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WELLS FARGO WILL CUT 75 EMPLOYEES IN THE NINTH WAVE OF LAYOFFS

Posted by Nithya | Sep 2, 2022 | US business news, US Employment News



Struggling mortgage provider Wells Fargo will carry out more layoffs in the Des
Moines metro area, to bring the overall local job losses this year to 366.

The banking giant notified Iowa Workforce Development of the layoff on Friday,
August 26.

It told the state agency bosses it intends to lay off 75 workers in Ankeny,
Clive, Des Moines, and West Des Moines from September 28 to October 25.

READ MORE: BED BATH & BEYOND WILL LAYOFF EMPLOYEES AND CLOSE STORES

Staff at its South Jordan Creek Parkway site in West Des Moines would be the
most impacted by the new reductions, with 59 jobs lost.

The firm will also cut 13 employees at its downtown Des Moines office at 801
Walnut Street.

The recent move is the ninth wave of layoffs for Wells Fargo employees in the
area, which serves as the headquarters for the bank’s home mortgage division.

Since the outset of the year, the firm has seen a drop in mortgage applications
as the Federal Reserve’s Open Markets Committee hiked interest rates to moderate
the highest ever rate of inflation in 40 years.

In July, CFO Mike Santomassimo told analysts that executives will reduce costs
so the mortgage business would “remain challenging in the near term.”

READ MORE: US BANK HIT WITH A FINE FOR CREATING FAKE CUSTOMER ACCOUNTS

A company spokesperson said: “Employee reductions are never easy.

“We regularly review and adjust staffing levels to match needs while also
continuing to invest in our businesses and working to improve our customer’s
experience.”

It was reported that Wells Fargo, long ranked as one of the country’s top
mortgage lenders, may quit or significantly reduce its role in the industry.

Officials at Wells Fargo, the largest employer in central Iowa with over 13,000
employees, have not responded to the report.

The current change in business approach comes when Wells Fargo executives are
under regulatory investigation following a scandal.

Need Career Advice? Get employment skills advice at all levels of your career

It alleges the company urged employees to open phony accounts in customers’
names, which resulted in a $3 billion fine in 2020.

In May, it was revealed that the firm staged interviews with women and people of
color when managers had already chosen white males for specific positions.

The ruse led Wells Fargo executives to appear to be improving their diversity
efforts.

In the aftermath of the controversy, many House Committee on Financial Services
members demanded Scharf testify.

Source: The Des Moines Register

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TAGS:

layoffs wells fargo


READ NEXT:

 * Wells Fargo cuts another 107 employees in Iowa as the housing market plunges
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 * Wells Fargo under fire after reportedly staging job interviews for ‘diverse’
   candidates – with no intention of hiring them
 * Wells Fargo suspends diversity recruitment guidelines after accusations of
   fake interviews for black and female candidates

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