Massive Layoffs At Wells Fargo Are Now Being Planned

Massive layoffs at Wells Fargo are now being planned according to a filing with South Carolina’s Department of Employment and Workforce.

According to an October 3rd report from BankingDive, over 500 employees stand to lose their jobs due to the closure,” reports Joel Eisenberg.

Wells Fargo could lay off as many as 525 employees based in Columbia, South Carolina, and close the bank’s corporate office there by June 30, 2024.

“Wells Fargo leaders are working to provide up-to-date facilities with modern workspaces and technology to create a more collaborative work environment that is a better employee experience,” Wells Fargo wrote in a notice.

“At the same time, we need to concentrate Wells Fargo real estate investments in fewer locations or reduce space in existing real estate,” the bank said.

The development comes as Wells Fargo announced Tuesday it aims to expand its retail footprint in Chicago to 30 branches from seven — a $175 million, multiyear investment that could add 200 jobs.

Still, bank branches have closed more locations than they have reopened new ones.

“Branches continue to play an important role in the way we serve our customers, and customers continue to value the experiences they have in our branches,” Saul Van Beurden, the bank’s CEO of consumer, small and business banking, said in a statement. 

Wells Fargo has cut its workforce by roughly 40,000 since the third quarter of 2020, and more cuts ae expected, the bank’s chief financial officer, Mike Santomassimo, said last month.

Wells Fargo is currently scheduled to close 100 branches this year according to records from the Office of the Comptroller of the Currency (OCC).

7 Wells Fargo branches are currently scheduled to shutter in California for the month of October.

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

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Market News Today - Massive Layoffs At Wells Fargo Are Now Being Planned.
Market News Today – Massive Layoffs At Wells Fargo Are Now Being Planned.

Massachusetts now becomes the next state to experience massive layoffs according to the latest MassHire Department of Career Services data.

“Layoffs continue to hit businesses in Massachusetts this year.

Under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site,” reports Ash Jurberg.

California remains the #1 state with the most layoffs in the country.

In second place is Colorado, with approximately 26,816 layoffs and 81 WARN notices, followed by Illinois, Washington, New York, Texas, New Jersey, Florida, and Michigan.

Upcoming layoffs in Massachusetts has grown drastically as more than 5,500 jobs are expected to shutter by the end of the year.

Below are the businesses that have filed a WARN act with the MassHire Department of Career Services this year advising of upcoming layoffs.

View Upcoming Layoffs in Massachusetts 2023 here.

Related: Massive Layoffs in Florida Deepen According to New Data

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Market News Today – Massive Layoffs At Wells Fargo Are Now Being Planned.

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