Wells Fargo plans 1,000 U.S. job cuts

[snoww]

Wells Fargo & Co said on Thursday it notified about 1,000 employees in its Consumer Lending and Payments, Virtual Solutions and Innovations groups of plans to eliminate their positions.

The layoffs are consistent with the bank’s previously announced plans to reduce headcount by up to 10 percent by 2020, spokesman Tom Goyda said. Wells Fargo, the No. 4 U.S. bank by assets, had about 262,000 employees as of Sept. 30.

Most of those affected received 60-day notices, but some received pre-notices, meaning they will get a 60-day notice sometime next year.

 

About 900 of the layoffs are in the bank’s home lending unit, reflecting declines in application volume and the number of customers in default. The cuts will be spread across the United States but are concentrated in Des Moines, Iowa, which is expected to have about 400 reductions, and Fort Mill, South Carolina, which is expected to have 111 cuts.

“We are committed to retaining as many team members as possible and will do everything we can to help them identify other opportunities within Wells Fargo,” Goyda said.

Earlier this year, the company announced plans to reduce its overall headcount by up to 26,000 over the next three years to reflect changing consumer preferences as more customers use self-service technology to do their banking.

 

The cuts are intended to help the bank reach its goal of reducing costs by $4 billion by 2020 as it tries to increase profit and recover from a series of scandals while operating under the Federal Reserve’s asset cap.

Over the summer, the bank laid off 600 employees in its mortgage division which has faced challenges due to a slowdown in refinancing demand.

Aside from headcount reductions, Wells Fargo has pledged to lower costs and become more efficient by reducing its branch count by about 800 by 2020 and by selling noncore businesses.

 

[snoww]

IT division lo kooda lepesthe daridram pothadi. scrap batch antha akkade vuntaaru majority. 

[jefferson1]

So recession confirmed Ana mata?

[Hector8]

5 minutes ago, jefferson1 said:

So recession confirmed Ana mata?

😂 oka company lo layoffs aithe recessions aa?

[valor]

8 minutes ago, snoww said:

IT division lo kooda lepesthe daridram pothadi. scrap batch antha akkade vuntaaru majority. 

+1

[jefferson1]

10 minutes ago, Hector8 said:

😂 oka company lo layoffs aithe recessions aa?

So far nationwide/gm lo vinna

[Android_Halwa]

18 minutes ago, snoww said:

IT division lo kooda lepesthe daridram pothadi. scrap batch antha akkade vuntaaru majority. 

+2

[Android_Halwa]

Just now, jefferson1 said:

So far nationwide/gm lo vinna

I even heard about some big time layoffs at Ford...

[Hector8]

Just now, jefferson1 said:

So far nationwide/gm lo vinna

adi 12+ yrs continuous ga GM lo banka laga athukunna vallaki 2yr salary ichi leparu

[snoww]

19 minutes ago, jefferson1 said:

So recession confirmed Ana mata?

Housing boom over man. Home prices dropping/saturated in majority of the areas in nation ( Except Dallas east facing homes ). interest rates are high. people stopped doing refinancing. 

So all banks will layoff mortgage related staff. 

[panipoori]

4 minutes ago, Hector8 said:

adi 12+ yrs continuous ga GM lo banka laga athukunna vallaki 2yr salary ichi leparu

Abaa ayte happy ee ga.. 2yrs salary ante...chill avvachu

[perugu_vada]

Contractors ni hire cheyatam thaginchari wells fargo lo already  

[naga_snake]

1 hour ago, Hector8 said:

😂 oka company lo layoffs aithe recessions aa?

edu chepala katha gurtu ledu

okadaaniki okati add ayyi alaa recession vasthundi

ani @jefferson1 bhaavam

[kevinUsa]

next bofa oka 2k 

chase oka 5klepithe peda pothadi 

prati vadu india lo nenu bofa ku pani chesta 

chase ku pani chesta ani cheppukovadam 

endo vella   lolli

 ma babu ni evado adigadu ata me vadu endulo pani chestadu ani 

 naku telivadu ante ma vadu  citi bank lo manager ani cheppadu ata  endo emo ma desam lo parents

[snoww]

1 minute ago, kevinUsa said:

next bofa oka 2k 

chase oka 5klepithe peda pothadi 

prati vadu india lo nenu bofa ku pani chesta 

chase ku pani chesta ani cheppukovadam 

endo vella   lolli

 ma babu ni evado adigadu ata me vadu endulo pani chestadu ani 

 naku telivadu ante ma vadu  citi bank lo manager ani cheppadu ata  endo emo ma desam lo parents

Banks IT department lo no manager titles. 

only Director and VP titles. nijam gaane Director , VP's laa feel avutharu tech leads andulo aa titles pettukoni