Courtesy of the Boca Raton News...
Nearly 40 percent of local First NLC staff laid off
It was the sort of letter no employee wants to receive – that your services are no longer required.
And certainly not after having only been in your new home for such a short period of time. First NLC had completed a move from Deerfield Beach to Boca Raton only in April of this year – and said in December 2006 that with the move would come an expected 200 more jobs.
Now it’s August, and there’s no 200 more jobs. In fact, First NLC has reduced its Boca Raton workforce by about 40 percent -- last week laying off about 129 of its more than 320 employees in its new Boca headquarters office in T-Rex Park. The move follows a general nationwide fall-off in the sub-prime mortgage lending market, and reflects what the firm said is an attempt to stem money losses....
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Wednesday, August 8, 2007
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12 comments:
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My former Account Executive with FNLC and I have stayed in touch (he was recently let go from First NLC as well) and he mentioned to me that First NLC is apparently trying to sublease some of the extra space in the T-Rex Boca Raton building. He also told me that First NLC still has several years on the lease in their former office space in Deerfield Beach. I am a little surprised that the management team at FNLC decided to take new, expensive space (and that FBR approved it) at the same time that all signs were pointing at a downturn in the subprime industry.
How many analysts and economists do you need to tell you that a downward cycle is coming before you heed their words? This was a very bad time to be moving into larger, newer space, but I guess the management team at FNLC didn't care to pay attention to what was about to happen in the subprime industry.
I can't help but think that the continued layoffs are because of the fact that FNLC has two giant leases (in Florida alone) that still need to be paid. They probably also have leases outstanding in some of their California properties too. And didn't they also have space in Chicago or some other cities too?
I guess thinkskinned's skin isn't so thick after all
Thickskinned doesn't get to post here anymore since none of his/her comments are about FNLC.
THANK GOD!!! I was sick of hearing about her love life....
I was hired by FNLC in August of '06 and let go in late February. I was a computer programmer. I agree that you didn't need an economist to tell you that the bubble was bursting (it already was in Aug '06). That's why when I was laid off, it was not difficult for me. I just didn't much care for being a first-round pick (my other programmer friends were laid off in the 2nd round).
But all's well that ends well. Sorry you guys are going through some stuff. Wishing you luck, JJ.
THICKSKINNED:
Your "look at me moment" is over. GO AWAY!
So what happens now :) Is FNLC still paying for DFB space in addition to unused Boca office space?
I've seen a few vacated office spaces previously occupied by FNLC throughout the country since April and they're still empty.
Waste of money if you ask me. Could have been a few people’s salaries.
Don't you think it is hypocritical to censor this blog and delete comments you don't appreciate but it is ok to talk negatively about the company who paid your salaries?
I believe that there are two people posting under the Toobad alias. One is the girl with the crusty panties who is miserable because she was dumped by the ex-head of HR after he realized the kind of looser she is.
The other Toobad, is a well known ars kisser who works in the IT department and is running a project called “the dialer” which is costing the company hundreds of thousands of dollars and it is a complete disaster. This person does not know the mortgage world but talks a good show and have his nose up so far junior’s ars, that he can do no wrong.
Ahh, the almighty "Dialer"
What a complete joke. Thousands upon thousands of dollars spent on a comlete failure. To further add insult to injury, how many retail offices are left for the almighty "Dialer" system?
Wasted money for a dialing system that tells the consumer to hang up after the long pause :)
The reason they moved to the Boca Space is B/C the city of Boca gave them a grant. The city thought they were going to help create more jobs in Boca. The moron that was the head of HR spent it before the move. I heard it was around a million dollars. Anyway if FNLC didn't move they would have to pay that money back and we all know they didn't have it. I heard they are on the lease in Deerfield till 2010. I see that there are positions posted for Underwriters with FHA Exp. Boy are they getting desperate!
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