Wells Fargo cutting 3,800 workers in restructuring
NEW YORK (AP) - July 8, 2010 -- Wells Fargo says it's laying off 3,800 employees over the next year as part of a restructuring of its consumer finance unit.
The San Francisco-based bank is consolidating Wells Fargo Financial into its community banking network. The company says 638 independent consumer finance offices will be closed as a result.
The layoffs represent about 27 percent of Wells Fargo Financial's 14,000 employees. The company says 2,800 positions will be eliminated in the next two months, and another 1,000 positions will be cut in the next year.
The remaining employees at Wells Fargo Financial offices will be reassigned to other Wells Fargo businesses.
The changes won't impact Wells Fargo and Wachovia community banks across the country, the bank said.
wells fargo, business/finance
- Police: Delco 2nd grade teacher groped 2 girls
- AccuWeather: Thunderstorms possible today
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Health officials: Drexel student died from meningitis 6 min ago
- DeCoatsworth seeks to withdraw guilty plea 12 min ago
- Mistrial declared in Philly priest sex-abuse case 4 min ago
- 2 dead after building explosion in New York City
- Skippack student hospitalized with meningitis infection
- Phila. cop charged with false imprisonment
- Fatal house fire in Coatesville, Chester County
- NJ teen who sued parents returns home
- Pa. state senator charged with misuse of office
- Self-penned obit takes internet by storm