 after falling 30 percent last year.

Financial firms globally disclosed plans in 2011 to eliminate more than 200,000 jobs amid market turmoil, Europe’s sovereign-debt crisis and concerns that U.S. economic growth will slow.

Banks Trim Payrolls

Bank of America Corp., the biggest U.S. lender by assets, said in September it plans to eliminate 30,000 jobs in the next few years. Chief Executive Officer Brian T. Moynihan said the cuts are part of an effort to bolster profit and the company’s stock. Citigroup Inc., the third-biggest U.S. lender by assets, plans to cut about 4,500 jobs in coming quarters to trim costs amid slumping revenue, CEO Vikram Pandit announced last month.

MetLife said affected employees include salespeople and support staff. The company hasn’t begun dismissals and will give employees 60 days notice, Calagna said. Workers can apply for other positions within the company, he said. MetLife had about 66,000 employees as of Dec. 31, 2010, according to a filing.

CEO Steven Kandarian, promoted to the top job in May, is reviewing the insurer’s businesses and told investors last month that “everything is on the table” as he seeks to improve shareholder returns. Kandarian’s predecessor at CEO, Robert Henrikson, expanded MetLife’s business outside the U.S. with the acquisition of American Life Insurance Co. from American International Group Inc. for about $16 billion.

MetLife will continue to service current home-loan clients and to offer reverse mortgages, the company said yesterday. The wind-down may cost as much as $110 million, MetLife said.
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bringit212
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Joined: 17 Nov 2007
Posts: 195
Location: At the office : )

Re: wholesale DONE!!!
PostPosted: Thu Jan 12, 2012 3:36 pm Reply with quoteBack to top

mortgage_crap wrote:
official bye-bye!!! Money grubbing jerks... to become as a "financial institution" for the sole purpose of receiving TARP funds and when the regulations start to come down on them to sell their depositories and now their mortgage side of things to avoid regulation, to focus on Insurance... whatever... i dont feel bad for them. Employees whom drank the koolAide, i feel bad for. They need jobs.

But how much money did the get at NO INTEREST????


The answer to your question I believe is $0.00.
Not that I'm defending them, but I don't think Met actually took TARP funds.
Also, most employees did not "drink the M.L. koolaide" either. I mean afterall the "koolaide" being offered to employees was, you can work here and offer slightly higher rates, less than avg. turn times, and a really crappy commission plan which will change for the worse as often as we can. But, to make up for all of this, you can put Snoopy on your business cards. WHOOHOOO!!! Rolling Eyes
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bringit212
Cherry Bomb


Joined: 17 Nov 2007
Posts: 195
Location: At the office : )

Re: MetLife Retail closed in So. Jersey
PostPosted: Sun Jan 15, 2012 4:41 am Reply with quoteBack to top

I just re-read the Bloomberg report that is previously posted on here by Mark Mark. It made me curious how long CEO's spend in their B.S. training class learning the memorized script like the one B. Moynihan used. "the cuts are part of an effort to bolster profit and the company’s stock" Really? That is why? (http://www.bloomberg.com/news/2011-10-27/metlife-third-quarter-profit-surges-to-3-58-billion-on-derivative-gains.html) This is a link to the article stating Met's 2011 3rd qtr. profits increased "TEN FOLD" to $3.58 BILLION!!! Cool Well gosh dangit Mr. Moynihan, you had better do something to get your bonus...oops I mean those profits back up.
Then of course there is John Calagna, Met's "spokesman." He said, "Workers can apply for other positions within the company" Thanks John. Which positions EXACTLY would those be? Teller, personal banker, bank manager? Oh wait. That's right. M.L. doesn't have ANY of these positions. I guess everyone needs to go get their series 6 and 63 and start making their lists of family and friends that they can sell Universal Life policies to. Other than that the only positions that will be left for "Workers" to apply for, is Snoopy's dog walker or blimp pilot. At least I'm sure the severance packages will be PHENOMENAL and take into consideration time spent at First Horizon and Freedom.
METLIFE... Where we over promise and under deliver to ALL of our employees. Rolling Eyes
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