Where Are the Careers in Real Estate?
Stan Ross and James Carberry interview Michael Marino, executive vice president and manager of the Real Estate Group in the Los Angeles office of Wells Fargo Bank.
How did the recession affect hiring at the bank?
Our head count and hiring actually remained relatively stable. While our lending slowed, our loan restructuring and workouts accelerated.
What is the outlook for the bank’s workouts?
We expect workouts to continue for another two years and employment in that area to remain relatively stable. Meanwhile, production is restarting as the economy recovers, and the need for production people could increase.
What is the value of workout experience?
As properties near foreclosure, we send people out to look at them and to think about how to manage workouts or sales of these assets. If you participate in workouts, you can benefit from the hands-on experience, regardless of where you go in an organization. You will have a much better understanding of the risks in financing real estate and how to manage problem loans and assets. And if another downturn doesn’t occur for ten or 15 years, you could be among the few people in an organization with actual experience in workouts.