Wells Fargo Financial Elimination

[IcSyU]

Wells Fargo to eliminate division, cut 2,800 positions | desmoinesregister.com | The Des Moines Register

That's a BIG ouch.

 

[brianhos]

Getting out of the sub prime market. Should have done that about 3 years ago.

 

[BryceC]

I used to work there for about 2 years. Very happy when I left that when I did, and feeling EXTREMELY happy I am gone now. That said I know a lot of people that still work there. Best of luck to them.

 

[LeSchmick]

Looks like both my parents are getting the shaft here...

 

[Cyclonepride]

A reaction to the financial reform bill?

 

[4429 mcc]

Wow, this sucks and huge hit for the local economy.

 

[ISUFan22]

Keep in mind those numbers are nation wide, does not specific the DSM specific numbers.

 

[clone4lyfe]

Story title makes it seem like it's better than it is. Says they are cutting 2800 positions but when you actually read it they say 2800 in the next 60 days and another 1000 over the next 12 months so 3800 total

 

[chadly82]

damn, wished i worked for WFF....cant wait to leave WF asap

 

[Clonehomer]

Story title makes it seem like it's better than it is. Says they are cutting 2800 positions but when you actually read it they say 2800 in the next 60 days and another 1000 over the next 12 months so 3800 total

But if you look at the comments, one person said that a lot of these people are being offered positions elsewhere in the company.

 

[CYKOFAN]

A few years back Wells was hiring anybody they could as fast as they could after the fed lowered the prime to historically low levels (zero) and set off the lending and housing boom. Not surprising what's happened.

 

[dmclone]

But if you look at the comments, one person said that a lot of these people are being offered positions elsewhere in the company.

I wonder what "a lot" means. I've seen similar companies in DM do this and a lot means about 5%.

 

[chadly82]

But if you look at the comments, one person said that a lot of these people are being offered positions elsewhere in the company.

they have to make it look good if they can though....i know for a fact theres not a lot available especially for that many people

 

[DaddyMac]

Just a guess, but if they're "closing" 638 stores and only 12 are in Iowa, my guess is alot of those position aren't in the DSM area. And the ones that are, are more likely to be moved to other operations. Obviously not all - and best of luck to those not so fortunate. Not good times right now.

 

[clones26]

They are closing all the local branches throughout the US, which is a lot of people, but not much in DSM. Many of them in DSM will get moved within the company, either to banking, leasing, or home mortgage.

 

[alaskaguy]

Wells Fargo to eliminate division, cut 2,800 positions | desmoinesregister.com | The Des Moines Register

That's a BIG ouch.

It is a plus for Wells Fargo employees not working for Wells Fargo Financial since it improves the financial condition of the parent company.

It would be nice if the federal government could follow the practice of the private sector and fire/eliminate the positions/people who take more than they contribute.

 

[dmclone]

I assume there are a lot of employees that work at Wells Fargo Financial here in Des Moines.

In other news, Microsoft is laying off today as well.

 

[brianhos]

A reaction to the financial reform bill?

Sub prime mortgages are going to be a lot harder to offer in the future.

 

[Cyclonestate78]

It is a plus for Wells Fargo employees not working for Wells Fargo Financial since it improves the financial condition of the parent company.

It would be nice if the federal government could follow the practice of the private sector and fire/eliminate the positions/people who take more than they contribute.

Maybe they can start with the people at the SEC who seem to have plenty of time to surf internet porn all day at work while less then honest folks rob investors blind.

 

[HILLCYD]

The jobs mostly are in auto finance, leasing and collections.

Wells was never a sub-prime lender in the traditional sense of the word.