Wells Fargo to cut jobs at Charlotte headquarters

[TampaChinnodu]

Wells Fargo is cutting jobs.

The bank, which continues to reel from a series of scandals, said Friday that it's laying off some positions in Charlotte, North Carolina -- home to one of its corporate headquarters.

The company declined to say how many people would be affected. Spokesperson Josh Dunn told CNNMoney that Wells Fargo employs about 24,500 people in the Charlotte area.

Dunn said in a statement that cutting jobs is part of the company's ongoing efforts to "become more efficient and effective" and "reduce expenses."

"Wells Fargo is committed to retaining as many of its team members as it can and, where possible, will work to identify other internal opportunities or support displaced team members as they transition outside the company," the statement says.

Related: Wells Fargo CEO faces a grilling from Elizabeth Warren

Wells Fargo did not indicate the layoffs were in any way linked to a series of crises that have plagued the company in recent months.

Most notably, the company continues to suffer the fallout of a massive fake account scandal that first came to light last year. Recent estimates say the bank created as many as 1.4 million accounts for unsuspecting customers in order to boost its sales figures.

Wells Fargo has blamed draconian sales targets and poor oversight. Its recovery efforts have included installing new corporate leadership and firing about 5,300 employees who Wells Fargo said were involved in creating fake accounts.

The bank's headaches were made worse when it admitted to forcing about 570,000 of its customers to sign up for auto insurance that they didn't need. Wells Fargo has also been accused of modifying mortgages without getting customers' consent.

Wells Fargo still faces a slew of investigations, including from the Securities and Exchange Commission and the Department of Justice.

The company said in January that it's closing about 400 bank branches as online and mobile banking have continued to shake up the banking industry.

[TampaChinnodu]

Wells Fargo is laying off more employees in Charlotte, announcing cuts this week that affect human resources staff.

Spokesman Josh Dunn confirmed the cuts but declined to provide a figure. It comes after Wells Fargo earlier this month announced about 120 layoffs from the closure of a reverse-mortgage operation in Fort Mill, S.C.

Wells Fargo continues to shed jobs at a time when it’s pushing to shave billions of dollars in costs and recover from a massive scandal over fake accounts that erupted last September. This week, the Senate Banking Committee said CEO Tim Sloan will testify next month, as Wells continues to face questions about the accounts scandal and newer revelations about practices in other divisions.

 

Dunn, in explaining the layoffs, said some Wells teams are reorganizing, which has resulted in “course-of-business displacements.” As the company continuously seeks to become more efficient, “we’ve looked for new ways to innovate our business models, reduce expenses and operate more efficiently in order to remain competitive,” he said.

In 2015, Wells Fargo announced internally an initiative to find ways for streamlining five major departments: human resources, technology support, finance, communications and marketing.

That project was expected to last five years, a person familiar with the situation said at the time.

Since the scandal, Wells Fargo has also disclosed plans to centralize functions.

The bank’s board, in a report released in April, identified a decentralized corporate structure as a principal reason executives did not respond to bad sales practices quickly enough.

Wells has cited human resources as a focus of centralization efforts, as well as finance, risk and marketing.

Dunn said Wells is committed to retaining as many of the human resources employees as it can. Where possible, the bank will work to identify other internal opportunities or support displaced employees as they transition outside the company, he said.

[hole]

sector kuda mention cheyi nayana

[Mr Mirchi]

Contractors ki kuda debba naaaa

[TampaChinnodu]

1 minute ago, Mr Mirchi said:

Contractors ki kuda debba naaaa

full time vallani peekesi ina kotha contractors ni pedatharu commissions kosam . adi manolla power.

[TampaChinnodu]

2 minutes ago, hole said:

sector kuda mention cheyi nayana

All departments ki vuntadi man effect.

In 2015, Wells Fargo announced internally an initiative to find ways for streamlining five major departments: human resources, technology support, finance, communications and marketing.

[Mr Mirchi]

5 minutes ago, TampaChinnodu said:

full time vallani peekesi ina kotha contractors ni pedatharu commissions kosam . adi manolla power.

Nenu inthaka mundhu work chesina comp lo...full timers ni lepesaaru gami.....contrcts ni vuncharru...

[TampaChinnodu]

6 minutes ago, Mr Mirchi said:

Nenu inthaka mundhu work chesina comp lo...full timers ni lepesaaru gami.....contrcts ni vuncharru...

contractors ni peekesthe commissions pothayee gaa. anduke leparu.

[princeofheaven]

40 minutes ago, Mr Mirchi said:

Nenu inthaka mundhu work chesina comp lo...full timers ni lepesaaru gami.....contrcts ni vuncharru...

full timers ni bulk ga leputaru because they need a lot of due diligence etc to plan a layoff, they will retain contractors because 1. comission and 2. contractor ni lepedam one day pani mood osthe lepeyochu so based on project nemmadi ga lepestaru.

Nenu pani chesina oka client lo first ft layoff ayyaru contractors ni uncharu because of pending work and once projects release ayyaka nemmadi ga one by one contractors ni kuda lepesaru

[Bangaruu]

Govinda Govinda