Wells Fargo Financial
Wells Fargo to Restructure Division and Cut 3,800 Jobs
Wells Fargo (NYSE:WFC) announced it is restructuring its Wells Fargo Financial division, including closing its 638 shops and exit the non-prime mortgage origination business. As element with the restructuring, Wells Fargo mentioned it will remove 3,800 jobs (2,800 positions eliminated in the next two months and another 1,000 in the next year.) and take a $0.02 per share pre-tax charge.
David Kvamme, president of Wells Fargo Financial said, “We know that this decision will be extremely difficult for those dedicated team members and their families who will be affected.”
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