Wells Fargo now announces massive layoffs for 2024 as the bank continues to transition its services online.
According to the Worker Adjustment and Retraining Notification (WARN) Notices, Wells Fargo intends on laying off a whopping 525 employees in South Carolina starting June 30, 2024.
The notice date first came about on September 28 announcing of the permanent bank layoffs next year.
“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 when Wells Fargo announced last month that 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 shuttered in California last month.
Other Banking News Today
A popular US bank now unexpectedly closes a customer’s account and credit cards who’s transactions were completely innocent.
Caroline Potter had her Citibank accounts shut down unexpectedly after moving across the country, she told the New York Times.
“You feel like you’re walking around wearing this scarlet letter,” she said.
The Potters moved to Idaho during the pandemic after selling their New York home, according to the Times report.
With the move, Caroline and her husband’s accounts expectedly had some large sums of money moving around like final mortgage payments and a new down payment.
She said: “There were these weird calls with a very mysterious customer care department, and they kept asking for our tax returns … No one sees my tax returns except the I.R.S. and my C.P.A.”
Soon after the move, Citi had all affiliated accounts shut down, including their checking and credit cards, Potter told the Times.
When the couple tried to rectify the issue, they were given minimal information.
“It felt like there was this secretive department, and anyone who wasn’t in that department didn’t even know about it,” she said about her attempts to speak to the bank.
Potter added that she believed the issue was caused by her husband’s paychecks.
Her husband’s employer was recently absorbed by a cannabis company, meaning his checks started being signed by this company.
Prior to the federally passed SAFER Banking Act, banks were at risk of penalty for working with businesses related to cannabis sales.
Although legal in 23 states, cannabis is still an illicit substance at the federal level of law.
Because banks are federally regulated bodies, this federal law supersedes any state law protections on cannabis.
“Caroline is not alone in her plight, the New York Times interviewed 500 different people who experienced something similar,” reports The-Sun.
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors. This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
- Gain access to EXCLUSIVE FrankNez articles you won’t find here.
- Become part of a private and safe Discord community, just for retail investors.
- Get drawn at the end of the year for holiday giveaways.
Recommended For You ✨
- Florida Now Has Massive Departures As Hundreds of Thousands Leave
- A Massive Bank Now Closes Several Branches in Florida
- California Now Has Massive Departures As Hundreds of Thousands Leave
- The US Treasury Direct is Now Freezing Customer Accounts
- A US Company Now Declares An Unexpected Bankruptcy
- Massive Layoffs in California Now Underway Prior to Holidays