Wells Fargo continues cutting jobs
By DAVID ELBERT • delbert@dmreg.com • October 30, 2010
Wells Fargo Financial is eliminating 250 jobs, including 150 in Des Moines, this week and next week as part of a previously announced plan to eliminate up to 3,800 of 14,000 positions as the business unit is folded into other Wells Fargo mortgage and banking operations.
The total number of displacements will be lower than originally announced because of the number of employees moved into other Wells Fargo openings, said spokeswoman Diana Rodriguez.
Based on numbers provided by Rodriguez, the final number of job cuts is expected to be around 3,400, with up to 350 coming from Des Moines-area operations.
About 2,800 of the positions that were eliminated were jobs in Wells Fargo Financial’s 638 stand-alone retail stores around the country, which were closed by Sept. 10. Operations previously handled by those stores were moved into Wells Fargo banking and mortgage outlets.
The other 1,000 jobs initially slated for elimination were in the company’s core operations, including its headquarters in Des Moines.
On Aug. 31, Wells Fargo Financial said 250 of those jobs had been cut, including about 100 positions in Des Moines.
The company announced another 250 layoffs Thursday to take place this week and next Thursday. Of that group, about 150 positions are in Des Moines, Rodriguez said.
One final round of displacements will take place in early January, she said, when fewer than 100 jobs are expected to be eliminated.
“We have come significantly short of that original 1,000 jobs” from core operations that were expected to be eliminated, Rodriguez said.
You don’t have to look any further for proof that the Big Banks are taking advantage of not having to license or educate their loan originators. The Big Banks are slowly rolling their entire origination function down to the tellers and other personnel with no mortgage knowledge.
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